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11 <br />Redevelopment Commission relating to the assessed value of the real estate and improvements <br />located on the Project Site to assist the City and the Redevelopment Commission in accurately <br />determining the projected TIF Revenues for purposes of paying debt service on the Bonds. <br />ARTICLE V. ECONOMIC DEVELOPMENT INCENTIVES <br />5.01 Taxable Economic Development Revenue Bonds. The Redevelopment <br />Commission, and the Common Council shall each, subject to further proceedings required by law, <br />cause the issuance of the Bonds pursuant to the Act, in an estimated aggregate principal amount of <br />Thirty Million Eight Hundred Thousand Dollars ($30,800,000) and with a final maturity not later <br />than thirty (30) years from the date of the issuance of the Bonds. The final aggregate principal <br />amount of the Bonds shall be set in such amount as determined by the City Bodies with the advice <br />of the City’s municipal advisor based on the amount of Projected Pledged TIF Revenues and <br />Projected Pledged IDD Revenues available for such purposes. The Developer shall buy the Bonds <br />or cause another qualified party to purchase the Bonds, and the Bonds shall not be issued until <br />promptly after the Developer’s closing on its construction loan and/or equity investment for the <br />Project. The Developer, as purchaser of the Bonds, shall agree that non-payment of the principal <br />or interest on the Bonds due to insufficiency of Pledged TIF Revenues or Pledged IDD Revenues <br />shall not be deemed to be a default under the Bonds. The proceeds of the Bonds shall be loaned or <br />provided to the Developer and shall be used for the payment (or reimbursement to the Developer <br />of the prior payment) of the Project Costs set forth on Exhibit A. The Developer may obtain the <br />disbursement of proceeds of the Bonds by submitting a Disbursement Request (as such term is <br />defined in the Trust Indenture) to the City and the trustee in accordance with the terms and <br />conditions of the Trust Indenture, which shall be subject to approval by or on behalf of the <br />Redevelopment Commission approval as set forth in the Trust Indenture. In the event the Bonds are <br />sold to a third-party purchaser, the Developer shall provide a Taxpayer Agreement to guarantee a <br />shortfall in the Pledged TIF Revenues relative to the Projected Pledged TIF Revenues to further <br />secure the Bonds. So long as the Bonds remain outstanding, the City Bodies agree that they will <br />not pledge the Pledged TIF Revenues or Pledged IDD Revenues to additional obligations of the <br />City Bodies. <br />5.02 Bond Limitations Acknowledgements. The Developer, or the purchaser of the <br />Bonds if not the Developer, shall (i) expressly agree that non-payment of the principal or interest <br />on the Bonds due to the insufficiency of Pledged TIF Revenues or Pledged IDD Revenues relating <br />to such series shall not be deemed to be a default by the City or the Redevelopment Commission <br />under the Bonds or the Trust Indenture, (ii) acknowledge and agree that the Bonds, and the interest <br />thereon, if any, are payable solely from the Pledged TIF Revenues and the Pledged IDD Revenues <br />allocable to the Bonds, plus any payments under a related loan agreement or Taxpayer Agreement, <br />and, in the event of a shortfall of such Pledged TIF Revenues, Pledged IDD Revenues or payments <br />under a related loan agreement or Taxpayer Agreement, do not and shall not represent or constitute <br />a debt of the City or the Redevelopment Commission within the meaning of the provisions of the <br />Constitution or Statutes of the State of Indiana or a pledge of the faith and credit of the City or the <br />Redevelopment Commission, and (iii) covenant that it will not sell, convey, pledge or otherwise <br />transfer the Bonds without prior compliance with applicable state and federal securities laws.