Common use of Financing the District Project Clause in Contracts

Financing the District Project. (a) The District agrees to pay to the City an amount sufficient to pay or reimburse the City for payment of planning, legal, administrative and other costs associated with the District Project including, but not limited to, legal and administrative costs and expenses incurred or charged by the City in connection with the creation of the District and the negotiation of this Agreement. At the time of the initial issuance of District Obligations, if either the proceeds of the District Obligations or the District Sales Tax Revenues are insufficient to fund these costs, such unfunded amount shall be paid by the Developer. All funds advanced by the Developer pursuant to this Section shall be considered Reimbursable Project Costs. (b) The Developer agrees to advance all costs necessary for the initial purchase of the Lord and ▇▇▇▇▇▇ Parcel pursuant to Section 4.1(b) and the design, construction and installation of the District Project, including the costs of demolishing the portions of the existing improvements on the Lord and ▇▇▇▇▇▇ Parcel and improving the Lord and ▇▇▇▇▇▇ Parcel to Construction-Ready Condition. All such funds so advanced shall be subject to reimbursement as a Reimbursable Project Cost solely as provided for in this Agreement. (c) Reimbursable Project Costs shall not exceed the sum of $10,000,000, plus the sum advanced by the Developer pursuant to subsection (a) above, the sum advanced by the Developer to pay Operating Costs pursuant to Section 3.4(a) and the sum advanced by the Developer to pay Costs of Issuance pursuant to Section 5.3(b).

Financing the District Project. (a) The District agrees to pay to the City an amount sufficient to pay or reimburse the City for payment of planning, legal, administrative and other costs associated with the District Project including, but not limited to, legal and administrative costs and expenses incurred or charged by the City in connection with the creation of the District and the negotiation of this Agreement. At the time of the initial issuance of District Obligations, if either the proceeds of the District Obligations or the District Sales Tax Revenues are insufficient to fund these costs, such unfunded amount shall be paid by the Developer. All funds advanced by the Developer pursuant to this Section shall be considered Reimbursable Project Costs. (b) The Developer agrees to advance all costs necessary for the initial purchase of the Lord and ▇▇▇▇▇▇ Parcel pursuant to Section 4.1(b) and the design, construction and installation of the District Project, including the costs of demolishing the portions of the existing improvements on the Lord and ▇▇▇▇▇▇ Parcel ▇▇▇▇▇▇ and improving the Lord and ▇▇▇▇▇▇ Parcel ▇▇▇▇▇▇ to Construction-Ready Condition. All such funds so advanced shall be subject to reimbursement as a Reimbursable Project Cost solely as provided for in this Agreement. (c) Reimbursable Project Costs shall not exceed the sum of $10,000,000, plus the sum advanced by the Developer pursuant to subsection (a) above, the sum advanced by the Developer to pay Operating Costs pursuant to Section 3.4(a) and the sum advanced by the Developer to pay Costs of Issuance pursuant to Section 5.3(b).