R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

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. , . , �� , , �p� ; 1Z � PG � E � 5. COOPERATION OF THE PARTIES The City and the Developer agree to cooperate fully with each other when requested to do so. This includes without limitation the City assisting or sponsoring the Developer, or agreeing to jointly apply with the Developer, for any grant, award or subsidy which may be available as the result of the Developer's or City's activities. This also includes without limitation the Developer assisting or sponsoring the City , or agreeing to jointly apply with the City, for any I grant award or subsidy which may be available or permits which may be requested as the result � of the City's or developer's activities. Nothing in this section shall require the City to participate I with matching funds or contribute funds of any sort in assisting the Developer to obtain such grants. The City also agrees to cooperate with the Developer in amending the Redevelopment Plan or Project if requested by the Developer if, by way of example and not by way of limitation, the Developer proposes to incur Eligible Project Costs not contemplated by the Act or by the Redevelopment Plan or Project at the time of adoption of this Agreement. 6. CHANGES IN LAWS OR PROCEDURES The City and the Developer agree that, if the Act is amended to allow parties such as the " Developer to obtain new or additional benefits, the City will amend the Redevelopment Plan or Project if so requested by the Developer if such action will not cause the City to lose any revenue or incur any additional liabilities which are not reimbursable out of the real estate tax increment. The City and the Developer also agree that if the Act is repealed, or if the method by which real estate taxes are assessed ar levied or other action is taken (such as a change in the method of funding public education) with the effect that the Developer is unable to obtain reimbursement of all or a portion of its Eligible Project Costs in the manner and timetable contemplated by this Agreement, the City agrees to take all necessary action to assist the Developer in recovering the lost benefits provided that such actions do not result in any revenue loss to the City in excess of that which would have resulted from the continuation of the TIF or results in any general obligation of the city or any claim against its full faith and credit. This includes without limitation adopting plans or projects or participating in tax-incentive or subsidy programs which would allow the Developer to recover the unreimbursed Eligible Project Costs (or any other costs incurred by the Developer which are eligible for reimbursement or set-off under any such law). 7. DEFAULT; CURE; REMEDIES In the event of a default under this Redevelopment Agreement by any party hereto (the . "Defaulting Party"), which default is not cured within the cure period provided for below, then the other party (the "Non-defaulting Party") shall have an action for damages, or, in the event damages would not fairly compensate the Non-defaulting Parties for the Defaulting Party's breach of this Redevelopment Agreement, the Non-defaulting Party shall have such other rights and remedies as are available to them at law or in equity . Any damages payable by the City Page 12 of 29