R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

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� , , RK ' 12 �� PG1 ! 5 (c) Third, to reimburse Developer for other Redevelopment Project Costs �, Developer incurs the reimbursement of which has not then been evidenced by a Note or � by interest on the loan. ' 8. If from time to time, the Develo er has been full reimbursed for all ' P Y Redevelopment Project Costs the Developer has incurred to date, the Developer shall I nonetheless be entitled to reimbursement of other Redevelopment Project Costs the Developer ' thereafter incurs in that year or any subsequent year, subject, however, to the other provisions of this Agreement and to the Act. 9. Any Tax Increment remaining in the Special Tax Allocation Fund in any year after full reimbursement or payment of all Redevelopment Project Costs having then been incurred by the Developer shall, to the maximum extent permitted by the Act, be retained in the Special Tax Allocation Fund and shall be pledged to reimburse the Developer in the manner herein provided for Redevelopment Project Costs such parties may incur in subsequent years. ARTICLE VI - OTHER AGREEMENTS 1. POWERS The City hereby represents and warrants to Developer that the City has full constitutional and lawful constitutional right, power and authority, under current and applicable law, to execute and deliver and perform the terms and obligations of this Agreement, including but not limited to the right, power and authority to execute and deliver the Notes, and all of the foregoing have been or will be duly and validly authorized and approved by all necessary City proceedings, findings and actions. Accordingly this Agreement and the Notes each constitute the legal, valid and binding obligation of the City, are enforceable in accordance with their respective terms and provisions and do not require the consent of any other governmental authority. Page 10 of 29