Common use of PAYGo Reimbursement Clause in Contracts

PAYGo Reimbursement. The City shall provide a TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of fifteen million dollars ($15,000,000.00) on or before January 1, 2026. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment. e) Provided the aggregate assessed Property value meets or exceeds eighteen million, seven hundred fifty thousand dollars ($18,750,000.00) on or before January 1, 2026, the City shall make available seventy percent (70%) of the remaining TIF Increment to the Developer until all Qualified Expenditures have been repaid. Developer shall not be entitled to any TIF Increment unless the aggregate assessed Property value meets or exceeds fifteen million dollars ($15,000,000.00). In the event the aggregate assessed Property value is between fifteen million dollars ($15,000,000.00) and eighteen million seven hundred fifty thousand ($18,750,000.00) on or before January 1, 2026, the City shall prorate the remaining TIF Increment available to the Developer, based on a percentage of fifty-six percent (56%) for an amount equal to fifteen million dollars ($15,000,000.00), and seventy percent (70%) for an amount equal to eighteen million seven hundred fifty thousand ($18,750,000.00). For example, if the aggregate assessed Property value is sixteen million eight hundred seventy-five thousand dollars ($16,875,000.00) on January 1, 2026, the City shall make available sixty-three percent (63%) of the remaining TIF Increment to Developer. f) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Real Estate for the previous year. For example, if the first occupancy permit is issued on September 1, 2023, the TIF Increment would be determined as of January 1, 2024 and the PAYGo reimbursement would first be payable in 2025. g) The City shall take all actions necessary to continue the existence of the TID in good standing through its current 2046 termination date. h) Upon the request of the Developer or an assignee of the Developer’s payment rights hereunder, the City or RDA shall provide a written certification of facts regarding the current amount due to the Developer or assignee pursuant to Section III.B.4, the current Available TIF Increment, and a confirmation of the person or location to which the City will make payments. i) The PAYGo Reimbursement shall be available to Developer unless and until Developer challenges any of its real or personal property taxes for the Project below twenty-two million dollars ($22,000,000.00).

PAYGo Reimbursement. The City shall provide a TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of fifteen million dollars ($15,000,000.00) on or before January 1, 2026. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment. e) Provided the aggregate assessed Property value meets or exceeds eighteen million, seven hundred fifty thousand dollars ($18,750,000.00) on or before January 1, 2026, the City shall make available seventy percent (70%) of the remaining TIF Increment to the Developer until all Qualified Expenditures have been repaid. Developer shall not be entitled to any TIF Increment unless the aggregate assessed Property value meets or exceeds fifteen million dollars ($15,000,000.00). In the event the aggregate assessed Property value is between fifteen million dollars ($15,000,000.00) and eighteen million seven hundred fifty thousand ($18,750,000.00) on or before January 1, 2026, the City shall prorate the remaining TIF Increment available to the Developer, based on a percentage of fifty-six percent (56%) for an amount equal to fifteen million dollars ($15,000,000.00), and seventy percent (70%) for an amount equal to eighteen million seven hundred fifty thousand ($18,750,000.00). For example, if the aggregate assessed Property value is sixteen million eight hundred seventy-five thousand dollars ($16,875,000.00) on January 1, 2026, the City shall make available sixty-three percent (63%) of the remaining TIF Increment to Developer. f) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Real Estate for the previous year. For example, if the first occupancy permit is issued on September 1, 2023, the TIF Increment would be determined as of January 1, 2024 and the PAYGo reimbursement would first be payable in 2025. g) The City shall take all actions necessary to continue the existence of the TID in good standing through its current 2046 termination date. h) Upon the request of the Developer or an assignee of the Developer’s payment rights hereunder, the City or RDA shall provide a written certification of facts regarding the current amount due to the Developer or assignee pursuant to Section III.B.4, the current Available TIF Increment, and a confirmation of the person or location to which the City will make payments. i) The PAYGo Reimbursement shall be available to Developer unless and until Developer challenges any of its real or personal property taxes for the Project below twenty-two million dollars ($22,000,000.00)taxes.

