Res 2018-172/amending and restating the Trace Public Improvement District Financing Agreement

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Cost, after such Public Improvement is completed and has been accepted by the City. The general process for funding of Public Improvements is as follows: (a) (1) The City and Owner have executed the Amended Reimbursement Agreement for the Public Improvements which provides for Special Assessments that will reimburse the Owner for Actual Costs incurred in connection with the Public Improvements until the Major Improvement PID Bonds are issued in amount necessary to reimburse Owner for the Actual Costs of the Public Improvements less any amounts already reimbursed to Owner pursuant to the Amended Reimbursement Agreement, as provided in Section 2.03(b). Additional Major Improvement PID Bonds may be issued in the event the outstanding Special Assessments exceed the amount of outstanding Initial Major Improvement PID Bonds. (2) The City will approve any necessary updates to the Assessment Ordinances and the 2018 SAP at the time of issuance of any Major Public Improvement PID Bonds. (3) Owner has constructed, or will construct(or cause the construction of),the Public Improvements. (4) The City will collect the Special Assessments on the Property. Upon collection of such Special Assessments, the City will place such Special Assessments in a designated account separate from the City's other accounts. As set forth in Section 2.03(b), the funds within the account will be used to reimburse Owner for the Actual Cost of the Major Public Improvements pursuant to terms of the Amended Reimbursement Agreement. (5) Pursuant to the Bond Issuance Request letter sent by the Owner to the City dated February 9, 2018, the Owner has requested that the City issue the Initial Major Improvement PID Bonds, subject to meeting the requirements and conditions stated herein and State law, to reimburse the Owner for Actual Cost of the Public Improvements (or Segments thereof completed at the time of bond issuance) less any amounts already reimbursed to Owner pursuant to the Amended Reimbursement Agreement. The City shall commence the documentation and preparation for sale of the PID Bonds within 30 days of a Bond Issuance Request from the Owner. The City acknowledges and agrees that the Initial Major Improvement PID Bonds are expected to be issued by November 30, 2018. (b) To receive funds from the proceeds of the Major Improvement PID Bonds to pay the Actual Cost of a given Public Improvement, the Owner shall deliver to the City and the Project Engineer (i) documentation evidencing the Actual Cost, (ii) documentation evidencing the acceptance of the Public Improvement by the City or Owner's execution of an easement granting the City and the public the right of access to and use of such Public Improvement(as set forth in the PDD), and(iii) an assignment of the warranties and guaranties,if applicable, for such Public Improvement, in form reasonably acceptable to the City. Nothing herein shall prohibit Owner from being reimbursed for design costs associated with a Public Improvement. 10