URA Resolution No. 1032 - Laserfiche WebLink

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(c) The City shall file reimbursement certificates with McKenzie-Willamette and the Agency to obtain reimbursement for the costs it incurs in designing the Patterson Street under- pass. Each reimbursement certificate shall be in substantially the form attached to this Agreement as Exhibit C. The City shall submit reimbursement certificates only for costs that the City has paid to design the Patterson Street underpass. Those costs of designing the Patterson Street underpass may include both costs the City pays to third parties and costs of City employees that provide design services for the Patterson Street underpass, including costs of working with third parties who provide design services. 3. Obligations of McKenzie-Willamette. (a) McKenzie-Willamette will pay the Agency for all of the City's initial costs in designing the Patterson Street underpass on a reimbursement basis, up to a maximum cost of Five Hundred Thousand Dollars ($500,000), as provided in this Agreement. (b) Within five business days after receipt of each reimbursement certificate that is filed by the City, McKenzie-Willamette shall pay to the Agency the amount described in the reimbursement certificate, provided that McKenzie-Willamette shall not be obligated to pay more than an aggregate amount of Five Hundred Thousand Dollars ($500,000). Amounts due to the Agency shall be paid by wire transfer to the account of the City indicated in each reimbursement certificate. If the amount described in any reimburse- ment certificate is not paid within five business days after McKenzie-Willamette receives the reimbursement certificate, the unpaid amount shall begin to accrue interest at the rate of five percent per annum, compounded monthly. 4. Obligations of the Agency. (a) The Agency shall pay McKenzie-Willamette the amount McKenzie-Willamette has paid to the Agency under this Agreement, plus interest at the City's reasonable estimate of the City's borrowing cost, but only if: 1. McKenzie-Willamette or a related party has acquired the Site and has commenced construction of the Medical Facilities no later than [insert date]; and, 2. McKenzie-Willamette has provided to the Agency information sufficient to demonstrate that McKenzie-Willamette's investment in the Medical Facilities is reasonably projected to have a value of at least $85 million and that value is reasonably expected to be subject to property taxation in Oregon. (b) The Agency shall be obligated to pay McKenzie-Willamette under this Agreement, and to finance the costs of constructing the Patterson Street underpass, solely from the tax increment revenues of the Riverfront Urban Renewal Area that are allocable to the increase in value of the Site and the improvements at the Site that occur as a result of McKenzie-Willamette's acquisition or development of the Site, or from proceeds of tax increment bonds that are secured solely by those tax increment revenues. (c) Unless the parties otherwise agree in writing, if any payment is due from the Agency to McKenzie-Willamette under this Agreement, the Agency may pay the amount due McKenzie-Willamette under this Agreement by: Page 2 Agreement to Finance Design Costs of Patterson Street Underpass