article iii
payment obligations
section 3.1. credit enhancement payments.
(a) the city shall retain and deposit, within fifteen (15) days following each tax payment date or the date payment is actually received by the city with respect to property in the districts, whichever is later, in the developer subaccount of the project cost account, the developer share of the tax increment in each year commencing with the city's fiscal year _________ and continuing thereafter through and including the fiscal year _________. notwithstanding the foregoing, if at any time the assessed value of the existing facility is less than the original assessed value, then the amount payable with respect to the land level facility shall be reduced by an amount equal to the difference between the property taxes that would be then payable on an amount equal to original assessed value and the property taxes payable on the then assessed value of the existing facility.
(b) subject to the provisions of this agreement, the city agrees to pay developer, within fifteen (15) days following each tax payment date or the date payment is actually received by the city, whichever is later, the developer share of the retained tax increment revenues resulting from the property tax payments due on such tax payment date and actually received by the city with respect to property in the districts.
(c) if, with respect to any tax payment date, developer fails to pay any portion of the property taxes assessed by the city, because of a valuation dispute or otherwise, the property taxes actually paid by developer with respect to such tax payment date shall, first, be applied to taxes due on account of original assessed value and, second, shall constitute retained tax increment revenues.
(d) the developer agrees that all payments made will be used and applied to either pay debt service on indebtedness incurred to finance 'project costs' as that term is defined under act and described in the development program or used to pay directly, amortize or reimburse developer for payment of, qualified project costs. the city shall be required to make payments under this agreement only upon receipt of satisfactory documentation that the amounts are being paid for project costs pursuant to section 1.4 hereof, which documentation shall be in the form of properly completed certificates, executed by the developer in the form attached hereto as exhibit a. in addition, notwithstanding any other provisions of this agreement, including, without limitation, the provisions of section 3.1(a)-(b), the city shall not be obligated to make any payments to the developer unless the developer provides such documentation evidencing that developer has incurred project costs after the date of this agreement equal to or greater than $ _________$ by _________,_________,_________(m/d/y)and $ _________ by _________,_________,_________(m/d/y) relating to construction and equipping of the land level facility and/or the existing facility. developer shall repay to city any payments made hereunder if developer fails to meet its obligation set forth above.