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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 /> D. INCREMENTAL TAXES <br /> (1)INCREMENTAL TAXES <br /> City Percentage . . . . . . . . . . . . . . . . . . Years 1-6 0% <br /> Years 7-15 50% <br /> 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 i <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): Fee Simple <br /> (2) DEVELOPMENT AREA: <br /> Street Address: 101 East Prairie Avenue <br /> Legal Description: See attachment marked EXHIBIT B <br /> F. OTHER FUNDING ALLOCATIONS <br /> The Municipality has previously reimbursed the Owner/Developer $71, a4 z.on from <br /> the Community Development Block Grant Fund for fa�ade renovations. The developer <br /> has rescinded participation in the CDBG Fa�ade Program. The TIF Administrator shall <br /> transfer funds from the Olde Towne TIF Fund to the CDBG Fund to reimburse for <br /> eligible project costs approved and incurred. Upon transfer, the amounts then due shall <br /> become a liability against the Owner/Developer's right to reimbursement under this <br /> agreement and Developer shall reimburse the TIF Fund in accordance with the provisions <br /> of Section C. <br />