RecDoc 2010-115130 (2) - Laserfiche WebLink

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Total 1150 100% (c) If a CFD is formed, CFD proceeds may be used to reimburse Developer for Developer's allocable share (37.9% of Estimated Costs) and for Excess Costs funded by Developer, but there shall be no reimbursement for Developer's allocable share of Estimated Costs from the fees collected from Benefitted Properties. (d) If a CFD is formed and Developer is partially reimbursed for Excess Costs from CFD proceeds, then the fees collected from the owners of the Benefitted Properties shall be used first to reimburse Developer for any unreimbursed portion of the Excess Costs that Developer has funded, and the balance of such fees shall be used to pay down outstanding CFD bonds, as illustrated in Example 2 below. (e) If a CFD is formed and Developer is fully reimbursed for Excess Costs from CFD proceeds, then all of the fees collected from the Benefitted Properties shall be used solely to pay down outstanding CFD bonds, as illustrated in Example 1 below. (f) If a CFD is formed and Developer is not reimbursed for any of the Excess Costs from CFD proceeds, then Developer shall be reimbursed for Excess Costs from the first fees to be collected from the Benefitted Properties in an amount not to exceed the Excess Cost Cap, as illustrated in Example 3 below. The following examples illustrate the method for reimbursement of Excess Costs under alternative financing source scenarios (for purposes of these examples, it is assumed that the Excess Costs will equal the amount of the Excess Costs Cap; however, the Parties agree that the Excess Costs may turn out to be less than the Excess Costs Cap, in which case the amount of Developer's upfront expenditures for Excess Costs and the amount to be reimbursed to Developer will be less than the amounts shown in the following examples). (1) If all of the following occur: (i) a CFD is formed, (ii) CFD proceeds are used to reimburse Developer in the f ull amount of the Excess Costs, and (iii) the City collects fees from the owners of the Benefitted Properties for the Bair Island Road Improvements; then, all of such collected fees shall be used solely to pay down outstanding CFD bonds. Example 1— CFD Fully Reimburses Developer for Excess Costs (i) Excess Cost = $2,491,391 (ii) Developer's upfront expenditure for Excess Costs = $2,491,391 (iii) Reimbursement from CFD to Developer = $2,491,391. (iv) Benefitted Property fees due to Developer = $0.00 (v) All fees collected by City from Benefitted Properties are used to pay down outstanding CFD bonds up to the maximum amount of $2,491,391. S:ATTY /AG R/2010.111/EXH I BIT3 9/28/10 3