Res 2018-173/amending and restating the Trace Public Improvement District Acquisition and Reimbursement Agreement

Home Browse Search

WHEREAS, the SAP provides that Owner is required to prepay Special Assessments in the amount of$2,600,000 ("Mandatory Prepayment Amount") levied against certain parcels within the District (Business Park and Retail Parcels) on the earlier of(i) the date of issuance of the Additional Major Improvement PID Bonds,or(ii)August 31,2022; WHEREAS, Owner has completed a portion of the Public Improvements which are more particularly described in the SAP and has commenced the construction of a portion of the Public Improvements which are more particularly described in the SAP; and WHEREAS, all revenue received and collected by the City from the Special Assessment (excluding any reasonable collection and/or administrative costs, the "Special Assessment Revenue(sl") shall be deposited into an account held by the City that is segregated from all other funds of the City and used solely for the purposes set forth herein (the`Project Fund"). For the avoidance of doubt,the 2018 Annual Installments and the Mandatory Prepayment Amount shall be included within the definition of"Special Assessment Revenues";and WHEREAS, the Parties intend that the Repayment Amount (defined below) shall be reimbursed to Owner from (i) the Project Fund and (ii) the net proceeds of Major Improvement PID Bonds issued by the City and secured by the Project Fund;and WHEREAS,the City and Owner desire that the Original Agreement become null and void and be replaced and superseded by this Agreement as set forth,herein; WHEREAS, capitalized terms not defined herein shall have the meaning ascribed to them in the PID Finance Agreement. NOW THEREFORE, FOR VALUABLE CONSIDERATION THE RECEIPT AND ADEQUACY OF WHICH ARE ACKNOWLEDGED, THE PARTIES AGREE AS FOLLOWS: I. Recitals. The recitals to this Reimbursement Agreement are true and correct, and are incorporated as part of this Reimbursement Agreement for all purposes. 2. Project Fund. The City shall cause the Special Assessment Revenues to be deposited into the Project Fund. 3. Repayment Amount. Subject to the terms, conditions, and requirements contained herein, the City agrees to reimburse the Owner, and the Owner shall be entitled to receive from the City,the amount equal to the Actual Cost of the Public Improvements (the"Repayment Amount")plus interest on the unpaid balance in accordance with the terms of this Reimbursement Agreement until 2048 (the "Maturity Date"); provided, however, the Repayment Amount sha not exceed $15,500,000 plus the Mandatory Prepayment Amount. The Repayment Amount shall be payable to the Owner upon completion of the Public Improvements, solely from: (i) the Special Assessment Revenues deposited in the Project Fund; or (ii) the net proceeds (after payment of costs of issuance)of the Major Improvement PID Bonds issued by the City