R2009-236 AUTHORIZING REDEVELOPMENT AGREEMENT Pines Shopping Center

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r � "Project Revenues" ineans for a calendar year an amount equal to the sales t� collected by the � City from retailers located in the Project Site in that year less an amount ec�ual to the sales tax °f collected by the City from retailers located on the Project Site in the year 2009. � � � "Project Site" means the real property upon which the Project is to be located as inore fully i� shown on Eahibit 1. � � "Public Investment" means the payment of Project Revenues and Real Estate Tax Increment in �' the manner provided in Article N of this Agreement. 0 � "Real Estate Tax Increment" means the ad valorem real property taxes levied and received by the City on the Equalized Assessed Value of the Project, the Project Site and any other structures or buildings on the Project Site less the Initial Equalized Assessed Value for the Redevelopment Area as determined pursuant to the Act. "Redevelopment Area" means the City of Decatur/Pines Shopping Center Redevelopment Project Area contemplated to be adopted by the City pursuant to the Act. "Substantial Completion or Substantially Complete" means complete construction of the shell and core,with finished interiors of common areas,to the point of qualification for the issuance of certificates of occupancy pursuant to Applicable Law, except for minor and ancillary alterations or additional work. ARTICLE II: DEVELOPMENT OF THE PROJECT 2.1 Development of the Project. The Redeveloper will utilize its best efforts to develop the Project in a manner that is compatible with the Redevelopment Plan and Applicable Law. 2.2 Progress Reports. During the development process, the Redeveloper shall submit monthly reports to the City commencing on the first day of March, 2010, and on the first day of each month thereafter until Substantial Completion of the Project which will provide the City with information concerning costs of the Project, leasing and sales activities, design of the Project, financing efforts and other matters relevant to the development and construction of the Project 2.3 Preliminary Plans. The Preliminary Plans for the Project are deemed approved on a , conditional basis, subject to the approval of Tax Increment Financing for the Redevelopment Area pursuant to the Act. 2.4 Changes in Plans. Any substantial deviation from the Preliminary Plans will require City approval. 2.5 Final Site Plan. No later than the submission of the Construction Plans for the Project or any phase thereof, the Redeveloper shall submit to the City a Final Site Plan for that phase. The City shall review the Final Site Plan for the purpose of determining compliance with the Preliminary Plans, the Redevelopment Plan, this Agreement and Applicable Law. 2.6 Construction Plans. The Redeveloper shall submit to the City no later than forty-five (45) days prior to the commencement of construction the construction plans for each Phase of the Project (the "Construction Plans"). The City shall, within thirty (30) days City of Decatur/Pines Shopping Center Redevelopment Agreement 3