R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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. C. OWNER/DEVELOPER-MUNICIPALITY SHARES OF TIF PROCEEDS Owner/ Developer* Municipality (a) Real Estate 75% 25% (b) City Sales Tax 50% 50% (c) State Sales Tax 50% 50% * Subject to sufficiency of Estimated Redevelopment Project Costs ELIGIBLE REDEVELOPMENT PROJECT COSTS ALLOCATED AMOUNTS ($) If a 2 Story Bld�.: If a 3 Story Bldg.: Land Acquisition $ 0 $ 0 Site Preparation $ 224,980 $ 307,867 Demolition $ 0 $ 0 Planning and Engineering $ 329,020 $ 450,238 Other Professional Fees (Accting/Legal) $ 45,000 $ 61,579 Street Improvements $ 0 $ 0 Streetscape Improvements $ 0 $ 0 Utilities $ 10,000 $ 13,684 Lighting $ 0 $ 0 Construction Interest $ 201,000 $ 275,053 30%Mortgage Interest $ 510,000 $ 697,895 Relocation Costs $ 10,000 $ 13,684 Job Training & Retraining $ 0 $ 0 Rehabilitation Renovation/Remodeling $ 0 $ 0 TOTAL: $1,330,000 $1,820,000 The above amounts are estimates only and shall not be deemed a limitation on the Developer's ability to recover more eligible redevelopment projects costs per category than the amount estimated above. For example, if a two story building is constructed and the actual Site Preparation costs are $300,000, all such Site Preparation costs shall be eligible redevelopment project costs which are eligible to be paid to Developer subject to a maximum amount of $1,330,000. Tax increment allocations under this Agreement shall continue until any Note and/or all Eligible Redevelopment Project Costs related to the Development Project are paid or for maximum term permitted by law at the time of its adoption or any extension permitted by law hereafter, whichever comes first. The payment of any Note and/or Eligible Redevelopment Project Costs is subject to the availability of Incremental Taxes. No Interest Subsidy payments shall be made vvhich any Note is outstanding and unpaid. -25 -