2000 AGN FEB 01 I12 - Laserfiche WebLink

Browse Search

• "Accounting Year" means: (i) the twelve (12) full calendar months beginning on the first day of the second calendar month following the date on which the Certificate of Completion has been issued by the Agency to the Participant and the RV Store is open for retail business to the general public as provided in the Redevelopment Agreement and (ii) each twelve (12) calendar months thereafter. • "Advance" means and refers to each installment of funds payable by the City to the Agency pursuant to Section 2(d) of the terms of this Agreement. • "Annual Redevelopment Assistance Payment" refers to each of the payments which may be remitted to the Participant by the Agency following the recordation of a Certificate of Completion for the Project as set forth in Section 4.9 of the Redevelopment Agreement. • "Certificate of Completion" means the written confirmation of the Agency as more fully described in Section 3.7 of the Redevelopment Agreement, which evidences that the Participant has satisfactorily completed the redevelopment of the Project on the Site. • "Opening Date" means the day on which the Certificate of Completion has been issued by the Agency under the Redevelopment Agreement for the completion of the Project by the Participant and the RV Store is opened for retail sales business to the general public on the Site. • "Project Account" refers to the special fund established by the Agency in Section 2(b) of this Agreement for the benefit of the Participant. The Agency shall transfer the sum of Two Hundred and Fifty Thousand Dollars ($250,000.00) of immediately available Agency funds to the Participant for deposit to the Project Account promptly following the approval of this Agreement by the City Council and the governing board of the Agency. Amounts payable by the Agency to the Participant as Site Redevelopment Draws, and later as Annual Redevelopment Assistance Payments, if applicable, shall be payable from funds held by the Agency in the Project Account. • "Site Redevelopment Draw" refers to the disbursement of redevelopment assistance funds by the Agency to the Participant in one or more draws, in an aggregate amount not to exceed Two Hundred and Fifty Thousand Dollars COLT/0001/DOC/304 1/11/00 500 jmw 2