Res 2006-153 - Laserfiche WebLink

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Costs (other than field change orders which, individually, do not exceed $25,000 in amount), the Developer agrees to secure the approval of the change from the City Director of Engineering. If the City Director of Engineering does not reject a proposed change order within three business days of receipt, the change order will be deemed approved. The Parties agree that the amount of Project Costs to be reimbursed for the construction of the Project will be the amount of the approved construction contract price, less the Developer's non-Project contribution of $1,000,000, as thereafter modified by approved change orders. Section 5.05 Reimbursement for Interest Cost. In addition to actual amounts of the Project Cost, the City agrees to reimburse the Developer for actual amounts of interest paid by the Developer for indebtedness incurred for Project Costs, as full reimbursement for all Project Costs incurred by the Developer. The Developer shall submit to the City sufficient documentation to verify the interest rate and amounts of interest paid by the Developer. Section 5,06 Annual Reimbursement Payments. The Zone and the City will begin making annual payments to the Developer from Available Tax Increment Funds in the first tax year after the Project has been accepted by the City as described in Section 3.04. The amount of each payment shall be determined as described in the "Annual Process for City Computation of Payments to Developer" attached as Exhibit A. No fees, costs, expenses, or penalties shall be paid to the Developer for any late payment. Section 5,07 Sole Funds for Reimbursement. The sole source of funds to reimburse the Developer for Project Costs shall be the Available Tax Increment Funds levied and collected on the Zone property and contributed by the City and County to the Tax Increment Fund. Section 5.08 City Maintenance of Proiect. After the one-year period described in Section 4.05 above, the City agrees to maintain the Project, or cause the Project to be maintained, in accordance with the City's overall program of road and street maintenance, and subject to the City's annual budget process. ARTICLE VI PROJECT FINANCING AND FUNDING Section 6,01 Developer Advances, (A) The Developer shall advance sufficient funds (the "Developer Advances") to pay all Project Costs in a timely manner as they become due. The Project Costs shall be paid by the Developer through the use of Developer's own capital, or through commercial or private loans/lines of credit secured solely by the Developer. (B) Each Developer Advance shall be evidenced by a certificate substantially in the form attached hereto as Exhibit C. The City may request additional information from the Developer to confirm the validity of amounts included in a certificate. The Developer shall be deemed to have advanced the final Developer Advance in the amount of the final Project Cost as evidenced by documentation submitted to and reviewed and accepted by the Zone Board in accordance with Article 4. -10-