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Book : 3758 �age : 100 <br /> "Incremental Taxes"), which incentives are consistent wit11 those of the Redevelopment Plan, and are set <br /> forth in EXHIBIT A; and <br /> WHEREAS, consistent with the Redevelopment Plan and Redevelopment Project the <br /> Municipality has the authoriry under the Act to incur specified redevelopment project costs (as defined in <br /> the Act, "Eligible Redevelopment Project Costs") and to pay and/or reimburse the Developer for such <br /> Eligible Redevelopment Project Costs; and <br /> WHEREAS, the Municipality by the TIF Ordinances has determined that all Incremental <br /> Taxes in the Redevelopment Project Area are to be allocated to and when collected shall be paid to the <br /> City Treasurer far deposit into the Special Tax Allocation Fund for the Area (including therein a special <br /> account with respect to the Development Area, the "Fund") for the purpose of payment of Eligible <br /> Redevelopment Project Costs, or debt service with respect to obligations; and <br /> WHEREAS, the Municipality and the Developer desire to segregate in a special account <br /> within the Fund the Incremental Taxes derived from the Development Area, which separate account shall <br /> be designated the "Reynolds Development, LLC Special Account" (the "Special Account"); and <br /> WHEREAS, the Municipality has determined that the Development Project requires the <br /> incentives requested as set forth in EXHIBIT A and that the Development Project will as a part of the <br /> Redevelopment Plan and Redevelopment Project, promote the health, safety and welfare of the <br /> Municipality and its citizens by attracting private investment to prevent blight and deterioration and to <br /> provide employment and generally to enhance the economy of the Municipality. <br /> WHEREAS, the Municipality has agreed to evidence certain obligations to reimburse <br /> Developer for Redevelopment Project Costs Developer incurs by the execution and delivery to Developer <br /> of one or more specia] tax increment revenue notes (hereinafter referred to individually as a "Note" and <br /> collectively as "Notes") in substantially the form attached hereto as EXHIBIT B, with such additions and <br /> modifications as the Mayor of the City of Decatur may approve. The signature of the Mayor on the Note <br /> shall be conclusive evidence of the Mayor's approval of the form of the Note. <br /> NOW, THEREFORE, THE MUNICIPALITY AND THE DEVELOPER, FOR <br /> GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH <br /> IS HEREBY ACKNOWLEDGED, agree as follows: <br /> 1. ACQOISITION OF PROPERTY AND �� <br /> CONSTRUCTION OF PROJECT IMPROVEMENTS <br /> The Municipality represents that it is the current owner of the property located in the <br /> Development Area, as described in EXHIBIT A, and that the Development Area is located wholly within <br /> the Area. The Municipality desires to convey to the Developer all of its ownership interest in the property <br /> in the Development Area, legally described in EXHIBIT A, together with all improvements thereon and <br /> all rights and easements belonging and appurtenant thereunto and all right, title and interest of <br /> Municipality in and to any and all roads, streets, alleys and ways, bounding such property, all hereinafter <br /> referred to as "the Premises." <br /> A. PURCHASE PRICE. The purchase price shall be Ten Dollars ($10.00) (the "Purchase � <br /> Price") payable by Developer in cash as follows: (i) on the date of last execution of this ' <br /> Agreement, Developer will deposit Ten Dollars ($10.00)(this deposit, together with any �� <br /> � interest accrued thereon is hereinafter referred to as the "Earnest Money") with the � <br /> RDLLC 200(0926 vl 2 ' <br />