RecDoc 2010-115130 (2) - Laserfiche WebLink

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(2) If all of the following occur: (i) a CFD is formed, (ii) CFD proceeds are used to reimburse Developer for a portion of but not all of the Excess Costs, and (iii) the City collects fees from the owners of the Benefitted Properties for the Excess Costs, then: (A) the City shall remit to Developer all of such collected fees until such time that Developer has been fully reimbursed for its upfront expenditures of Excess Costs, or until Developer has been reimbursed the maximum amount of $2,491,391, whichever occurs first, and (B) after Developer has been fully reimbursed in the amount described in the preceding clause (A), the remainder of such collected fees shall be used to pay down outstanding CFD bonds. Example 2 — CFD Partially Reimburses Developer for Excess Costs (i) Excess Costs = $2,491,391 (ii) Developer's upfront expenditure for Excess Costs = $2,491,391 (iii) Reimbursement of Excess Costs from CFD to Developer = $1,491,391 (iv) Fees paid by Benefitted Properties = $2,491,391 (i.e., 62.1% of the costs and equal to the Excess Cost Cap), of which (i) the first $1,000,000 is paid to reimburse Developer the balance of unreimbursed Excess Costs, and the remaining $1,491,391 is used to pay down outstanding CFD bonds. (3) If a CFD is not formed, or if a CFD is formed but no CFD proceeds are used to reimburse Developer for Excess Costs, then City shall remit to Developer for reimbursement pursuant to this Section 2 all fees that the City collects from the owners of the Benefitted Properties for the Excess Costs until Developer has been fully reimbursed for Developer's actual upfront expenditure of Excess Costs up to the Excess Cost Cap ($2,491,391). Example 3 — No CFD Reimbursement for Excess Costs (i) Excess Costs = $2,491,391 (ii) Developer's upfront expenditure for Excess Costs = $2,491,391 (iii) Reimbursement from CFD to Developer = $0.00 (iv) Maximum reimbursement of Excess Costs to Developer from fees collected from Benefitted Property owners = $2,491,391 (v) Benefitted Property fees used to pay down CFD bonds = $0.00. 2.1 Phasing for Bair Island Road Improvements. The Developer shall have the right to phase the Bair Island Road Improvements consistent with the Conditions of Approval for the Revised Project and Construction or Improvement Agreements executed between the City and the Developer. The Bair Island Road Improvements shall be fully completed prior to issuance of the certificate of occupancy for the 190 dwelling unit in the Revised Project. 2.2 Financing for Bair Island Road Improvements. Developer (or, if applicable, a CFD) shall fund, or Developer shall fund, construct and install, as to be determined by the City, the Bair Island Road Improvements at Developer's expense; provided however, Developer (or, if applicable, a CFD) shall be reimbursed in accordance with the provisions of this Amended Plan. S:ATTY /AG R/2010.111/EXH I BIT3 9/28/10 4