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, � $, :.. .. -� : _. . .. _. - �� _ . �.� . .� <br /> , , s 1, l <br /> 5. In furtheranc� ef th�. obje.ctives of and ir� resiance oh the Redevelopment Plan, <br /> Developer will acyuire and dev�lop the Develo�er's Site subsianti lly in accordance with the <br /> objectives of the Redevelopment Plan. The Developer will commen e and begin construction of <br /> Phase I of the Pri�ate Development as soon as practicable after the d te of this Agreement, but in <br /> no event later than July 1, 2007, to be c�mpleted un or before September 30, 2009. The <br /> I)eveloper will use its best efforts to develop the premises for the pot�ential and intended uses set <br /> farth in Exhibit 1(A) �f this Agreement consistent with and tu the e�Ctent of market demand for <br /> such uses. '� <br /> 6. The Develuper shall have the r.ight ta develop, usje and operate the Private <br /> Uevelopn�ent in phases as I3eveioper elects in its sale discretion an�d shall not be obligated to <br /> undcrtake to constru�t any Phase(s) of the Private Development in rder to satisfv Developer's <br /> obligations under this A�reement or to be reimbursed tor Eligible R development Project Costs <br /> Developer incurs, except as provided in paragraphs 3 and 4 above in t is Article. <br /> I <br /> 7. The parties acknow�ledge and a�ree that Eahibit 3 is in�ended solely to outline the <br /> prelinninary description and estimates of Eligible Redevelopment Proj;ect Costs that Devel�per is <br /> likely to incur; Exriibit 3 is not intended to be an exhaustive or '�exclusive iist nor :�� t11e <br /> preliminary estimates of costs shown on Exhibit 3 mear:t to be constirued as a limitation, �}iher <br /> indi��idually or in the aggregate, of the amounts for �vhich de��eloper may seek an�ei-ve <br /> reimbursr; pursuant to this Agreement. No provisions of this Agreer�ent shall �e inter��- ro <br /> �ahrogate or an7e.nd t�e 'rZedevelopmezlt Plai7 as adopted by t;�e City. ' <br /> �R'TICLE IV <br /> INCENTIVES I <br /> In cun�rderat:on fc�r the Developer purchasing the Deve;oper'sl Site and commencin�, and � -.. <br /> cc�mpleting the Pri��ate l�evelopme�it as herein provided, the City a�r�es to extend to Developer <br /> the following incer,tities to a.ssist the Private Uevelopment. < <br /> From the Incremental Property Taxes and Municipal Sales T x Increment, both only to <br /> tne extent gene��ated trom the Developer's Sitc and, when acquir d r�y the Developer and <br /> developed or redeveloped by the De��eloper as herein prc��-ided, t e Phase Il tract, and not <br /> otherwise: I <br /> I <br /> l. Phase I �ales TaY Rebate. �ubject to the term� and provisions of this <br /> Agreement, the City shall account ior and annually (on��November 1 in each year, <br /> commet7cing No�-ember 1, �007) credit to the IP Plaza,ILI_,C Municip�l Sales Tax <br /> Increm�nt .�ccount (defined below) for pay-ment over �o the Developer: (i) fifty <br /> (50) percez�t ai�the City's receipts of the Retailers Occ pation "Tax, atid (iil fitty <br /> (�0) percent ui�the Home Rule Food & Beverage Tax, for retailers or restaurants <br /> establishCd or. the Developer's Site after the ef±eciive ate of this Agreement ((i) <br /> and (ii) constitute the ")Vlunicipal Sales Tax lncreme t"j. '1'he Municipal Sales <br /> Tax Increment to be so paid over to the I?eveloper i the a�gregate shall not <br /> I <br /> Pag� 5 of 32 <br /> I <br /> I <br />