2009-12-07 Regular Council Session

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verification, the cost of which shall be initially borne by the City, but which is subject to Section 6.2 reimbursement pursuant to hereof. (b) Upon calculation of the Final Certified Amount and if the Final Certified Amount is less than the Maximum Reimbursement Amount, the maximum principal amount of the TIF Notes will be reduced to the Final Certified Amount. The amount of such reduction will be deemed cancelled and the Developer will not be entitled to seek reimbursement under the terms of this Agreement for such amount. 4.2 Reimbursements Limited to Reimbursable Redevelopment Project Costs; Developer’s Right to Substitute{ TC "4.2 Reimbursements Limited to Reimbursable }. Redevelopment Project Costs; Developer’s Right to Substitute" \f C \l "3" Nothing in this Agreement shall obligate the City to issue TIF Obligations to reimburse the Developer for any cost that is not incurred pursuant to Section 99.820.1 of the TIF Act or that does not qualify as a “redevelopment project cost” under Section 99.805(14) of the TIF Act. Costs incurred by the Developer will be eligible for reimbursement upon compliance with the following procedures: 4.2.1 Submission. The Developer may submit to the City, no more frequently than once per calendar month, a Certificate of Reimbursable Redevelopment Project Costs in Exhibit F substantially the form attached as hereto. Such Certificate of Reimbursable Redevelopment Project Costs shall be accompanied by itemized invoices, receipts or other information that will demonstrate that the cost has been incurred and qualifies for reimbursement pursuant to this Agreement. The parties agree that each of the categories of costs set forth in Exhibit D attached hereto constitute Reimbursable Redevelopment Project Costs that are eligible for reimbursement in accordance with the TIF Act and this Agreement. The Developer shall not be limited in reimbursement to the amounts shown for each such category but shall be entitled to reimbursement for Reimbursable Redevelopment Project Costs from any of the categories set Exhibit D, forth on without regard to the maximum amounts set forth for each category provided that the total aggregate amounts reimbursed do not exceed the applicable Maximum Reimbursement Amount. 4.2.2 Approval of Reimbursable Redevelopment Project Costs. The City shall notify the Developer in writing within 45 days after each submission of its approval or disapproval of the costs identified in each Certificate of Reimbursable Redevelopment Project Costs. If the City reasonably determines that any cost identified as a Reimbursable Redevelopment Project Cost is not a Reimbursable Redevelopment Project Cost under this Agreement, the City shall so notify the Developer in writing within 45 days after the submission, identifying the ineligible cost and the basis for determining the cost to be ineligible. The Developer shall then have the right to identify and substitute other Redevelopment Project Costs as Reimbursable Redevelopment Project Costs, which shall be included with a supplemental application for payment submitted within 15 days after the City’s notification of any ineligible costs. The City shall then review and notify the Developer in writing within 45 days after submission of its approval or disapproval of the costs identified in the supplemental application for payment. 4.2.3 Confirmation of Costs. The Developer shall provide such information as the City may request for the City to confirm that any cost qualifies under this Agreement and has been incurred and paid by the Developer. The City may retain such consultants as it deems necessary in connection with such review, the cost of which shall be initially borne by the City, Section 6.2 but which is subject to reimbursement pursuant to hereof.