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. : +C7 fJ K : ._'�?d�.� !-'�C3 t : �t:��' <br /> _ <br /> I <br /> exceed $5,650,000 and together with Incremen�:al Pro�e�rty Ta�:es hereunder shall <br /> not exceed the a�gregate amount of Eligible Redev lopment Project Casts in <br /> Exhibit 3. The City shall establish an "IP Plaza, I.�LC Municipal Sales Tax <br /> Inerement Account'' to which the Municipal Sale Tax Increment shall be <br /> credited. If Eligible Redeveiopment Project Costs �xceed such $5,650,000.00 <br /> amount, Developer may obtain the additional �eim�ursement from the <br /> Incremental Property Taxes derived from the Develope�'s Site. <br /> 2. Phase lI Sales "I'ax Rebate. The Phase IT sales tax re�ate shall be provided, if at <br /> ail, F�} an amendment to this Agreement, <br /> 3. Yhase I Tax Inerement. Thc: Incremental Prop�rty T xes shall be accounted for <br /> and credited to an "IP Plaza, LLC Spe�ial Ace unt" in the Special Ta� <br /> Allocation Fund for the Redevelopment Projecx Area eginning in the first year a <br /> real e�tate tax increment is generated and shall b� used for reimbur.sement <br /> (ii7cluding TiF Note endorsement) or paymetit of Eligi�le 3Z�;development-�'ruject <br /> ('osts incurred bti Developer in connection with the Pt�i��ate Development�n the <br /> Developer's Site until such time as the abr�ed Eligibl� Proj�ct Costs are�aid or <br /> reimbur�ed, subject to the maximum reimbursement p�rrnitted by the curr.en�..and <br /> eff�ctive Red�velopment Plan adopted by the City. '; „�r�;,�.:. <br /> 5. Phase ��i "f�x Increment. The liicrerner.tai Propel•i I'axes cl�:ri��e� (z.�rY� tllc <br /> Pl�a�e lj tr•act, after requisition by the 7eveioper, shal? �e ti3�e�ited to the l�' �''fa:.a <br /> Speci�l ,.4cc;aunt and be used for reimbursem::nt or pay�mci�t (in��lu�iin� l�i,= �1ote <br /> endc�r�;eri;ent) ��f�F,ligible Rede��elopment Pr�ject Co��ts�for Nllase lI o1�the (',ivate <br /> De�-elopnient until such time as all agreed Lligible ffe�levelc�pnleut Yraject t�osts <br /> are r�eii�bur�r�d or paid, subject to the ma�cimurn reimb�ursement permit?eci ���} the . � <br /> currenl. a�d eftective It.ede��eloprnent Plan adc�pted b��the City. - _� <br /> 6. No Surplus. City agrees that no real estate taxl, incYtment generaied by <br /> I?eveloper's Privatc: Development are to be pai�to othe taxing districts as su��plus <br /> fiinds or pay�rnents in lieu of taxes as de�ined un er the �ct ui.til all of <br /> lievelopPr'� agr�ed E;ligible R�developrnea�t Yroject Co�ts are paid or reimbursc;d. <br /> 7. Tax Increment Rebate Time Limit. "I'he City shall l�a�e the Y�ight to de-certify <br /> and tal.e necessary action to formally terminate the Re�kievelop��leni F'rojecx Area <br /> upon satisfaction of the following event�: <br /> a. Ail agreed Eligible Redevelopment Project Casts with respect to the <br /> Dev�lopEyr's Site have been certified and paid; ''� <br /> b. All agreed Eligible Redeve�opment Pr�i�c�t Costsj for Phase II llave beer: <br /> certi:ied and p�id; and � <br /> c. N�7 a�reea ner^ Lligible Redevelapment Project C_'o�ts have been submitted or <br /> certi�iecl tor a per•iod c�t�iwo {"L) consecuti�•e years. <br /> �i <br /> Page 5 of 32 ' <br /> � <br /> I <br />