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<br />Improvement, as specified in a payment request in a form that has been reviewed and
<br />approved by the City and in an amount not to exceed the amount for each Public
<br />Improvement as set forth in the 2018 SAP (subject to cost overruns in Section 5.01(e)).
<br />Actual Costs may include (a) the costs incurred by or on behalf of the Landowner (either
<br />directly or through affiliates) for the design, planning, financing,
<br />administration/management, acquisition, installation, construction and/or implementation
<br />of such Public Improvements, (b) the fees paid for obtaining permits, licenses or other
<br />governmental approvals for such Public Improvements, (c) construction management fee,
<br />(d) the costs incurred by or on behalf of the Landowner for external professional costs, such
<br />as engineering, geotechnical, surveying, land planning, architectural landscapers,
<br />advertising, marketing and research studies, appraisals, legal, accounting and similar
<br />professional services, (e) all labor, bonds and materials, including equipment and fixtures,
<br />by contractors, builders and materialmen in connection with the acquisition, construction or
<br />implementation of the Public Improvements, (f) all related permitting and public approval
<br />expenses, architectural, engineering, and consulting fees, financing charges, taxes,
<br />governmental fees and charges, insurance premiums, and all payments for Administrative
<br />Expenses after the date of a resolution authorizing such reimbursement, plus interest, if any,
<br />at the lower of (x) the maximum interest rate permitted by the PID Act or (y) the interest
<br />rate of the Major Improvement PID Bonds calculated from the respective dates of the
<br />expenditures until the date of reimbursement therefore.
<br />
<br />“Additional Interest” means the 0.50% additional interest charged on Special Assessments
<br />pursuant to Section 372.018 of the PID Act.
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<br />“Additional Major Improvement PID Bonds” means the bonds issued to fund Public
<br />Improvements (or a portion thereof) that were not funded with the Initial Major
<br />Improvement PID Bonds and are secured by Special Assessments levied on Assessed
<br />Property.
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<br />“Additional Special Assessments” means the $10,925,000 of Special Assessment levied on
<br />all Assessed Property within the PID upon the adoption of the Assessment Ordinance
<br />approving this 2018 SAP, with the consent of the Landowners and prior to the creation of
<br />any homestead within the PID.
<br />
<br />“Administrative Expenses” means the administrative, organization, maintenance and
<br />operation costs and expenses associated with, or incident to, the administration,
<br />organization, maintenance and operation of the PID, including, but not limited to, the costs
<br />of (i) legal counsel, engineers, accountants, financial advisors, investment bankers or other
<br />consultants and advisors, (ii) creating and organizing the PID and preparing the Assessment
<br />Roll, (iii) computing, levying, collecting and transmitting the Special Assessments or the
<br />Annual Installments thereof, (iv) maintaining the record of installments, payments and
<br />reallocations and/or cancellations of the Special Assessments, (v) paying and redeeming the
<br />Major Improvement PID Bonds, (vi) investing or depositing the Special Assessments or other
<br />monies, (vii) complying with the PID Act with respect to the Major Improvement PID Bonds,
<br />(viii) paying the paying agent/registrar’s and trustee’s fees and expenses (including the fees
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