Resolutions-2016-072 (4)

DocuSign Envelope ID: 2229A71F- OC3E- 472D- A9DE- E33376BE2379 So long as the Actual Design Fees are equal to or greater than Two Hundred Thirteen Thousand Seven Hundred Fifty Dollars ($ 213, 750), then the first Payment shall be in an amount equal to Two Hundred Thirteen Thousand Seven Hundred Fifty Dollars 213, 750). If the Actual Design Fees are less than Two Hundred Thirteen Thousand Seven Hundred Fifty Dollars ($ 213, 750), then the first Payment shall be in amount equal to the Actual Design Fees. The second Payment shall be in an amount equal to the lesser of( i) Two Hundred Thirteen Thousand Fifty Dollars ($ 213, 750) or( ii) the difference between Seven Hundred the Actual Design Fees minus Two Hundred Thirteen Thousand Seven Hundred Fifty Dollars ($ 213, 750). 2. Security for Payments. The Payments shall not constitute general obligations of the City, but shall be made solely and only from Incremental Property Tax Revenues received by the City from the Johnson County which are attributable to the Urban Renewal Area. Incremental Property Tax Revenues are determined by: ( 1) determining the consolidated property tax levy ( city, county, school, etc.) then in effect with respect to taxation of the property in the Urban Renewal Area; ( 2) subtracting ( a) the debt service levies of all taxing jurisdictions, ( b) the school district instructional support and physical plant and equipment levies and ( c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; and ( 3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the property situated in the Urban Renewal Area, as shown on the property tax rolls of Johnson County. To the extent it becomes necessary, the City may advance alternative City funds to make the Payments and collect Incremental Property Tax Revenues over time to be made whole. C. Administrative Provisions 1. Amendment and Assignment. This Agreement may not be amended or assigned by either party the prior written consent of the other party. without However, the City hereby gives its permission that the Developer' rights to receive the Payments hereunder may be assigned by the Developer to a private lender or the Engineer, as security on a borrowing to be done in connection with the carrying out of the Planning and Design Project or as security for payment to the Engineer under the Professional Services Agreement, without further action on the part of the City. 2. Succession. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 3. Choice of Law. This Agreement shall be deemed to be a contract made under the laws of the State of Iowa and for all purposes shall be governed by and construed in accordance with laws of the State of Iowa. 2