R2011-150 AUTHORIZING REDEVELOPMENT AGREEMENT

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M %U a3.3 Easements. The City agrees to grant such temporary easements to the Redeveloper as m necessary for the construction and completion of the Project or any phase thereof. 0 S 3.4 Permit Fees. The City agrees to waive the building inspection permit fees for the S J) Project. .4 4 ARTICLE IV: PUBLIC INVESTMENT p4.1 Public Investment. The City will provide a reimbursement for certain Project Costs, 0 from the Sales Tax Increment and Real Estate Tax Increment for that calendar year actually received by the City from the Project as follows: (A) Commencing in the year following the year in which substantial completion of the Project has occurred subject to the restrictions and limitations set forth in paragraph 4.1 (C) and continuing until and including the year 2035, the Redeveloper shall receive no later than January 15`h 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 Project has occurred the ProJ curred subject to the restrictions and limitations set forth in j paragraph 4.1 (C) and continuing until and including the year 2035, the Redeveloper shall receive no later than January 15`h of each year, an amount equal to Ninety (90%) Percent of the Sales Tax Increment for the previous calendar year actually received by the City; (C) The obligation for the annual reimbursement of Project Costs shall terminate upon the receipt by the Redeveloper of an amount equal to Fifty (50%) Percent of the Final Project Costs as submitted to the City per Section 4.2 of this Agreement. The combined reimbursement from the Real Estate Tax Increment and the Sales Tax Increment shall not exceed $2,093,002, or Fifty (50%) Percent of the final Project Costs as submitted to the city per section 4.2 of this Agreement,whichever is less. (D) Jackson Family Limited Partnership shall be the designated payee as per terms of this agreement subject to the restrictions and limitations set forth in paragraph 4.1 (C) (E) For purposes of this Agreement, "Project Costs" shall include costs necessary to the completion of construction as described in approved site plans including but not limited to property acquisition and assembly costs, site preparation costs, site improvement costs, professional fees, design and engineering, temporary electric, asphalt and concrete costs. 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 connected with the construction of such building. City of Decatur/Jackson Ford Redevelopment Agreement 6