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. <br /> Pro�ect Costs mcurred by Developer for the Development Pro�ect or <br /> applied to the interest and principal of the Notes until such time as all <br /> Eligible Redevelopment Project Costs are reimbursed. <br /> c. Municipality agrees that no Real Estate Tax Increment generated by <br /> Developer's Development Project shall be paid to other t�ing districts as <br /> surplus funds or payments in lieu of taxes as defined under the Act or <br /> under any intergovernmental agreements until all of Developer's Eligible <br /> Redevelopment Project Costs are reimbursed. <br /> d. The Sales Tax Rebate, when combined with the Real Estate T� <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) story building is constructed. <br /> e. For the purposes of this section 2, all payments of Sales Tax Rebates and <br /> Real Estate Tax 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, regardless 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 forth in this Agreement, is expected to create or <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 this Agreement, meets high standards of <br /> creditworthiness and financial strength as demonstrated by: specific evidence of <br /> equity financing for not less than 10%of the total project 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 />