City’s Obligation to Reimburse Developer Sample Clauses

The "City’s Obligation to Reimburse Developer" clause defines the circumstances under which the city must repay the developer for certain costs or expenses incurred during a project. Typically, this clause outlines the types of expenses eligible for reimbursement, such as infrastructure improvements or permit fees, and may specify the process for submitting reimbursement requests and required documentation. Its core practical function is to ensure that developers are not financially disadvantaged for undertaking work that benefits the city, thereby encouraging private investment in public projects and clarifying financial responsibilities between the parties.
City’s Obligation to Reimburse Developer. (a) The City agrees to reimburse the Developer for the Verified Reimbursable Redevelopment Project Costs through Reimbursement Payments made to the Developer from the ▇▇▇▇▇▇ Special Allocation Fund, the ▇▇▇▇▇▇ South Special Allocation Fund and the District Revenues Account. The aggregate amount of Reimbursement Payments paid during the term of this Agreement shall not exceed the sum of $15,000,000 plus Interest Costs. Notwithstanding anything to the contrary herein, (i) the City shall not make, nor is the Developer entitled to, any Reimbursement Payments prior to the City’s acceptance of the Certificate of Substantial Completion and (ii) the gross total of Reimbursement Payments, including Interest Costs paid to the Developer, shall not exceed $28,000,000. (b) In addition to the reimbursement provided in (a) above, the City, acting as agent for the District pursuant to Section 9 of the District Project Agreement, will reimburse the Developer for the costs of the Additional District Project through CID Diversion Payments made to the Developer from the District Revenues Account. Notwithstanding anything to the contrary contained herein, (i) the City shall not make, nor is the Developer entitled to, any CID Diversion Payments until the City receives notice of the District’s approval or deemed approval of the costs of the Additional District Project pursuant to Section 9 of the District Project Agreement and (ii) the gross total of CID Diversion Payments paid to the Developer shall not exceed the costs of the Additional District Project approved or deemed approved by the District pursuant to Section 9 of the District Project Agreement.
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City’s Obligation to Reimburse Developer. The City agrees to reimburse the Developer, but solely from the proceeds of the TIF Notes and/or TIF Bonds as provided herein, for verified Reimbursable Redevelopment Project Costs in an amount not to exceed the Maximum Reimbursement Amount (plus Issuance Costs and accrued interest on any TIF Notes), or such lesser amount as provided herein.
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City’s Obligation to Reimburse Developer. The City agrees to reimburse the Developer, but solely from the proceeds of the TIF Notes and/or TIF Bonds as provided herein, for verified Reimbursable Redevelopment Project Costs incurred with respect to any Phase in an amount not to exceed the Maximum Reimbursement Amount for any such Phase (plus Issuance Costs and accrued interest on any TIF Notes), as set forth below (or such lesser amount as provided herein) and dependent upon whether the District agrees to contribute District Revenues to the repayment of the TIF Obligations: Maximum Reimbursement Amount IA $ 5,500,000 $ 3,500,000 $ 9,000,000 IB 3,000,000 3,000,000 IIA 1,500,000 1,500,000 IIB 2,000,000 2,000,000 III 1,500,000 1,500,000 TOTAL $ 13,500,000 $ 3,500,000 $ 17,000,000 The amounts listed above under the “Total” column for the “Phase 1A” and “TOTAL” rows assumes that the District will contribute all District Revenues to the repayment of the TIF Obligations. If the District agrees to contribute only a portion of the District Revenues to the repayment of the TIF Obligations, the increase to the Maximum Reimbursement Amount resulting from the contribution of TIF Revenues (i.e., the difference between the “TIF Revenues Only” and “Total” columns) will be reduced by the percentage of District Revenues not contributed to the payment of TIF Obligations. For example, if only 50% of the District Revenues are contributed to the repayment of the TIF Obligations, the total Maximum Reimbursement Amount for all Phases would be $13,500,000 + (($17,000,000 – $13,500,000) * 50%) = $15,250,000.
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City’s Obligation to Reimburse Developer. The City agrees to reimburse Developer for the verified Reimbursable Redevelopment Project Costs in the amounts and as set forth on Exhibit C subject to the Developer’s rights of substitution amongst the categories of cost as set forth in Section 4.2 below. Subject to the terms of the Note Ordinance and this Agreement, the City agrees to issue TIF Notes, to be sold to the Developer to evidence the City’s obligation to reimburse Developer for verified Reimbursable Redevelopment Project Costs in an amount not to exceed $3,995,000 (subject to limitation as provided in Exhibit C). The Developer agrees that it will not form or cause to be formed a transportation development district or community improvement district without the prior approval of the City Council.
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City’s Obligation to Reimburse Developer. Subject to the terms of this Agreement and the conditions in this Section, the City agrees, solely and exclusively from funds accrued in the Tax Increment Fund, to reimburse Developer or its designee for Redevelopment Project Costs in an amount not to exceed the Project Budget set forth on Exhibit H. Developer will be reimbursed for Redevelopment Project Costs from the Tax Increment Fund by the City on a monthly basis as funds are collected in the Tax Increment Fund (the “Pay As You Go” method) in accordance with Section 7.01. The City shall have no obligation to reimburse Developer unless at least ten thousand dollars ($10,000) is available in the Tax Increment Fund after accounting for the City Administrative Fee. Nothing in this Agreement shall obligate the City to reimburse Developer for any cost that is not a “Redevelopment Project Cost” as defined by the TIF Act. No bonds secured by the Incremental Tax Revenues will be issued by the City for the Project, and the City will not consent to, and the Developer is prohibited from seeking, the issuance of municipal bonds by another party to be secured by the Incremental Tax Revenues. In the event that Developer has been reimbursed for all Redevelopment Project Costs incurred directly by Developer or on behalf of Developer and monies remain in the Tax Increment Fund, then Sunflower is Developer’s designee to submit and receive reimbursement of Redevelopment Project Costs pursuant to this Section 4.02,
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City’s Obligation to Reimburse Developer 
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Related to City’s Obligation to Reimburse Developer

