R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

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, , , ,. � _ �K � 1 � � PG-1 �l 1 (3) An Ordinance Adopting Tax Increment Allocation Financing for the Redevelopment Project Area. This Agreement is specifically contingent on these aforementioned Ordinances being approved. Should the City not approve these ordinances or shoutd they accept a separate proposal for the development of this land by October 1, 2006, this agreement shall be null and void. E. Within the Redevelopment Project Area located on the southeast side of the City is a partly improved, partly vacant tract of land consisting of approximately 8.9 acres and currently owned by Glad Tidings Assembly of God (the "Developer's Site") which includes land suitable for commercial development and which tract qualifies as a blighted and/or conservation area, the legal description of which is attached hereto as Exhibit 2. F. The Developer has entered into a contract to purchase said tract and plans to develop this site, subject to certain contingencies including the creation of a Redevelopment Project Area under the Act. G. The Developer's proposed project is consistent with the land uses and the comprehensive plan of the City as adopted, as well as those uses required under the Act; H. The City has the authority under the Act to incur Redevelopment Project Costs ("Eligible Project Costs ") and also to reimburse Developer for such costs. I. The City has determined that this Project requires the incentives requested as set forth in Exhibit 1 and that said Project will as a part of the Plan promote the health, safety and welfare of the City and its citizens by attracting private investment and provide much needed employment for its citizens and to further the growth of the City, facilitate the redevelopment of the entire Redevelopment Project Area, increase the assessed valuation of the real estate situated within the City, promote increased economic activity within the City, and upgrade public infrastructure within the Redevelopment Project Area; and J. The City, in order to induce Developer to make the investment described in this Agreement is prepared to issue notes, as described herein. K. In consideration of the actions described in Paragraph E above and in consideration of the execution of.this Agreement, the Developer will proceed with acquisition of the site and commencement of development. L. To facilitate the development of the Property, and subject to and in accordance with the terms of this Agreement and the limitations hereinafter stated, the City has agreed to Page 2 of 29