Common use of Conditions to Payment of Development Payments Clause in Contracts

Conditions to Payment of Development Payments. Subject to compliance by the Developer with the conditions set forth below and subject to the terms and limitations herein, the City shall make Development Payments to the Developer to reimburse the Developer for a portion of the Advances made in connection with the Project; provided, however, the total aggregate amount of Development Payments shall not exceed $5,914,000. Development Payments will be disbursed annually on or after March 1 of each year (corresponding to the previous calendar year’s Development Payment), pursuant to Requisitions in the form provided herein at consistent with the written evidence of compliance with the terms of this Agreement, particularly subparagraph (b)(1) below, submitted to the City as set forth below in accordance with the following procedures: (a) Until completion of the Project and submission of the Final Requisition, not less than forth-five (45) business days prior to the date on which the Developer desires a Development Payment. The Developer will submit to the City a Requisition in substantially the same form as that attached hereto as EXHIBIT D. The Requisition will include: (1) the itemized schedule of values prepared by the General Contractor or the Developer of the total “hard costs” of reimbursable costs and such other Redevelopment Costs as allowed under the Redevelopment Powers Lawfor which Project Funds are requested , (the “Schedule of Values”), together with a copy of the construction contract or contracts to which such reimbursement relates; (2) all costs incurred for construction and non-construction expenses for the reimbursable costs to the date of the Requisition for which no Requisition has previously been presented and paid; and (3) such certificates and affidavits as the City may reasonably request. The accuracy of the cost breakdown and percentage completion in the Requisition must be certified by the Developer. Anything contained herein to the contrary, notwithstanding, Development Payments shall never exceed Positive Tax Allocation Increment. To the extent that any Requisition request exceeds the Positive Tax Allocation Increment for such year, such request shall be held until the Positive Tax Allocation Increment in successive years is collected and available to make such payments. (b) In addition, the Requisition must be accompanied by evidence in form and content reasonably satisfactory to the City (including, but not limited to, certificates and affidavits of the Developer and such other Persons as the City may reasonably require): (1) Copies of all bills or statements or canceled checks for any indirect or soft- cost expense for which the Development Payment is requested; (2) If the Requisition includes amounts to be paid to any contractor, a contractor’s application for payment showing the amount paid by the Developer with respect to each such line item and, upon request of the City, copies of all bills or statements or canceled checks for expenses incurred by the Developer for which the Development Payment is requested and a copy of a sati sfactory “Interim Waiver and Release upon Payment” pursuant to O.C.G.A. § 44- 14-366 from the General Contractor which received payment from the proceeds of the immediately preceding Requisition ; (3) That all construction has been concluded substantially in accordance with the Project Plans (and all changes thereto approved by the City or otherwise permitted pursuant to the terms hereof); and (4) That there are no liens outstanding against the Project except for those set forth in any applicable title policy, other than (A) inchoate liens for property taxes not yet due and payable , (B) liens being contested in accordance with the terms and conditions set forth in applicable law and

Conditions to Payment of Development Payments. Subject to compliance by the Developer with the conditions set forth below and subject to the terms and limitations herein, the City shall make Development Payments to the Developer to reimburse the Developer for a portion of the Advances made in connection with the 2022 Project; provided, however, the total aggregate amount of Development Payments shall not exceed $5,914,000970,664. Development Payments will be disbursed annually on or after March 1 of each year (corresponding to the previous calendar year’s Development Payment), pursuant to Requisitions in the form provided herein at consistent with the written evidence of compliance with the terms of this Agreement, particularly subparagraph (b)(1) below, submitted to the City as set forth below in accordance with the following procedures: (a) Until completion of the Project and submission of the Final Requisition, not Not less than forth-five (45) business days prior to the date on which the Developer desires a Development Payment. The Developer will submit to the City a Requisition in substantially the same form as that attached hereto as EXHIBIT D. The Requisition will include: : (1) the itemized schedule of values prepared by the General Contractor or the Developer of the total “hard costs” of reimbursable costs and such other Redevelopment Costs as allowed under the Redevelopment Powers Lawfor for which 2022 Project Funds are requested , (the “Schedule of Values”), together with a copy of the construction contract or contracts to which such reimbursement relates; (2) all costs incurred for construction and non-construction expenses for the reimbursable costs to the date of the Requisition for which no Requisition has previously been presented and paid; and (3) such certificates and affidavits as the City may reasonably request. The accuracy of the cost breakdown and percentage completion in the Requisition must be certified by the DeveloperDeveloper and the General Contractor. Anything contained herein to the contrary, notwithstanding, Development Payments shall never exceed Positive Tax Allocation Increment. To the extent that any Requisition request exceeds the Positive Tax Allocation Increment for such year, such request shall be held until the Positive Tax Allocation Increment in successive years is collected and available to make such payments. (b) In addition, the Requisition must be accompanied by evidence in form and content reasonably satisfactory to the City (including, but not limited to, certificates and affidavits of the Developer and such other Persons as the City may reasonably require): (1) Copies of all bills or statements or canceled checks for any indirect or soft- cost expense for which the Development Payment is requested; (2) If the Requisition includes amounts to be paid to any contractor, a contractor’s application for payment showing the amount paid by the Developer with respect to each such line item and, upon request of the City, copies of all bills or statements or canceled checks for expenses incurred by the Developer for which the Development Payment is requested and a copy of a sati sfactory “Interim Waiver and Release upon Payment” pursuant to O.C.G.A. § 44- 14-366 from the General Contractor which received payment from the proceeds of the immediately preceding Requisition Requisition; (3) That all construction has been concluded substantially in accordance with the 2022 Project Plans (and all changes thereto approved by the City or otherwise permitted pursuant to the terms hereof); and (4) That there are no liens outstanding against the 2022 Project except for those set forth in any applicable title policy, other than (A) inchoate liens for property taxes not yet due and payable payable, (B) liens being contested in accordance with the terms and conditions set forth in applicable law and