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5420
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1984
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5420
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Last modified
12/29/2011 12:34:29 PM
Creation date
11/5/2014 12:17:08 PM
Metadata
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Template:
City Ordinances
Passed
2/27/1984
Ordinance Number
5420
Bill Number
7624
Description
Development plan submitted by Trinity/Delmar Redevelopment Corp TDRC blighting area containing 21,300 square feet in University Heights recorded in Plat Book 7 page 69
Introduced By
Councilmember Adams
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per. annum. _.upon..the .. entire. cost. thereof... .-. S.uch..net._.earnings shall be computed <br /> after. dedmc. ing.. from_grQss earnings the following: <br /> .1. All costs and expenses of maintenance and <br /> operation. <br /> . 2.. Amounts paid, for taxes, assessments, insurance <br /> premiums and other similar charges. <br /> 3. An annual amount sufficient to amortize the <br /> cost of the entire project at the end of the <br /> period, which shall be years <br /> from date of completion of the project. <br /> (b) The surplus earnings of the Developer, in excess of those <br /> provided-.for in subparagraph. (a)_ of this paragraph may be used or held for any <br /> one or all of the following purposes: <br /> 1. As reserve for maintenance of such rate of <br /> return in the future, and may be held by the j <br /> Developer to offset any deficiency in such 3 <br /> rate of return which may have occurred in <br /> prior years. <br /> 2. To accelerate amortization payments. <br /> 3. For the. enlargement of the project. <br /> 4. For a reduction in rentals. <br /> At the termination of the tax_relief provided for in paragraph <br /> -9 the..Developer...s.ha11,,..make--a: sfiict:.-accounting .of_._a. surplus earnings in._excess of <br /> those .permi.tted._hereby and. shall.'..turn .over..to. _the.City. any excess of such surplus <br /> earnings._.uot._pr_evi.ously _used _for..one...or .more ...of .the .purposes set forth in sub- <br /> par garahs....(b_),. _1,....2.,._.3., .and 4-of this paragraph 10. <br /> 11. The_ Developer shall establish and.._maintain reserve accounts <br /> including,..but....not__1-invited to, a reserve.. -for-the payment of taxes and insurance <br /> t <br /> according..ta...recognized standard accounting practices. <br /> __. ..... _.._.. __ ._ -._._.. .._..,__..12.._..."Cost" as used. .herein .s.hall...._include.,. among other expenses, the <br /> ..cast___of._land .and.. -improvements ..: merest_..duri.ng..construction, the estimated or <br /> _ .actuaL,..,,expense .of..demolition.._.of existing structures, the estimated or actual <br /> expens.e...of....utilities, landscaping and.. ro.adway.s,.. the_ estimated or actual expense <br /> of_construction ..equipment and furnishing. .o£_..bu.ildings_-and improvements including <br /> _.....:ar.chitec.tural,...engineering and _bu'ilder's fees.,. the. estimated or actual expense of <br /> E <br /> rehabilitation, remodeling, or initial-repair .of existing buildings and improve- <br /> ments and. reasonable.,ma.nagement- and-..op.eration, expenses until the project is ready <br /> for its.. proposed..use as_provided , for in_the approved Development Plan, together <br /> with such additional. exp_ens.es...incurred_as a result. of additions to or changes in <br /> the D.evelapment. .Plan.wh:ere.. such_additions..or.change.s are appproved by ordinance. <br /> 6 <br />
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