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� ' :r-���:� � �;7�1 �'aoe : �?+�� <br /> � <br /> I <br /> time to time, to carry out the terms, pro�•isions and intent oi this �gr�ement and to aid and assist <br /> each other in carr}�ir.g out said terms, provisions and intent. <br /> ARTICLE II I <br /> � <br /> REC�TALS PART OF AGREEMENTI <br /> 1. The representations, covenants and recitations set fo h in the foregoing recitals <br /> � <br /> are material to this �1.�reement and are hereby incorporated intol and made a part of this <br /> Agreement. <br /> 2. Any ten�ls whicli are not defined in this Agreement s all have the same meaning <br /> as they do in the Act, unless the cuntext of use otherwise requires. '� <br /> ARTICLE III � <br /> , <br /> REDEVELOPMENT PROJECT <br /> 1. The Develop�r will purchase the Developer's Site and intends to invest up po $10 <br /> million in the Pi•ivate Development on the Dzveloper's Site, in�luding an inve�t:- of <br /> appro�:iinately $1.7 rniSlion in acquisition of the Developer's Site. � -- . <br /> ?. �The Ueve,lopc�r estimates that: <br /> a. t�ie total costs af the Private Developi:�znt w�ul�l �x�eed $10 million; and <br /> t�. tlie Private Development would when completec� ��ccc�rdin�to plans, create <br /> �,pproxin�iately 20 jobs. ' <br /> 3. Phase f. Phase I of the Private DeveIopme:it shail cc�ncist�cof acquisition c�f tbe <br /> Developer's Site �nd impro�,�ement ot'the pr�;mises to�include new development <br /> or r�deveiopment, to constitute the improvements descr bed in Exhibit l, part A. <br /> I <br /> =4. Phase II. <br /> I <br /> a. i.lpon acguisition of the Plaase II t;act by the Developer, the City shall <br /> proceed with reasonable diligence tc� amend �this Agreement and the <br /> Redevelopment Plan as appropriate to includ� Phase II of the Private <br /> Development to include applicable rede��elopme�t project costs. <br /> b. Phase II of the Private Development shall cpnsist of redevelopment! <br /> rehabilitation of the Phase II tract to include ne� commercial and�or outlot <br /> development. <br /> i <br /> Page 4 of 32 <br /> �i <br />