Financing Mechanisms Sample Clauses

Financing Mechanisms. In accordance with the Memorandum of Agreement between the CITY and NMC Builders, CITY will cooperate with OWNER in the formation of a CFD, or CFDs, to include all of the Project, to provide a financing mechanism to reimburse the OWNER for funds paid to NMC Builders LLC for OWNER’s share of the costs of public infrastructure pursuant to the Construction Agreement and to acquire other public facilities constructed by OWNER subject to the provisions of the Memorandum of Agreement between CITY and NMC Builders LLC. Notwithstanding such reimbursements and acquisitions, OWNER shall remain entitled to DIF Credits as provided for in Article 3 of the Construction Agreement and/or as provided for in a separate Fee Credit Agreement between CITY and OWNER. OWNER agrees that, prior to the recordation of any Tract Map for the Property, the Property shall be included in a CFD to finance City services through annual special taxes that will initially be $1,560.77 per Single Family Detached Dwelling Unit, $1,352.65 per Multiple- Family Dwelling Unit, $1,134.14 per Gated Apartment Community Dwelling Unit, and

Financing Mechanisms. 1. The Recipient shall provide Financing Mechanisms under Parts 1.1, 1.2, and 3.1 of the Project to selected beneficiaries in accordance with eligibility criteria and procedures set forth in the Financing Mechanisms Manual to be adopted and thereafter maintained in a manner acceptable to the Association. 2. The Recipient shall establish each Financing Mechanism under an agreement with the respective selected beneficiary on terms and conditions approved by the Association, which shall include the following: (i) the Financing Mechanism shall be provided in accordance with the financial terms and conditions set forth in the Financing Mechanisms Manual; (ii) the Recipient shall obtain rights adequate to protect its interests and those of the Association, including the right to require each selected beneficiary to: (A) carry out its Sub-project with due diligence and efficiency and in accordance with sound technical, economic, financial, and managerial practices satisfactory to the Association, including in accordance with the provisions of the Anti-Corruption Guidelines applicable to recipients of loan proceeds other than the Recipient; (B) provide, promptly as needed, the resources required for the purpose of its Sub-project; (C) maintain policies and procedures adequate to enable it to monitor and evaluate in accordance with indicators acceptable to the Association, the progress of the Sub-project and the achievement of its objectives; (1) maintain a financial management system and prepare financial statements in accordance with consistently applied accounting standards acceptable to the Association, both in a manner adequate to reflect the operations, resources and expenditures related to the Sub-project; and (2) at the Association’s or the Recipient’s request, have such financial statements audited by independent auditors acceptable to the Association, in accordance with consistently applied auditing standards acceptable to the Association, and promptly furnish the statements as so audited to the Recipient and the Association; (E) enable the Recipient and the Association to inspect the Sub- project, its operation and any relevant records and documents; and (F) prepare and furnish to the Recipient and the Association all such information as the Recipient or the Association shall reasonably request relating to the foregoing. 3. The Recipient shall exercise its rights under each agreement in such manner as to protect the interests of the Recipient and the Ass...

