Laserfiche WebLink
���_ �'`���T ��l9�'°�e ��p:A <br /> EXHIBIT 2 <br /> A. PROJECT COSTS <br /> Land Acquisition $750,000 <br /> New Construction $7,262,750 <br /> Furniture, Fixtures, Equipment&Misc $1,490,800 <br /> TOTAL PROJECT COSTS $9,503,550 <br /> B. INCENTIVES <br /> The City will provide a reimbursement for Project Costs to be paid from Project Revenues for each <br /> calendar year received by the City from the Project and the Project Site as set forth below: <br /> (A) Commencing in the year following the year in which the redeveloper shall open a <br /> Holiday Inn on the project site and continuing for five (5) years after redeveloper opens <br /> such business on the property, the Redeveloper shall receive an amount equal to 50 <br /> Percent of the Project Revenues actually received by the City. Payments shall be made <br /> every four months commencing on March 15 of the year following the year in which the <br /> redeveloper shall open a Holiday Inn on the project site. � <br /> (B) The obligation for the annual reimbursement of Project Costs shall terminate five (5) <br /> years after redeveloper opens a Holiday Inn for business with total payments based upon <br /> 60 consecutive months of hotel sales activity calculated from date of opening. if <br /> Redeveloper does not open for business a hotel under the name "Holiday Inn" on the <br /> Project Site by (15) fifteen months after the execution of this agreement on the Project <br /> Site more fully described on Exhibit 1 attached hereto and by reference made a part <br /> hereof(the "Project"),then this agreement shall be terminated. <br /> City of Decatur/PACE HOSPITALITY LLC �5 <br />