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. + <br /> ,� <br /> � <br /> '�� <br /> �� Redevelopment Plan, and are sei forth in EXI IIBIT A; and <br /> a <br /> ,� WH�IZEAS, consistent with the Redevelopment Plan and Redevelopmeni Project <br /> � the Municipality has the authority under the Act to incur specified redevelopment projeci cosis <br /> '�'� (as defined in the Act, "Eligible Redevelopment Project Costs") and to pay and/or reimburse <br /> � the Developer for such Eligible Redevelopment Projeci Costs; and <br /> �° <br /> �• WHER�AS, the Municipality by the TIF Ordinances has determined that all <br /> :� <br /> a Incremental Ta�es in the Redevelopmeni Projeci Area are to be allocated to and when collecte <br /> � shall be paid to the City Treasurei• foi• deposii into the Special Tax Allocation Fund fol• the Area <br /> ,�, <br /> (including therein a special account with respect to the Development Area, the "Fund") for the <br /> purpose of payment of Eligible Redevelopment Project Costs, or debt service with respect to <br /> obligations; and <br /> WHEREAS, the Municipality and the Developer desire to segregate in a special <br /> account within the Fund the Incremental Taxes derived from the Development Area, which <br /> separate account shall be designated the "Reynolds Development, LLC Special Account" (the <br /> "Special Account"); and <br /> WHEREAS, the Municipality has determined that the Development Project <br /> rec�uires the incentives reguested as set forth in EXHIBIT A and that the Development Project <br /> will as a part of the Redevelopment Plan and Redevelopment Project, promote the health, safety <br /> and welfare of the Municipality and its citizens, strengthen the commercial sector of the City by <br /> attracting private investment to prevent blight and deterioration, enhance the tax base and <br /> provide employment and generally to enhance the economy of the Municipality and is made and <br /> entered into in the best interest of the City. <br /> WHEREAS, the Municipality has agreed to evidence certain obligations to <br /> reimburse Developer for Redevelopment Project Costs Developer incurs by the execution and <br /> delivery to Developer of one or more special ta� increment revenue notes (hereinafter referred to <br /> individually as a "Note" and collectively as "Notes"). Municipality agrees to submit the <br /> proposed form of the Note to Developer within ninety (90) days of the execution of this <br /> Agreement. <br /> NOW, TH�REFORE, THE MUNICIPALITY AND THE D�V�LOPER, FOR <br /> GOOD AND VALUABL� CONSID�RATION, TH� R�CEIPT AND SUFFICIENCY OF <br /> WHICH IS HEREBY ACKNOWLEDGED, AGREE AS FOLLOWS: <br /> 1. ACQUISITION OF PROPERTY AND CONSTRUCTION OF PROJECT <br /> IMPROVEMENTS <br /> The Municipality represents that it is the current owner of the property located in the <br /> De�.�elopment Area, as described in EXHIBIT A, and that the Development Area is located <br /> wholly within the Ai•ea. The Municipality desires to convey to the Developer all of its ownership <br /> inierest in the property in the Development Area, legally described in EXHIBIT A, together with <br /> all improvements thereon and all rights and easements belonging and appurtenant thereunto and <br /> - 2 - <br />