R2013-35 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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any right the City or any other parry may have against the Redeveloper or any other parry for noncompliance with the Construction Plans, Preliminary Plans, building or life safety codes or any other ordinances of the City or the terms of this Agreement. i ARTICLE III: CITY OBLIGATIONS 3.1 Public Investment. The City shall provide the Public Investment pursuant to Article IV below. 3.2 Easements. The City agrees to grant such temporary easements to the Redeveloper as necessary for the construction and completion of the Project. ARTICLE IV: PUBLIC INVESTMENT 4.1 Public Investment. The City will provide a reimbursement for Project Costs to be paid from Real Estate Tax Increment and Project Revenues for each calendar year received by the City from the Project and the Project Site as set forth below. The Real Estate Tax Increment and Project Revenues shall be utilized to reimburse the Redeveloper for those eligible Project Costs that are set forth in Section 3 of the Act which are more fully described on Exhibit 3 attached hereto and made a part hereof, including the cost of acquisition of Real Property: (a) Subject to reimbursement of eligible Project Costs, commencing in the year following the year in which substantial completion of the Project has occurred and continuing until and includinj the year 2037, the Redeveloper shall receive no later than March 15 of each year an amount equal to One Hundred (100%) Percent of the Real Estate Tax Increment for the previous calendar year actually received by the City. (b) Commencing in the year following the year in which substantial completion of the Project has occurred and continuing until and including the year 2037, the Redeveloper shall receive no later than March 15th of each year an amount equal to Fifty (50%) Percent of Project Revenues for the previous calendar year actually received by the City. (c) The obligation for the annual reimbursement of Project Costs from both Real Estate Tax Increment and Project Revenues shall terminate upon the receipt by the Redeveloper of an amount equal to Two Million, Five Hundred Thousand Dollars ($2,500,000) as reimbursement for eligible Project Costs incurred or upon the expiration of this agreement,whichever occurs first. 4.2 Adjustment of Public Investment. Upon completion of the Project, the Redeveloper shall submit to the City a Final Project Cost Analysis of all costs i connected with the construction of such building and if the actual cost is less than ninety (90%) percent of the Project Cost Analysis, at the time of the adoption of i 7 II