R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

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. � `1 � � � � Q� ; 1 � 4PG1 I �J reimbursed for Redevelopment Project costs Developer incurs, except as provided in Sections 3 and 4 above. 7. The parties acknowledge and agree that Exhibit 3 is intended solely to outline the preliminary description and estimates of Redevelopment Project Costs that Developer is likely to incur; Exhibit 3 is not intended to be an exhaustive or exclusive list nor are the preliminary estimates of costs shown on Exhibit 3 meant to be construed as a limitation, either individually or in the aggregate, of the amounts for which developer may seek and receive reimburse pursuant to this Agreement. No provisions of this agreement shall be interpreted to subrogate or amend the Redevelopment Plan as adopted by the City. ARTICLE IV INCENTIVES In consideration for the Developer purchasing the land and commencing development, the City agrees to extend to Developer the following incentives to assist Developer's Project. From the incremental increases in real estate and municipal sales taaces generated from the Developer's Project: 1. Phase I Sales Tax Rebate. The City shall annually refund to the Developer fifty (50) percent of the City proceeds of the Retailers Occupation Tax, in addition to fifty (50) percent of the Home Rule Food & Beverage Tax, for retailers or restaurants established on the Phase I tract after the effective date of this Agreement. The Phase I Sales Tax Rebate, when combined with the Phase I Tax Increment Rebate, shall not exceed $5,650,000. If eligible redevelopment project costs exceed $5,650,000.00, Developer may obtain the additional reimbursement from the Phase I Tax Increment. 2. Phase II Sales Tax Rebate. To be determined. 3. Phase I Tax Increment. One-hundred percent (100%) of the incremental increases shall be placed in the Fund beginning in the first year a real estate tax increment is generated and shall be used for reimbursement to Developer or payment of eligible redevelopment project costs incuned by Developer from Phase I of the project until such time as all eligible project costs are reimbursed, subject to the maximum reimbursement permitted by the current and effective Redevelopment Plan adopted by the City. 5. Phase II Tax Increment. One-hundred percent (100%) of the incremental increases placed in the Fund shall be used for reimbursement to Developer or payment of eligible redevelopment project costs incurred by Developer for Phase II of the project until such time as all eligible project costs are reimbursed or paid, Page 5 of 29