Resolution 2024-04 - Laserfiche WebLink

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to the Property's pro-rata share of such expenses) (the "Pledged Revenues"). As used in the above definition of Pledged Revenue Term, "Expiration Date" means the date on which the total of all Pledged Revenue Payments made to the Developer reaches $200,000.00; except that, "Expiration Date" shall mean the first to occur of (i) payment to Developer of $200,000.00 of Pledged Revenue Payments, or (ii) the expiration of the Property Tax TIF provision of the Plan if the LRC determines, in its discretion, that following the date on which the Property Tax TIF provision of the Plan expires, the LRC is prohibited by the Act, as then -currently amended, or any other law from making further Pledged Revenue Payments to Developer under this Rebate Agreement, or is required under the Act, including § 31-25-107(9), C.R.S., as then currently amended, or any other law to rebate sums contemplated under this Rebate Agreement to each taxing body (as such term is used in the Act). This Rebate Agreement is limited solely to Pledged Revenues from the Property and includes no revenues generated from any other properties in the Plan Area. An illustrative example of the method for calculations is attached as Exhibit B. The Special Fund may be a new or existing fund and the Pledged Revenues may be comingled with other funds, all as shall be determined by the City Finance Director. a. The Pledged Revenue shall be used to reimburse Developer for costs associated with the Project Improvements as shown in Exhibit A, and paid according to the payment schedule set forth below (the "Pledged Revenue Payments"). The Pledged Revenue available for reimbursement of costs associated with Project Improvements shall be transferred from the Special Fund to Developer within sixty (60) days after receipt of such funds by the LRC. b. Notwithstanding any provisions of this Rebate Agreement to the contrary, the Parties agree: (i) The Pledged Revenue Payments shall be limited to no more than ninety percent (90%) of all Pledged Revenue generated from the Property. (ii) The total of all Pledged Revenue Payments made according to this Rebate Agreement is limited to $200,000 or whatever lesser amount is generated from the Property during the Pledged Revenue Term prior to the Expiration Date. (iii) If, in any year, no Property Tax TIF revenue is generated by the Property and received by the LRC, no rebate payments under this Rebate Agreement shall be due to the Developer for that year. (iv) If, in any year, the LRC receives no Property Tax TIF revenues because there is for the Plan Area no increment value in excess of 3