13 - Promissory Note for Micro-TIF 3 w-cover(7)
Promissory Note for
Expedited Review
(micro-TIF)
Promissory Note for Expedited Review Redevelopment Projects as
Authorized by Nebraska Rev. Stat. § 18-2155
THE ORIGINAL OF THIS NOTE SHALL BE RETAINED BY THE TREASURER OF THE
CITY/VILLAGE OF ________________ FOR THE BENEFIT OF THE HOLDER WHICH SHALL BE THE
OWNER OF RECORD OF THE REAL ESTATE DESCRIBED IN THIS NOTE
UNITED STATES OF AMERICA STATE OF NEBRASKA COUNTY OF _____________
COMMUNITY REDEVELOPMENT AUTHORITY OF THE CITY/VILLAGE OF
_________________, NEBRASKA
TAX INCREMENT DEVELOPMENT REVENUE PROMISSORY NOTE TO THE
OWNER OF RECORD FOR THE EXPEDITED REVIEW PROJECT LISTED BELOW
This Note has been issued by the Authority for the purpose of financing the agreed upon costs set
forth in an Expedited Redevelopment Plan approved by the city/village of __________ pursuant
to §18-2155 Nebraska Revised Statutes for the following described real property:
REDEVELOPMENT PROJECT LEGAL DESCRIPTION
______________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
REGISTERED OWNER: ADDRESS OF REGISTERED OWNER:
(at time of Property tax payment)
1._______________________________________ _________________________________
(Name of owner of record in register of deeds records) (As shown on county tax records)
2.________________________________________ _________________________________
Attach separate sheet for additional transfers of ownership
Date Note is issued: _____________
Effective Date: _________(The effective date isDecember 31of the year followingthe
completionofthe project.)
Maturity Date: _____________(The Maturity date isthetax year following
the Effective date)
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This NoteshallbetransferredtoasubsequentRegisteredOwnerbyendorsementbythe
Authority/City/Villagethe ownerof record of therealestate
has changed. The Authority/City/Village and the Authority/City/Village
treat the owner of record of the real estate at the time taxes are paid as the Registered Owner for
the purpose of receiving payments on principal due.
PERSUANTTONE.REV.STATUTES §18-2155(5)(a),THEAMOUNT OFINDEBTEDNESSFORTHE
CITY/VILLAGE SHALL NOT EXCEED THE AMOUNT ESTIMATED TO BE GENERATED OVER A
YEARPERIODFROMTHEPORTIONOFTAXES MENTIONED INSUBDIVISION(1)b)OF
SECTION18-2147.SUCHINDEBTEDNESSDOES NOT CREATEAGENERAL ON
BEHALFOFTHECITY/VILLAGEINTHE EVENT THATTHEAMOUNTGENERATEDOVERA
-YEARPERIODDOESNOTEQUALTHECOSTOFTHEAGEEDUPONWORKTOREPAIR,
REHABILITATE,ORREPLACETHESTRUTUREAS PROVIDED INTHEREDEVELOPMENTPLAN.
TheCOMMUNITYREDEVELOPMENTAUTHORITYOFTHECITY/VILLAGE OF
______________,NEBRASKA(the/City/Village)acknowledgesitselfindebtedto,and
forvalue received hereby promises to pay solelyfrom the TaxRevenuestotheRegistered Owner
named above. The Principal Amount on Schedule 1 attached to this document
.Principal Amount isto be paidby
check or draft mailed to the Registered Owner at the address of theownerofrecord as
shownonthenoteregistrationbooksmaintained by the Authority/City/Village
date the taxes were paid to the countytreasurer.
THE ESTIMATED PRINCIPAL AMOUNT OF THIS NOTE IS SET FORTH
IN SCHEDULE 1 ATTACHED TO THIS DOCUMENT. THIS NOTE SHALL BEAR
ZERO PERCENT (0.00%) INTEREST.
Byacceptinganyofthepaymentson this Note,theRegisteredOwnerassentstoallofthe
provisions of this Note.
This Note isaspeciallimitedobligationoftheAuthoritypayableastoprincipalsolelyfromand
is secured solely by the
On each date upon which a portion of the Cumulative Outstanding Principal Amount is paid to
the Registered Owner, the Authority/City/Village
Schedule 1and shall enter the then outstandingprincipal amount of thisNote under
the column he records
maintained by the Authorities Treasurer as to the principal amount issued and principal
amounts paid on this Note shall be the official records of the Cumulative Outstanding Principal
Amount of this Note for all purposes.
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IN WITNESS WHEREOF,THECOMMUNITY
REDEVELOPMENT AUTHORITY OF
THE CITY/VILLAGE OF _______________________, NEBRASKA
has caused this Note to be signed by the manual signature of the Chair of
the Authority, countersigned by the manual signature of the Secretary of
the Authority.
COMMUNITY
REDEVELOPMENT
AUTHORITY OF THE
CITY/VILLAGE OF
_________________________,
NEBRASKA
\[S E A L\]
By:
Chair
By:
Secretary
Schedule 1 is attached on the next page and is for all legal purposes part of this
document.
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SCHEDULE 1
TTABLE OF CUMULATIVE OUTSTANDING PRINCIPAL AMOUNT
COMMUNITY REDEVELOPMENT AUTHORITY/CITY/VILLAGEOF
THE CITY/VILLAGEOF _________________________, NEBRASKA
______________________, REDEVELOPMENT PROJECT
TAX INCREMENT DEVELOPMENT REVENUE NOTE
Cumulative
Outstanding Notation
OriginalPrincipal Amount Principal Made
Date EstimatedRedeemed Amount By
Principal
Amount
XXXXXXXXXXX XXXXXXXXXXX
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