R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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1 Redevelopment Plan, and are set forth in EXHIBIT A; and WHEREAS, consistent with the Redevelopment Plan and Redevelopment Project the Municipality has the authority under the Act to incur specified redevelopment project costs (as defined in the Act, "Eligible Redevelopment Project Costs") and to pay and/or reimburse the Developer for such Eligible Redevelopment Project Costs; and WHEREAS, the Municipality by the TIF Ordinances has determined that all Incremental Taxes in the Redevelopment Project Area are to be allocated to and when collected shall be paid to the City Treasurer for deposit into the Special Tax Allocation Fund for the Area (including therein a special account with respect to the Development Area, the "Fund") for the purpose of payment of Eligible Redevelopment Project Costs, or debt service with respect to obligations; and WHEREAS, the Municipality and the Developer desire to segregate in a special account within the Fund the Incremental Taxes derived from the Development Area, which separate account shall be designated the "Reynolds Development, LLC Special Account" (the "Special Account"); and WHEREAS, the Municipality has determined that the Development Project requires the incentives requested as set forth in EXHIBIT A and that the Development Project will as a part of the Redevelopment Plan and Redevelopment Project, promote the health, safety and welfare of the Municipality and its citizens, strengthen the commercial sector of the City by attracting private investment to prevent blight and deterioration, enhance the tax base and provide employment and generally to enhance the economy of the Municipality and is made and entered into in the best interest of the City. WHEREAS, the Municipality has agreed to evidence certain obligations to reimburse Developer for Redevelopment Project Costs Developer incurs by the execution and delivery to Developer of one or more special tax increment revenue notes (hereinafter referred to individually as a "Note" and collectively as "Notes"). Municipality agrees to submit the proposed form of the Note to Developer within ninety (90) days of the execution of this Agreement. NOW, THEREFORE, THE MUNICIPALITY AND THE DEVELOPER, FOR GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, AGREE AS FOLLOWS: 1. ACQUISITION OF PROPERTY AND CONSTRUCTION OF PROJECT IMPROVEMENTS The Municipality represents that it is the current owner of the property located in the Development Area, as described in EXHIBIT A, and that the Development Area is located wholly within the Area. The Municipality desires to convey to the Developer all of its ownership interest in the property in the Development Area, legally described in EXHIBIT A, together with all improvements thereon and all rights and easements belonging and appurtenant thereunto and -2 -