2014-30 APPROVING AND AUTHORIZING EXECUTION OF 3RD AMENDMENT TO TIF DEVELOPMENT AGREEMENT

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including, without limitation, the making of grants to any commercial enterprise that is deemed for the promotion of economic development within the municipality; WHEREAS, pursuant to the Second Amendment, the Parties previously agreed to segregate within the Special Tax Allocation Fund one-hundred percent (100%) of the incremental ncreases in real estate taxes derived from the Project and one-hundred percent (100%) of the mun cipal sales taxes received by the City attributable to the Project, to be used for reimbursement to the Developer for payment of eligible redevelopment project costs incurred by Developer for the Project until such time as all such eligible project costs are reimbursed; WHEREAS, the Parties wish to amend those terms to provide that the City will i eceive 100% of the municipal sales taxes generated by any newly constructed retail sales produc ng entities that locate on parcels not yet developed with buildings. NOW THEREFORE, the Parties agree to further amend the terms of the Amended Redevelopment Agreement as set forth below. AMENDMENT I. INCENTIVES Article IV, as amended by the Second Amendment to the Redevelopment Agreement, shall be further amended as follows: ARTICLE IV 2. The City agrees to continue to extend the following incentives to the Developer for the Project: (a) As provided for in the original Redevelopment Agreement and the Second Amendment, One-Hundred Percent (100%) of the incremental increases in real estate taxes from the entire Project shall be placed in the Fund beginning in the first year a real estate tax increment is generated for any development within the Developer's Project;and (b) One-Hundred Percent (100%) of the incremental increases in mun cipal sales taxes generated by any property that has been improved with a building within the Developer's Project as of January 1,2014, shall be deposited into the Fund. Said funds shall be used by the City for reimbursement to Developer for all eligible project costs incurred by Developer for the Project until such time as all eligible project costs are reimbursed, as set forth in prior Amendments, or upon final receipt of real estate tax increment of the TIF District, including any legislative extens ons thereof. All such reimbursements shall be limited to those funds required to be deposited into the Southeast Plaza Special Tax Allocation Fund, under the terms of this Amended Agreement. 3. The City shall receive 100% of the municipal sales taxes generated by any newly 2