Common use of Financing and Incentives Clause in Contracts

Financing and Incentives. Tax Increment Financing to reimburse the Developer for eligible costs of the Infrastructure Improvements (together with cost to privately finance) in accordance with Amended ▇▇▇▇▇▇▇▇▇▇ Plan #11 shall be paid and applied as provided in the ▇▇▇▇▇▇▇▇▇▇ Reimbursement Agreement dated , 2018. The City will also support the project, with letters of support from City staff or the ▇▇▇▇▇▇▇▇▇▇ Authority or with the appearance of City elected officials or staff before appropriate agencies of the state, for amending and retaining Michigan Business Tax Credits that were previously approved for a similar project at this location of $10 million in an effort to make the private portion of the Project economically feasible by filling the gap between the cost of construction and the fair market value of the Project upon completion. Approval of Amended ▇▇▇▇▇▇▇▇▇▇ Plan #11 and City support for amending and retaining the Michigan Business Tax Credits (“MBT Credits”) shall be conditioned upon the Developer obtaining an agreement for assignment of any rights and a release of any claims (in a form satisfactory to the City Attorney) by the prior developer of the Property in connection with the ▇▇▇▇▇▇▇▇▇▇ plan, ▇▇▇▇▇▇▇▇▇▇ Reimbursement Agreement, MBT credits, and the Project against the Developer, the City, the DDA, and the ELBRA.