PAYGo Reimbursement. The City shall provide a an additional TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of fifteen million dollars Thirteen Million Seven Hundred and Seventy-Five Thousand and Six Hundred Dollars ($15,000,000.0013,775,600) on or before January 1, 20262025. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment. e) Provided the aggregate assessed Property value meets or exceeds eighteen million, seven hundred fifty thousand dollars ($18,750,000.00) on or before January 1, 2026, the City shall make available seventy percent (70%) of the remaining TIF Increment to the Developer until all Qualified Expenditures have been repaid. Developer shall not be entitled to any TIF Increment unless the aggregate assessed Property value meets or exceeds fifteen million dollars the guaranteed value of Thirteen Million Seven Hundred and Seventy-Five Thousand and Six Hundred Dollars ($15,000,000.0013,775,600). In the event Upon reaching this threshold, Available TIF Increment shall be distributed as follows: (I) Provided the aggregate assessed Property value is between fifteen million dollars meets or exceeds Thirteen Million Seven Hundred and Seventy-Five Thousand and Six Hundred Dollars ($15,000,000.00) and eighteen million seven hundred fifty thousand ($18,750,000.00) 13,775,600). on or before January 1, 2026, the City shall prorate the remaining TIF Increment available to the Developer, based on a percentage of fifty-six percent (56%) for an amount equal to fifteen million dollars ($15,000,000.00), and seventy percent (70%) for an amount equal to eighteen million seven hundred fifty thousand ($18,750,000.00). For example, if the aggregate assessed Property value is sixteen million eight hundred seventy-five thousand dollars ($16,875,000.00) on January 1, 20262025, the City shall make available sixty-three eighty percent (6380%) of the remaining annual TIF Increment to Developerthe Developer until all Qualified Expenditures have been repaid or the incentive period expires. After all qualified expenditures have been paid, or the incentive period expires, these funds will be applied to to public infrastructure, public improvements, or other eligible costs within the TID. (II) The City shall utilize twenty percent (10%) of the annual TIF increment for public infrastructure and improvements within the new TID until all Qualified Expenditures have been repaid or the incentive period expires. (III) The City shall utilize ten percent (10%) of the annual TIF increment to cover administrative costs incurred by the TID through the full life of the TID. f) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Real Estate for the previous year. For example, if the first occupancy permit is issued on September 1, 2023, the TIF Increment would be determined as of January 1, 2024 and the PAYGo reimbursement would first be payable in 2025. g) The City shall take all actions necessary to continue the existence of the TID in good standing through its current 2046 termination date. h) Upon the request of the Developer or an assignee of the Developer’s payment rights hereunder, the City or RDA shall provide a written certification of facts regarding the current amount due to the Developer or assignee pursuant to Section III.B.4, the current Available TIF Increment, and a confirmation of the person or location to which the City will make payments. i) The PAYGo Reimbursement shall be available to Developer unless and until Developer challenges any of its real or personal property taxes for the Project below twenty-two million dollars ($22,000,000.00).

