G-1, I-1 - Amended Development Agreement - DERS Development

continuing through and including June 1, 2040, or until such earlier date upon which total Payments equal to the Maximum Payment Total have been made. 2. Annual Appropriation. The Payments shall be subject to annual appropriation by the City Council. Prior to December 1 of each year during the Term as hereinafter defined, beginning in the fiscal year in which the Triggering Certification is filed, theCity Council of the City shall consider the question of obligating for appropriation to the funding of the Payments due in the following fiscal year, an amount (the “Appropriated Amount”) of Incremental Property Tax Revenues to be collected in the following fiscal year equal to or less than the most recently submitted Developer’s Estimate. In any given fiscal year, if the City Council determines to not obligate the then-considered Appropriated Amount, then the City will be under no obligation to fund the Payments scheduled to become due in the following fiscal year, and the Developer will have no rights whatsoever to compel the City to make such Payments or to seek damages relative thereto or to compel the funding of such Payments in future fiscal years. A determination by the City Council to not obligate funds for any particular fiscal year’s Payments shall not render this Agreement null and void, and the Developer shall make the next succeeding submission of the Developer’s Estimate as called for in Section A.4 above, provided however that no Payment shall be made under this Agreement after June 1, 2040. 3. Payment Amounts. The aggregate Payments to be made in a fiscal year shall not exceed an amount equal to the corresponding Appropriated Amount (for example, for the Payments due on December 1, 2021 and on June 1, 2022, the aggregate maximum amount of such Payments would be determined by the Appropriated Amount determined for certification by December 1, 2020), provided, however, that no Payment shall exceed the amount of Incremental Property Tax Revenues received by the City from the Johnson County Treasurer attributable to the taxable valuation of the Property. 4. Certification of Payment Obligation. In any given fiscal year, if the City Council determines to obligate the then-considered Appropriated Amount, as set forth in Section B.3 above, then the City Clerk will certify by December 1 of each such year to the Johnson County Auditor an amount equal to the most recently obligated Appropriated Amount. 5. Subsequent Developers; Amendment of Agreement. The City will consider in good faith any reasonable requests by the Developer to amend this Agreement in order to permit some of the Payments to be made hereunder to the Developer to be assigned to a Subsequent Developer. To the extent that the City consents to any such requests made under this Section, the City Council will take all action necessary to complete the statutory processes necessary to assign the Payments hereunder to a Subsequent Developer. C. Administrative Provisions 1. Amendment and Assignment. This Agreement may not be amended or assigned by the parties without the written consent of the other parties. However, the City hereby gives its permission that the Recipient’s rights to receive the Payments hereunder may be assigned by the Recipient to a private lender, as security on a credit facility taken with respect to -6-