R2009-228 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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"Project Revenaes" means for a calendar yeac an amount equal to the sales tax collected by the City from retaileis located in the Project Site in that year Iess an amount equal to the sales tax collectad by the City from retailers located on the Project Site in the year 2009. G°Project Site" means the real property u��on whicli the Pi•oject is to be located as more fully shown ou Exhibil 1. "Public Investment" means the payment of Project Revenues aiid Real�state Tax Increment in the mam�ec pcovided in Ai�#icle IV of this Ageeement. "Real �state Tax Increment" means tlie ad valorem real proper•ty taxes levied a�id received by the City on the Equalized Assessed Value of the Project,the Project Site and any other st�uctures or buildings on the Project Site less the Initial Equalized Assessed Value for the RedeveIopment Area as deteimined pu�suant to the Act. "Redevelop�nent Area" means the City of Decatur/Pines Shopping Center Redevelopment Project Area contemplated to be adopted by the City pursuant to the Act. "SuUstantial Completion or Substantially Complete" �neans complete construction of the shell and core,with fii�ished interiors of common areas,to the point of qualification for the issuance of certificates of occupancy pursuant to Applicable Law, except for minoc and ancillaiy alterations or additional work. ARTICLE II: DEVELOPMENT OF THE PROJECT 2.1 Development of thc Project. Tlie Redeveloper will utilize its best effo�ts to develop the Pi•oject in a manner that is compatible with the Redevelopment Plan aud Applicable Law. 2.2 Progress Reports. During the development process, the Redeveloper shall submit tnonthly t•epoits to the City commencing on the frst day of March,2010, and on the first day of each mo��th thereafter until Substantial Co�npletion of the Project which will pcovide the City with information conce�mu�g costs of the Project, leasing and sales activities, design of the Project, financing effo�ts aud other matters relevant to the development and constiuction of the Pi•oject 2.3 Prelimina�y Plans. The Preliminary Plans for the Project are deemed approved on a conditional basis, subject to the approval of Tax Increment Financinb for the Redevelopment Area pursuant to the Act. 2.4 Changes in Plans. Auy substantial deviation from tlie Pi•eliminary Plans will require City approval. 2.5 Finai Sits Plan. No later than the submission of the Construction Plaits for the Project or any phase thereof, the Redeveloper shall submit to the City a Pinal Site Plan for that phase. The City shall review the Final Site Plan for tlie purpose of determining compliance with the Preliminaiy Plans, the RedeveIopment Plan, this Agreement and Applicable Law. 2.6 Construction Plans. Tl�e Redeveloper shall submit to the City no late�� than foifiy-five (45) days prior to tl�e cotnmencement of constcuction 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