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The payment of any Note and/or Eligible Redevelopment Project Costs is subject to the <br /> availability of Incremental Taxes. �� <br /> D. INCREMENTAL TAI�S II <br /> (1)INCREMENTAL TAXES <br /> City Percentage . . . . . . . . . . . . . . . . . . Years 1-5 60% <br /> Years 6-15 50% <br /> Special Account Percentage . . . . . . . . Years 1-5 40% <br /> Years 6-15 50% <br /> Total: 100% <br /> (2) REAL ESTATE INCREMENTAL TAI�S <br /> Projected Total NEW Equalized <br /> Assessed Valuation $ 333,000 <br /> Less: IlVTTIAL Equalized Assessed Valuation $ 70,315 <br /> Projected Incremental increase in EAV $ 262,685 <br /> Projected Annual Real Estate Incremental Taxes 23 142 <br /> E. DEVELOPMENT AREA <br /> (1) DEVELOPER'S INTEREST IN DEVELOPMENT AREA: <br /> (if other than fee ownership, describe and attach lease or other applicable <br /> Document): Fee Simple <br /> (2) DEVELOPMENT AREA: <br /> Street Address: 101 East Prairie Avenue <br /> Legal Description: See attachment marked EXHIBTT B <br /> F. OTI�R FUNDING ALLOCATIONS <br /> The Municipality shall make available CDBG funds for faqade restorarion in the amount <br /> of $120,000, subject to appropriation by the U.S. Department of Housing and Urban <br /> Development. The terms for use of the CDBG funds, including matching funds <br /> appropriated by the Owner/Developer, shall be in accordance with the terms of the <br /> approved far,ade agreement. <br /> G. FA�ADE EASEMENT <br /> The Municipality shall retain a far,ade easement constituting the Prairie Avenue fagade, <br /> the Merchant Street fa�ade and the Main Street fa�ade in accordance with the terms of <br /> the approved farade agreement. <br />