R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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4. In the absence of written notice by Municipality to Developer within the time specified herein, Developer may declare this Agreement void and its earnest money shall be returned. K. DEVELOPER'S CONSTRUCTION SCHEDULE. The Developer shall commence construction of facilities constituting the Development Project, and complete such construction, occupy the Premises and begin operations as set forth in the timetable in EXHIBIT A. 2. INCENTIVES The Municipality shall pay directly or reimburse the Developer for Eligible Redevelopment Project Costs permitted by the Act from Incremental Taxes, including Real Estate Tax Increment and Municipal Sales Taxes (generated solely and only from the Development Project within the Development Area, and not otherwise) and deposited into the Special Account of the Fund but only to the extent of applicable percentage provided for in EXHIBIT A, and only for the term of the Redevelopment Plan or such other period as provided in this Agreement. In consideration for the Developer purchasing the land and commencing development, the Municipality agrees to extend to developer the following incentives to assist Developer's Development Project. From the incremental increases in real estate and municipal sales taxes generated from the Developer's Development Project: a. Sales Tax Rebate. The Municipality shall refund to the Developer fifty (50) percent of the Municipality's proceeds of the Retailers Occupation Tax, in addition to fifty (50) percent of the Home Rule Food & Beverage Tax, for retailers or restaurants established on the Premises to be acquired by Developer from the Municipality after the effective date of this Agreement, to be used for reimbursement to Developer for payment of Eligible Redevelopment Project Costs incurred by the Developer. However, any individual or entity that relocated its business from an existing location within a 1,000 foot circumference surrounding the Premises (as described in the map attached hereto as EXHIBIT E) shall not be eligible for the Sales Tax Rebate. The refund shall be payable to the Developer immediately upon the Municipality's receipt of sales t� reimbursements from the State of Illinois. b. Real Estate Tax Increment. Seventy-Five percent (75%) of the incremental real estate taxes not to exceed two-hundred thousand dollars ($200,000.00) annually shall be placed in the Special Account beginning in the first year a Real Estate T� Increment is generated and shall be used for reimbursement to Developer for payment of Eligible Redevelopment - 11 -