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��yy�' <br /> '•Y <br /> 'a7 <br /> Project Costs incui•red by Developer Ior the Developmeni PI•ojeci or <br /> � lpplied to the inieresi and principal of ihe Notes until SL1C�l iime as all <br /> °i Eligible Redevelopment Project Costs are reimbursed. <br /> � <br /> �1 <br /> •,� c. Municipality agrees thai no Real Estate Tax Incremeni generated by <br /> � Developer's Development Project shall be paid to other taxing districts as <br /> �' surplus funds or payments in lieu of taxes as def ned under the Aci or <br /> .A undei• any intergovernmental agreemenis until al] of Developer's Eligible <br /> � Redevelopment Project Costs are reimbursed. <br /> � <br /> �� d. The Sales Tax Rebate, when combined with the Real Estate Tax <br /> Increment, shall not exceed One Million Three Hundred Thirty Thousand <br /> Dollars ($1,330,000) if a two (2) story building is constructed or One <br /> Million Eight Hundred Twenty Thousand Dollars ($1,820,000) if a three <br /> (3) stoiy building is constructed. <br /> e. For the purposes of this section 2, all payments of Sales Ta�: Rebates and <br /> Real Estate Taa Increment shall be applied to the Note provided for in <br /> Section 3.c.(1) hereof so long as any principal balance of said Note <br /> remains outstanding. Any payment by the Municipality, regar.dless of <br /> frequency, shall be deemed to be a payment against the sums due against <br /> said Note and applied according to the order of priority provided for in <br /> said Note. <br /> 3. FINDINGS <br /> a. the Development site has remained significantly unoccupied or• underutilized for a <br /> period of at least one year; <br /> b. the Development Project, as set fo►-th in this Agreement, is expected to create ol• <br /> retain job opportunities within the City; <br /> c. that the Development Project will serve to further the development of adjacent areas; <br /> d. that without this Agreement's economic incentive features, the Development <br /> Project will not have been possible; <br /> e. that the Developer who is a party to tllis Agreement, meets high standards of <br /> creditworthiness and financial strength as demonstrated by: specific evidence of <br /> equit}�financing for not less than 10% of the total projeci costs; <br /> f. that the Development Project, will strengthen the commercial sector of the City; <br /> g. that the Development Project, will enhance the tax base of the City; and <br /> h. that this Agreement's economic incentive agreement feature is made in the best <br /> interest of the City. <br /> - 12 - <br />