Res 2008-170 - Laserfiche WebLink

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SECTION 3.2. NEw BUILDING CONSTRUCTION. Developer shall pursue construction of all New Buildings and Qualified. Building Improvements with. commercially reasonable diligence and in substantial compliance with. the schedule set forth in Exhibit "B". The square footage amounts for each phase stated in Exhibit "B" are projections. The Parties recognize that this is a long term agreement and that it may be necessary for Developer to vary the sequence and/or volume of construction of New Buildings from the projections stated in Exhibit "B" due to changes in market conditions. Developer, therefore, may construct more square footage of New Buildings during any phase than is stated in Exhibit "B", in which event such excess square footage shall be credited or applied to the square footage amounts stated for any subsequent phase. Moreover, given the uncertainty of estimating the exact square footage needs for New Buildings due to the long term nature of this Agreement, the City grants to Developer an allowance for reasonable deviation from the projected square footage amounts such that Developer will be deemed by the City to be in compliance with this section if, at the end of any applicable phase as indicated in Exhibit "B", 80 percent of the projected square footage of New Buildings and the taxable improvement value attributed to such New Buildings for that period and all preceding periods has been built and assessed. ARTICLE IV PAYMENT OF GRANT SECTION 4.1. CITY TO MAKE GRANT PAYMENTS. The, City agrees to [Hake Grant Payments to the Developer as provided below. The City's obligation to make Grant Payments to the Developer is limited in its entirety by the provisions of this Agreement, and the City has no obligation to make Grant Payments to Developer except as set forth in this Agreement. SECTION 4.2. TAx FUND. Subject to the limitations set forth in Section 7.2 below, during the Term, the City will establish and/or maintain a separate fund at the City, including subaccounts if necessary, or a subaccount of any existing fund or account in the City treasury, into which an amount equivalent to the Real Property Taxes for the applicable year shall be deposited (the "Tax Fund' J. Funds will be deposited into the Tax Fund only after both: (i) the Real Property Taxes are received by the City from the Tax Office for the applicable year and (ii) funds equivalent in value to the Real Property Taxes are appropriated therefor as part of the City's ordinary budget and appropriations approval process for the applicable year. The Tax Fund shall be maintained as a separate fund, shall not be part of the City's general revenue, and shall be used only for Grant Payments during the Term of this Agreement. The City may maintain or abolish the Tax Fund, in its sole discretion, after the Term of this Agreement has ended. Developer shall have no recourse against the City for failing to appropriate funds during any fiscal year to meet the purposes and obligations under this Agreement. SECTION 4.3. TIME FOR MAKING PAYMENTS. During the Term (including any extension of the Term as described in Section 2.6), the City shall make Grant Payments to the Developer from the Tax Fund annually within ninety (90) calendar days after the