PAYGo Reimbursement. The City shall provide a an additional TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of fifteen one million six hundred seventy-three thousand and three hundred dollars ($15,000,000.001,673,300) on or before January 1, 20262024. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment. e) Provided the aggregate assessed Property value meets or exceeds eighteen million, seven hundred fifty thousand dollars ($18,750,000.00) on or before January 1, 2026, the City shall make available seventy percent (70%) of the remaining TIF Increment to the Developer until all Qualified Expenditures have been repaid. Developer shall not be entitled to any TIF Increment unless the aggregate assessed Property value meets or exceeds fifteen the guaranteed value of one million six hundred seventy-three thousand and three hundred dollars ($15,000,000.001,673,300). In the event Upon reaching this threshold, Available TIF Increment shall be distributed as follows: (I) Provided the aggregate assessed Property value is between fifteen meets or exceeds one million six hundred seventy-three thousand and three hundred dollars ($15,000,000.00) and eighteen million seven hundred fifty thousand ($18,750,000.001,673,300) on or before January 1, 2026, the City shall prorate the remaining TIF Increment available to the Developer, based on a percentage of fifty-six percent (56%) for an amount equal to fifteen million dollars ($15,000,000.00), and seventy percent (70%) for an amount equal to eighteen million seven hundred fifty thousand ($18,750,000.00). For example, if the aggregate assessed Property value is sixteen million eight hundred seventy-five thousand dollars ($16,875,000.00) on January 1, 20262025, the City shall make available sixty-three five percent (6365%) of the remaining annual TIF Increment to Developerthe Developer until all Qualified Expenditures have been repaid or the incentive period expires by December 31, 2038. After all qualified expenditures have been paid, or the incentive period expires, these funds will be applied to public infrastructure, public improvements, or other eligible costs within the TID. (II) The City shall utilize twenty-five percent (25%) of the annual TIF increment for public infrastructure and improvements within the new TID until all Qualified Expenditures have been repaid or the incentive period expires. (III) The City shall utilize ten percent (10%) of the annual TIF increment to cover administrative costs incurred by the TID through the full life of the TID. f) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Real Estate for the previous year. For example, if the first occupancy permit is issued on September 1, 2023, the TIF Increment would be determined as of January 1, 2024 and the PAYGo reimbursement would first be payable in 2025. g) The City shall take all actions necessary to continue the existence of the TID in good standing through its current 2046 termination date. h) Upon the request of the Developer or an assignee of the Developer’s payment rights hereunder, the City or RDA shall provide a written certification of facts regarding the current amount due to the Developer or assignee pursuant to Section III.B.4, the current Available TIF Increment, and a confirmation of the person or location to which the City will make payments. i) The PAYGo Reimbursement shall be available to Developer unless and until Developer challenges any of its real or personal property taxes for the Project below twenty-two million dollars ($22,000,000.00).

PAYGo Reimbursement. The City shall provide a an additional TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of fifteen seventeen million six hundred thousand dollars ($15,000,000.0017,600,000.00) on or before January 1, 20262023. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment. e) The City shall first use the Available TIF Increment to cover one hundred five percent (105%) of an annual debt service obligation of one million, two hundred thousand dollars ($1,200,000.00), of which such funds were used to acquire the Property prior to the execution of this Agreement. Should the annual debt service payment not consume all of the Available TIF Increment, the City shall make available not more than eighty percent (80%) of the remaining TIF Increment to the Developer. f) Provided the aggregate assessed Property value meets or exceeds eighteen twenty-two million, seven hundred fifty thousand dollars ($18,750,000.0022,000,000) on or before January 1, 2026, the City shall make available seventy eighty percent (7080%) of the remaining TIF Increment to the Developer until all Qualified Expenditures have been repaid. Developer shall not be entitled to any TIF Increment unless the aggregate assessed Property value meets or exceeds fifteen seventeen million six hundred thousand dollars ($15,000,000.0017,600,000.00). In the event the aggregate assessed Property value is between fifteen seventeen million six hundred thousand dollars ($15,000,000.0017,600,000.00) and eighteen twenty-two million seven hundred fifty thousand ($18,750,000.0022,000,000.00) on or before January 1, 2026, the City shall prorate the remaining TIF Increment available to the Developer, based on a percentage of fifty-six percent (5664%) for an amount equal to fifteen seventeen million six hundred thousand dollars ($15,000,000.0017,600,000.00)), and seventy eighty percent (7080%) for an amount equal to eighteen twenty two million seven hundred fifty thousand ($18,750,000.0022,000,000.00). For example, if the aggregate assessed Property value is sixteen nineteen million eight hundred seventy-five thousand dollars ($16,875,000.0019,800,000) on January 1, 2026, the City shall make available sixty-three percent (6372%) of the remaining TIF Increment to Developer. fg) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Real Estate for the previous year. For example, if the first occupancy permit is issued on September 1, 2023, the TIF Increment would be determined as of January 1, 2024 and the PAYGo reimbursement would first be payable in 2025. g) The City shall take all actions necessary to continue the existence of the TID in good standing through its current 2046 termination date. h) Upon the request of the Developer or an assignee of the Developer’s payment rights hereunder, the City or RDA shall provide a written certification of facts regarding the current amount due to the Developer or assignee pursuant to Section III.B.4, the current Available TIF Increment, and a confirmation of the person or location to which the City will make payments. i) The PAYGo Reimbursement shall be available to Developer unless and until Developer challenges any of its real or personal property taxes for the Project below twenty-two million dollars ($22,000,000.00).

