whereas, the _________(address) department of economic and community development has reviewed and accepted the district and the development program effective _________,_________,_________(m/d/y); and
whereas, the development program contemplates the execution and delivery of a credit enhancement agreement between the city and the developer; and
whereas, the city and the developer desire and intend that this credit enhancement agreement be and constitute the credit enhancement agreement contemplated by and described in the development program;
now, therefore, in consideration of the foregoing and in consideration of the mutual promises and covenants set forth herein, the parties hereby agree as follows:
article i
definitions: interpretations
section 1.1. definitions. the terms defined in this article i shall, for all purposes of this agreement, have the meanings herein specified, unless the context clearly requires otherwise:
'agreement' shall mean this credit enhancement agreement between the city and the developer.
'captured assessed value' shall mean the valuation amount by which the then current assessed value of the districts exceeds the original assessed value of the districts.
'city' means the aaa, _________(address), a municipality duly organized and existing under the laws of the state of _________(address).
'city share' means (a) all of the retained tax increment revenues other than the developer share thereof plus (b) all interest and earnings on all of the retained tax increment revenues, except as provided in section 3.1(e) hereof.
'developer' means bbb corporation, a _________(address) corporation with a place of business in bath, _________(address).
'development program' means the development program for the district as adopted by the bath city council at a meeting held on _________,_________,_________(m/d/y).
'development program fund' means the development program fund described in the financial plan section of the development program and established and maintained pursuant to article ii hereof.
'developer share' means (a) 100% of the real property increment with respect to the land level facility and 50% of the real property increment with respect to the existing facility and 50% of the personal property increment with respect to the land level facility and 50% of the personal property increment with respect to the existing facility, for each of the twenty-five years of the term of this agreement (commencing with the year _________ tax year) of the retained tax increment revenues, provided, however, that such percentages shall be reduced to the following amounts at such time that the aggregate amount of payments by the city to the developer during the term of this agreement and pursuant to this agreement equal $ _________; 100% of the real property increment with respect to the land level facility with respect to assessed value equal to the assessed value of land level facility (district #1) real property as of _________,_________,_________(m/d/y); 35% of the real property increment with respect to the land level facility with respect to assessed value of real property in excess of the assessed value of land level facility (district #1) real property as of _________,_________,_________(m/d/y); 35% of the personal property increment with respect to the land level facility; 35% of the real property increment with respect to the existing facility; and 35% of the personal property increment with respect to the existing facility.