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r , ' <br /> Tax increment allocations under this Agreement shall continue until all Eligible Redevelopment <br /> Project Costs related to the Development Project are paid or for 15 years, whichever comes first. <br /> The payment of any Note and/or Eligible Redevelopment Project Costs is subject to the <br /> availability of Incremental Taxes. <br /> Developer's sale of the Development Area as contemplated in Section E,below,will not act as an <br /> assignment of Developer's interest. Developer shall retain all rights and obligations of the <br /> Redevelopment Agreement until such time as the Agreement terminates or Developer assigns its � <br /> rights and obligations pursuant to Paragraph 9 of the Redevelopment Agreement. <br /> D. INCREMENTAL TAXES <br /> (1)INCREMENTAL TAXES <br /> City Percentage . . . . . . . . . . . . . . . . . . Years 1-6 0% <br /> Years 7-15 50% <br /> y Special Account Percentage . . . . . . . . Years 1-6 100% <br /> Years 7-15 50% <br /> Total: 100% <br /> (2) REAL ESTATE INCREMENTAL TAXES <br /> Projected Total NEW Equalized <br /> Assessed Valuation $ 333,000 <br /> Less: INITIAL Equalized Assessed Valuation $ 70,315 <br /> Projected Incremental increase in EAV $ 262,685 <br /> Projected Annual Real Estate Incremental Taxes 23 142 <br /> E. DEVELOPMENT AREA <br /> (1) DEVELOPER'S INTEREST IN DEVELOPMENT AREA: <br /> (if other than fee ownership, describe and attach lease or other applicable <br /> Document): Developer is fee simple owner of the Development Area. <br /> Developer has entered into a Purchase Agreement dated November 6, 2007 <br /> , to convey the Development Area in its entirety to the Howard G. Buffett <br /> Foundation, a Nebraska not-for-profit corporation. The contemplated <br /> transaction will convey title in fee simple to the Howard G. Buffett <br /> Foundation. However, the Howard G. Buffett Foundation will not be an <br /> assignee or successor to the Redevelopment Agreement, rather the <br /> Developer will retain all rights and obligations of the Redevelopment <br /> Agreement. <br /> (2) DEVELOPMENT AREA: <br /> Street Address: 101 East Prairie Avenue <br /> Legal Description: See attachment marked EXHIBIT B <br />