Ord 1985-051 - Laserfiche WebLink

Home Browse Search

make an annual payment from the Tax Increment Fund to the City of $1,000.00 for general and administrative services relating to the Reinvestment Zone. Section 6: Payments to the Developer. After making the pay- ments required by Section 5 above, any money remaining in the Tax Increment Fund shall be paid monthly to the Developer, provided that such payments shall not exceed the total Purchase Price of all Facilities associated with this Project and approved and ac- cepted by the City. Moneys paid to the Developer in accordance with this Section shall be credited first towards Accrued Inter- est due the Developer and thereafter towards approved Project Costs. Section 7: Limitations on Payments to the Developer. The Developer shall only receive payments from the Tax Increment Fund, and then only to the extent that money is available in the Fund with respect to taxes levied during the years from 1984 to 1996. The Tax Increment Fund referred to herein shall be limited to those funds received based on the property owned by the Devel- oper as of the date hereof and more particularly described by metes and bounds in Exhibit A attached hereto and made a part hereof. Taxes levied in years subsequent to 1996, shall belong to the taxing units levying same and shall not be deposited into the Tax Increment Fund or paid to the Developer. ARTICLE III Representations Section 1: Representations by Developer. The Developer repre- sents that: a. This Agreement, the transaction contemplated herein, and the execution and delivery of this Agreement have been duly authorized by appropriate action of the Developer i b. This Agreement, and the representations and covenants contained herein, and the consummation of the transaction contemplated herein, will not violate or constitute a breach of any contract or other agreement to which the Developer is a partYi and c. This agreement is subject to the Developer obtaining sufficient financing arrangements to assure -7-