Financing Mechanisms. In accordance with the Memorandum of Agreement between the CITY and NMC Builders, CITY will cooperate with OWNER in the formation of a CFD, or CFDs, to include all of the Project, to provide a financing mechanism to reimburse the OWNER for funds paid to NMC Builders LLC for OWNER’s share of the costs of public infrastructure pursuant to the Construction Agreement and to acquire other public facilities constructed by OWNER subject to the provisions of the Memorandum of Agreement between CITY and NMC Builders LLC. Notwithstanding such reimbursements and acquisitions, OWNER shall remain entitled to DIF Credits as provided for in Article 3 of the Construction Agreement and/or as provided for in a separate Fee Credit Agreement between CITY and OWNER. OWNER agrees that, prior to the recordation of any Tract Map for the Property, the Property shall be included in a CFD to finance City services through annual special taxes that will initially be $1,560.77 per Single Family Detached Dwelling Unit, $1,352.65 per Multiple-Family Dwelling Unit, $1,134.14 per Gated Apartment Community Dwelling Unit, and $.29 per square foot for Non-Residential buildings as of the date of this agreement. These amounts shall be subject to an automatic increase at a rate not to exceed four (4%) percent per year unless otherwise modified by the City. Depending on the fiscal year that the CFD is formed and the CFD tax is levied, the annual special taxes may be higher. CITY shall be the sole and exclusive lead agency in the formation of any CFD, assessment district or other public financing mechanism within the Property; provided however, that the proceeds of any such CFD, assessment district, or financing mechanism may be used, subject to restrictions that may be imposed by applicable law, for the purposes of acquiring, constructing or maintaining public facilities to be owned or operated by other public agencies, including, without limitation those facilities owned or operated by a school district. In addition to the rights of the CITY pursuant to section 5.2 hereof, CITY shall have the right, but not the obligation, to condition the formation of any CFD, assessment district or other public financing mechanism within the Property on the OWNER mitigating all Project-related impacts to the applicable school district(s) as required by such school district(s). Written evidence by such school district(s) may be required by the CITY as the condition to the formation of any CFD, assessment distri...

Financing Mechanisms. (1) Developer may, from time to time, request City to establish one or more assessment, landscaping and lighting, maintenance and/or community facilities districts (“Public Financing Mechanism”) to finance improvements, infrastructure, public facilities, services and/or fees that may be required in connection with the Development, including but not limited to issuing bonds, subject to applicable state and federal law and to the Land Use Regulations. Such requests will be considered by the City. (2) Developer shall file a Petition and Waiver with City to initiate annexation to the City’s existing community facilities district (“CFD”) known as City of Calimesa Public Services Community Facilities District No. 1 (Law Enforcement, Fire, Paramedic and Park Maintenance Services) (the “Services CFD”). The Services CFD was formed in 2006 pursuant to the ▇▇▇▇▇-▇▇▇▇ Community Facilities Act of 1982 (Gov. Code, §§ 53311 et seq.), in order to provide financing for the following services within a development: (1) police protection services; (2) fire protection/paramedic services; and (3) park maintenance services, which services shall be in addition to those provided in the territory prior to such annexation. Any proceeds from the Services CFD that are generated from properties in the Development and which are allocated for park maintenance, shall be used solely for park maintenance use within the Development. No assessment shall be levied on a lot or parcel in the Development until building permit has been issued for that lot or parcel. The special tax levied under the Services CFD shall be in an amount established by the City Council as recommended in the Rate and Method of Apportionment applicable to the Services CFD as necessary to pay for such services. Developer shall pay for all costs associated with the annexation to the Services CFD. Developer shall initiate such annexation proceedings within twelve (12) months of the Effective Date of this Agreement, and the annexation to the Services CFD must be completed prior to the issuance of the first Certificate of Occupancy for the Development. (3) If the formation, annexation to, or establishment of, any Public Financing Mechanism is requested or petitioned by Developer, and therefore considered by the City, Developer shall bear the full cost of creating, or annexing to, any and all Public Financing Mechanisms, as set forth further in Exhibit G, the City’s Goals and Policies for District Formation. Subject to the ava...

Financing Mechanisms. (1) Developer may, from time to time, request City to establish one or more assessment, landscaping and lighting, maintenance and/or community facilities districts (“Public Financing Mechanism”) to finance improvements, infrastructure, public facilities, services and/or fees that may be required in connection with the Development, including but not limited to issuing bonds, subject to applicable state and federal law and to the Land Use Regulations. Such requests will be considered by the City. (2) If the formation or establishment of any Public Financing Mechanism is requested by Developer, and therefore considered by the City, Developer shall bear the full cost of creating any and all Public Financing Mechanisms, as set forth further in Exhibit J, the City’s Goals and Policies for District Formation. Subject to the availability of funds from the Public Financing Mechanism, Developer may be reimbursed by the Public Financing Mechanism for the fees so paid. To the extent of any conflict between this Agreement and Exhibit J, this Agreement shall prevail.

Financing Mechanisms