R2006-157 AUTHORIZING REDEVELOPMENT AGREEMENT AND NOTE

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Hook : 3758 �age : 110 Project Costs to the extent permitted by law, to be reimbursed to Developer � as provided in and subject to the liinitations contained in the Act. The Municipality shall reimburse Developer for all construction interest costs and thirty (30) percent of Developer's long-term intei-est costs with a thirty (30) year amortization incurred by Developer on funds borrowed in connection with the redevelopment of the Premises, the undertaking of the Project and the construction of the Premises. c. Procedure for Reimbursement to Developer (1) Payments to the Developer(other than debt service on a Note), or otherwise, including endorsement of the Note, if any, for Eligible Redevelopment Project Costs shall be made only upon requisitions therefore (each a "Requisition") submitted from time to time by the Developer to the � Municipality's planning director(the "Director") and upon approval of the Municipality's City Manager(or the Municipality's City Manager's designee, as the case may be), and in each case subject to the availability of funds in the Special Account, including, as the case may be, if at all, and not otherwise, as set forth in the Note in EXHIBIT B. � (2) All Requisitions must be accompanied by appropriately supporting documentation, including, as applicable, verified bills or statements of suppliers, contractors, or professionals, lien waivers and contractor affidavits. (3) The Municipality's City Manager(or designee, as the case may be), shall approve or disapprove a Requisition by written notice to the Developer within five (5)business days after receipt of the Requisition. Approval of a Requisition will not be unreasonably withheld. If a Requisition is disapproved, the reasons for disapproval will be set forth in writing; and the Developer may resubmit the Requisition with such addirional information as may be required, and the same procedures as set forth herein for initial submission shall apply to such re-submittals. (4) The Municipaliry and the Developer acknowledge that the determination of the qualification of Eligible Redevelopment Project Costs, the Area and the Redevelopment Plan and Project and, therefore, qualification far payment and/or reimbursement under this Agreeinent are subject to changes made by amendments to the Act, and the Municipality has no obligation to the Developer to attempt to modify same, but will assist the Developer as to obtaining approval of Eligible Redevelopment Project Costs. Based on the Act as currently in effect, the Municipaliry acknowledges that costs identified on Exhibit A hereto qualify as Eligible Redevelopment Project Costs for which the Municipality will issue payment and/or reimbursement under this Agreement. (5) All incremental taxes collected and deposited into the Specia] Tax Allocation Fund annually during the term of this Agreement shall be disbursed from time to time in accordance with this Agreement not later than thirry days (30) from the date on which such monies are deposited therein. All monies contained in the account are pledged solely to the satisfaction of the payment and reimbursement of obligations hereunder. RDLLC 20060926 v I 12