R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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. . (5) Developer expects to incur interest costs on funds Developer borrows in connection with the undertaking of the Development Project. These interest costs incurred by the Developer shall be deemed Eligible Redevelopment Project Costs to the extent permitted by law, to be reimbursed to Developer as provided in and subject to the limitations contained in the Act. The Municipality shall reimburse Developer for all construction interest costs and thirty (30) percent of Developer's long-term interest costs with a thirty (30) year amortization incurred by Developer on funds borrowed in connection with the redevelopment of the Premises, the undertaking of the Project and the construction of the Premises. c. Procedure for Reimbursement to Developer (1) Payments to the Developer (other than debt service on a Note), or otherwise, including endorsement of the Note, if any, for Eligible Redevelopment Project Costs shall be made only upon requisitions therefore (each a "Requisition") submitted from time to time by the Developer to the Municipality's planning director (the "Director") and upon approval of the Municipality's City Manager (or the Municipality's City Manager's designee, as the case may be), and in each case subject to the availability of funds in the Special Account, including, as the case may be, if at all, and not otherwise, as set forth in the Note. (2) All Requisitions must be accompanied by appropriately supporting documentation, including, as applicable, verified bills or statements of suppliers, contractors, or professionals, lien waivers and contractor affidavits. (3) The Municipality's City Manager (ar designee, as the case may be), shall approve or disapprove a Requisition by written notice to the Developer within five (5) business days after receipt of the Requisition. Approval of a Requisition will not be unreasonably withheld. If a Requisition is disapproved, the reasons for disapproval will be set forth in writing; and the Developer may resubmit the Requisition with such additional information as may be required, and the same procedures as set forth herein for initial submission shall apply to such re-submittals. (4) The Municipality and the Developer acknowledge that the determination of the qualification of Eligible Redevelopment Project Costs, the Area and the Redevelopment Plan and Project and, therefore, qualification for payment and/or reimbursement under this Agreement are subject to changes made by amendments to the Act, and the Municipality has no obligation to the Developer to attempt to - 14 -