Resolution 2020-15 - Laserfiche WebLink

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AGREEMENT NOW THEREFORE, in consideration of the foregoing the Parties agree as follows: 1. District TIF Revenue Sharing. a, Commencing on January 1, 2020 (the "Effective Date") and subject to the obligations of the Commission set forth in the Prior Obligations, the City and the Commission agree to share the following TIF revenues with the District: i. One hundred percent (100%) of all revenue allocated to and collected by the Commission based on 3.9 mills of the District's current property tax mill levy of 10.586 mills; and ii. One hundred percent (100%) of all revenue allocated to and collected by the Commission based on any voter -approved ballot issues that increases the District general mill levy or imposes a debt service mill levy above the District's current total property tax of 10.586 mills. b. The District acknowledges that so long as the 2014 Bonds remain outstanding, any Property Tax TIF revenues generated from the District's mill levy in the Core Project Area (as defined in the 2014 Bond Resolution) is required to be applied to the payment of the 2014 Bonds. 2. Payments to District. Provided this Agreement has not been terminated in accordance with Section 3, commencing on the Effective Date and continuing until the twenty- fifth (25th) anniversary of the date of approval of the Plan (the "Term"), the City shall pay to the District all revenues received from the Commission pursuant to Section 1 on or before the 31st day of January following the calendar year of collection, with the first payment to be made on or before January 31, 2021 for revenues received in calendar year 2020. 3. Termination Event. The Commission or the City may terminate this Agreement by delivering to the District written notice of the termination of the Plan, including its T1F component. 4. Agreement Confined to District TIF Revenue. This Agreement applies only to the District Property Tax TIF revenue collected in the Urban Renewal Area during the Term, and does not include any other revenues of the City or the Commission. This Agreement also does not apply to any substantial modification of the Plan, as that term is defined in the Act, as amended from time to time, including but not limited to any extension of the Plan period or expansion of the Urban Renewal Area covered by the Plan. 5. Obligation Subordinate. The obligation of the Commission to pay that portion of the District TIF revenue to the City based on the District's mill levy, as set forth in Section 1, is 3