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purpose of payment of Eligible Redevelopment Project Costs; or debt service with respect to <br /> obligarions; and <br />� WHEREA th <br /> S, e Mumcipahty and the Developer des�re to segregate m a special <br />� account within the Fund the Incremental Taxes derived from the Development Area, which <br /> separate account shall be designated the "Olde Towne Development LLC Special AccounY' (the <br /> "Special Account");and <br /> WHEREAS, the Municipality has detemuned that the Development Project <br /> requires the incenrives requested as set forth in EXHIBIT A and that the Development Project <br /> will as a part of the Redevelopment Plan and Redevelopment Project, promote the health, safety <br /> and welfare of the Municipality and its citizens by attracting private investment to prevent blight <br /> and deteriorarion and to provide employment and generally to enhance the economy of the <br /> Municipality. <br /> NOW, TI�REFORE, TI� MiJNICIPALITY AND TI� DEVELOPER, <br /> FOR GOOD AND VALUABLE CONSIDERATION,TI�RECEIPT AND SUFFICIENCY <br /> OF WHICH IS HEREBY ACKNOWLEDGED,agree as follows: <br /> 1. ACOUISITION OF PROPERTY AND <br /> CONSTRUCTION OF PROJECT IMPROVEMENTS <br /> The Developer represents and warrants that it has acquired the interest in the <br /> Development Area,as described in EXHIBTT A. <br /> The Developer shall commence acquisition and construction (which shall <br /> include, as applicable, repair, rehabilitation and remodeling of existing facilities) of facilities <br /> consrituting the Development Project,and complete such acquisition and construction, occupy the <br /> property and begin operations as set forth in the timetable in EXHIBIT A. <br /> 2. INCENTIVES <br /> The Municipality shall pay directly or reimburse the Developer for Eligible <br /> Redevelopment Project Costs permitted by the Act from Incremental Taxes(generated solely and <br /> only from the Development Area, and not otherwise) and deposited into the Special Account of <br /> the Fund but only to the extent of applicable percentage provided for in EXHIBTT A,and only for <br /> the term of the Redevelopment Plan or such lesser period as provided in this Agreement. Unless <br /> specified in Exhibit A, no Note shall be issued to fmance certain Eligible Redevelopment Project <br /> Costs, and if issued shall be sold only to the Developer or a bank or other financial institurion, as <br /> arranged, if at all,by the Developer. <br /> 3. PAYMENT FOR ELIGIBLE PROJECT COSTS <br /> Payments to the Developer (other than debt service on a Note), or otherwise, <br /> including endorsement of the Note, if any, for Eligible Redevelopment Project Costs shall be <br /> made only upon requisitions therefor(each a"Requisition") submitted from time to time by the <br /> Developer to the Municipality's Economic and Urban Development Director (the "Director") <br /> and upon approval of the City Manager(or the Ciry Manager's designee, as the case may be), and � <br /> in each case subject to the availability of funds in the Special Account, including, as the case may ' <br /> be, if at all,and not otherwise,as set forth in the Note in EXHIBIT A). I� <br />