R2015-129 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT Pace Hospitality LLC

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The Project currently has a zoning classification which will permit the use of the Project as intended by this Agreement. 3.3 Easements. The City agrees to grant such temporary easements to the Redeveloper as deemed necessary by the City for the construction and completion of the Project ARTICLE IV: PUBLIC 1NVESTMENT 4.1 Public Investment. The City will provide a reimbursement for Project Costs to be paid from Project Revenues for each calendar year received by the City from the Project and the Project Site as set forth below: (A) Commencing in the year following the year in which the redeveloper shall open an Holiday Inn on the project site and continuing for five (5) years after redeveloper opens such business on the property, the Redeveloper shall receive an amount equal to 50 Percent of the Project Revenues actually received by the City. Payments shall be made every four months commencing on March 15 of the year following the year in which the redeveloper shall open an Holiday Inn on the project site. (B) The obligation for the annual reimbursement of Project Costs shall terminate five (5) years after redeveloper opens an Holiday Inn for business with total payments based upon 60 consecutive months of hotel sales activity calculated from date of opening. tf Redeveloper does not open for business a hotel under the name "Holiday Inn" on the Project Site by (18) eighteen months after the execution of this agreement on the Project Site more fully described on Exhibit 1 attached hereto and by reference made a part hereof(the "Project"),then this agreement shall be terminated. 4.2 Adjustment of Public Investment. Upon completion of the Project, the Redeveloper shall submit to the City a Final Project Cost Analysis of all costs connected with the construction of such building. ARTICLE V: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING BENEFITS 5.1 Conditions Precedent to Transaction. The City's obligations under this Agreement (including, without limitation, the obligation for Public Investment) shall, for each phase of the Project, be subject to: (a) Insurance. Proof that the policies of insurance of the types and coverages specified in Section 2.11 hereof have been obtained and are in force with regard to that phase. (b) Plans. Approval of the Plans and construction plans for the pursuant to Article II hereof. (c) Construction Contracts. Executed construction contracts covering the construction of the Project. City of Decatur/PACE HOSPITALITY LLC 9