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I <br /> 'f <br /> al <br /> O1 <br /> EXHIBIT 2 <br /> A. PROJECT COSTS <br /> U1 <br /> .. Land Acquisition $75,000 <br /> Y <br /> oPublic Improvements/Infrastructure $0 <br /> New Construction $1,900,000 <br /> Planning, Legal, Development& Architectural Fees $75,000 <br /> Construction Interest&Loan Fee $47,208 <br /> TOTAL PROJECT COSTS $2,097,208.00 <br /> B. INCENTIVES <br /> The City will provide a reimbursement for Project Costs to be paid from Project Revenues for each <br /> calendar year received by the City from the Project and the Project Site as set forth below. <br /> (A) Commencing in the year following the year in which the redeveloper shall open an Ashley <br /> Furniture on the project site and continuing for five years after redeveloper opens such business on the <br /> property,the Redeveloper shall receive an amount equal to Eighty (80%) Percent of the Project Revenues <br /> for the previous calendar year actually received by the City. <br /> (B) The obligation for the annual reimbursement of Project Costs shall terminate five (5) years <br /> after redeveloper opens an Ashley Furniture for business. If Redeveloper does not open for business a <br /> retail furniture store under the name "Ashley Furniture" on the Project Site by (15) fifteen months after <br /> closing on the purchase of land encompassed by the Project more fully described on Exhibit 1 attached <br /> hereto and by reference made a part hereof(the "Project"), then Redeveloper shall promptly convey the <br /> property back to the City of Decatur and this agreement shall be terminated. <br /> City of Decatur/Harrison Management Group LLC Redevelopment Agreement 27 <br />