PAYGo Reimbursement. The City shall provide a an additional TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of fifteen million dollars Thirteen Eight Million Seven Hundred and Seventy-Five Thousand and Six Hundred Dollars ($15,000,000.0013,775,6008,000,000) on or before January 1, 20262025. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment. e) Provided the aggregate assessed Property value meets or exceeds eighteen million, seven hundred fifty thousand dollars ($18,750,000.00) on or before January 1, 2026, the City shall make available seventy percent (70%) of the remaining TIF Increment to the Developer until all Qualified Expenditures have been repaid. Developer shall not be entitled to any TIF Increment unless the aggregate assessed Property value meets or exceeds fifteen million dollars the guaranteed value of Eight Thirteen Million Seven Hundred and Seventy-Five Thousand and Six Hundred Dollars ($15,000,000.0013,775,6008,000,000). In the event Upon reaching this threshold, Available TIF Increment shall be distributed as follows: (I) Provided the aggregate assessed Property value is between fifteen million dollars at least meets or exceeds Eight Thirteen Million Seven Hundred and Seventy-Five Thousand and Six Hundred Dollars ($15,000,000.00) and eighteen million seven hundred fifty thousand ($18,750,000.0013,775,6008,000,000) on or before January 1, 2026, the City shall prorate the remaining TIF Increment available to the Developer, based on a percentage of fifty-six percent (56%) for an amount equal to fifteen million dollars ($15,000,000.00), and seventy percent (70%) for an amount equal to eighteen million seven hundred fifty thousand ($18,750,000.00). For example, if the aggregate assessed Property value is sixteen million eight hundred seventy-five thousand dollars ($16,875,000.00) on January 1, 20262025, the City shall make available sixty-three eighty percent (6380%) of the remaining annual TIF Increment to Developerthe Developer until all Qualified Expenditures have been repaid or the incentive period expires. After all qualified expenditures have been paid, or the incentive period expires, these funds will be applied to public infrastructure, public improvements, or other eligible costs within the TID. (II) The City shall utilize ten percent (10%) of the annual TIF increment for public infrastructure and improvements within the new TID until all Qualified Expenditures have been repaid or the incentive period expires. (III) The City shall utilize ten percent (10%) of the annual TIF increment to cover administrative costs incurred by the TID through the full life of the TID. f) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Real Estate for the previous year. For example, if the first occupancy permit is issued on September 1, 202320234, the TIF Increment would be determined as of January 1, 2024 20245 and the PAYGo reimbursement would first be payable in 202520256. g) The City shall take all actions necessary to continue the existence of the TID in good standing through its current 2046 termination date. h) Upon the request of the Developer or an assignee of the Developer’s payment rights hereunder, the City or RDA shall provide a written certification of facts regarding the current amount due to the Developer or assignee pursuant to Section III.B.4, the current Available TIF Increment, and a confirmation of the person or location to which the City will make payments. i) The PAYGo Reimbursement shall be available to Developer unless and until Developer challenges any of its real or personal property taxes for the Project below twenty-two million dollars ($22,000,000.00).