R2006-77 AUTHORIZING REDEVLOPMENT AGREEMENT Olde Towne Redevelopment

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purpose of payment of Eligible Redevelopment Project Costs; or debt service with respect to obligations; and WI�REAS, the Municipality and the Developer desire to segregate in a special account within the Fund the Incremental Taxes derived from the Development Area, which separate account shall be designated the "Olde Towne Development LLC Special Account" (the "Special Account");and WHEREAS, the Municipality has determined that the Development Project requires the incentives requested as set forth in EXHIBIT A and that the Development Project will as a part of the Redevelopment Plan and Redevelopment Project, promote the health, safety and welfare of the Municipality and its citizens by attracting private investment to prevent blight and deterioration and to provide employment and generally to enhance the economy of the Municipality. NOW, THEREFORE, THE MUNICIPALITY AND THE DEVELOPER, FOR GOOD AND VALUABLE CONSIDERATION,THE RECEII'T AND SUFFICIENCY OF WffiCH IS HEREBY ACKNOWLEDGED,agree as follows: 1. ACQUISITION OF PROPERTY AND CONSTRUCTION OF PROJECT IlVIPROVEMENT5 The Developer represents and warrants that it has acquired the interest in the i Development Area,as described in EXHIBIT A. The Developer shall commence acquisition and construction (which shall include, as applicable, repair, rehabilita.tion and remodeling of eausting facilities) of facilities constituting the Development Project,and complete such acquisition and construction,occupy the property and begin operations as set forth in the timetable in EXHIBIT A. 2. INCENTIVES The Municipality shall pay directly or reimburse the Developer for Eligible Redevelopment Project Costs permitted by the Act from Incremental Taxes(generated solely and only from the Development Area, and not otherwise) and deposited into the Special Account of the Fund but only to the extent of applicable percentage provided for in EXHIBIT A,and only for the term of the Redevelopment Plan or such lesser period as provided in this Agreement. Unless specified in E�ibit no Note sha.11 be issued to finance certain Eligible Redevelopment Project Costs, and if issued shall be sold only to the Developer or a bank or other financial institution, as arranged, if at all,by the Developer. 3. PAYMENT FOR ELIGIBLE PROJECT COSTS Payments to the Developer�(other than debt service on a Note), or otherwise, including endorsement of the Note, if any, for Eligible Redevelopment Project Costs shall be made only upon requisitions therefor(each a"Requisition") submitted from time to time by the Developer to the Municipality's Economic and Urban Development Director (the "Director") and upon approval of the City Manager(or the City Manager's designee, as the case may be),and in each case subject to the availability of funds in the Special Account, including,as the case may be, if at all,and not otherwise,as set forth in the Note in EXHIBIT A).