R2006-157 AUTHORIZING REDEVELOPMENT AGREEMENT AND NOTE

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Book : 3758 Page : 109 II due against said Note and applied according to the order of priority provided for in said I Note. 3. PAYMENT OF ELIGIBLE PROJECT COSTS a. Developer shall advance all funds and all costs necessary (i) to acquire the Premises; and (ii) to construct all Public and Private Infrastructure improvements � thereon. As a result the Developer will incur substantial Redevelopment Project Costs from this project. b. Definition of Eligible Redevelopment Project Costs and Real Estate Tax Increment (1) For purposes of this Agreement, "Etigible Redevelopment Project Costs" shall mean and include all costs defined as"redevelopment project costs"in section 1 1-74.4-3q of the Act (as now or hereafter provided) and which are ' eligible for reimbursement under the Act, including but not limited to: � property assembly costs, site preparation costs, site improvement costs, costs of constructing public improvements,professional fees, interest costs, taxing district's costs, registration of obligations, and any other costs described in �� and authorized by the Act. Municipality and Developer agree that the costs identified in Exhibit A hereto are all included within the definition of �� Eligible Redevelopment Project Costs. (2) For purposes of this section, professional fees of Developer shall be defined �� as those professional service costs for engineering, architectural, legal, I marketing, financial planning or other service relating to Developer's ' Eligible Redevelopment Project Costs and to the administration and ��i implementation of the Redevelopment Plan. See 65 ILCS 5/11-74.4-3(q)(I). � (3) For purposes of this Agreement, "Real Estate Tax Increment" shall mean all I increases in ad valorem taxes arising from the Development Project. In � determining increases in ad valorem taxes, the County shall calculate the then current equalized assessed valuation of the Premises, as determined by i Section 11-74.4-9 of the Act. I (4) For purposes of this agreement, "Municipal Sales Tax" shall mean al] taxes distributed to the Municipaliry but excluding any sales tax imposed for the benefit of the State of Illinois, and attributable to the Development Project � pursuant to the Home Rule Municipal Retailers' Occupation Tax Act, 65 � ILCS 5/8-11-1 et seq., the Home Rule Municipal Service Occupation Tax I Act, 65 ILCS 5/8-] 1-5 and Chapter S1.1 and Chapter 51.2 of the City Code �I of the Ciry of Decatur and the municipal portion of the Retailers Occupation ! Tax Act, 35 II,CS 120 et seq. and the Service Occupation Tax Act, 35 ILCS ��i 115/l, et seq.. I (5) Developer expects to incur interest costs on funds Developer borrows in � connection with the undertaking of the Development Project. These interest I costs incurred by the Developer shall be deemed Eligible Redevelopment � RDLLC 20060926 v] j 1