  • Contractor’s Obligation to Perform While Disputes are Pending The Contractor shall proceed diligently with performance under the Term Contract pending the final resolution of any dispute or request for relief, claim, appeal, or action arising under the Term Contract and shall comply with directions to perform from the Department. Should the Contractor not perform while a dispute is pending, including by not performing disputed work, such nonperformance by the Contractor may be deemed to be an unexcused breach of the Term Contract which is separate and apart from any other dispute.

  • Conditions to Each Party’s Obligations The obligations of each Party to consummate the Merger and the other transactions described herein shall be subject to the satisfaction or written waiver (where permissible) by the Company and the Purchaser of the following conditions:

  • Developer’s Obligations 7.1.1 In consideration of the Rights hereby granted, the Developer shall pay to the Authority an annual fee of Rs. /- (Rupees only) (“Fee”) commencing from the 1st (first) anniversary of Appointed Date. The Fee is exclusive of GST and all other applicable taxes and shall be payable by the Developer at actual over and above the Fee. The Fee is payable to the Authority on or before 30 (thirty) days prior to the start of every year in advance as set out in Schedule 1 throughout the Agreement Period. During the Agreement Period the Fee shall be increased by 5% (five percent) every year over the previous year’s Fee on compounded basis. 7.1.2 The Developer should pay the Fee to the Authority notwithstanding the fact that, the development of Project Facilities is not completed within the specified period or Developer does not start the commercial operation of the Project. In other words, the Developer shall not be entitled to seek any reduction of Fee, claim, damages, compensation or any other consideration from the Authority on account of any reason. 7.1.3 Any delay in payment of the Fee shall attract an interest for the delayed period at the rate of SBI PLR plus 5% per annum on the outstanding amount, which shall be due from the date of such payment till the amount is realized by the Authority. In addition to the foregoing, any delay in payment of Fee beyond a period of 60 (sixty) days from the due date of such payment will be construed to be Material Breach under this Agreement.