R2004-53 AUTHORIZING REDEVELOPMENT AGREEMENT Olde Towne Lucas

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� , � WHEREAS, the Municipality and the Developer desire to segregate in a special account within the Fund the Incremental Taxes derived from the Development Area, �hich separate account shall be designated the"Lucas PropertiesNorth Main Special Account"(the"Special Account"); and WHEREAS, the Municipality has determined that the Development Project requires the incentives requeste�i as set forth in EXHIBIT A and that the Development Project will as a paxt 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 MUNICIl'ALITY AND THE DEVELOPER, FOR GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED,agree as follows: 1. ACOUISITION OF PROPERTY AND CONSTRUCTION OF PROJECT IMPROVEMENTS The Developer represents and warrants that it has acquired the interest in the Development Area, as described inEXHIBIT A; and the Development Area is located wholly within the Area. The Developer shall commence acquisition and construction (which shall include, as applicable, repair, rehabilitation and remodeling of existing 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 inEX�-IIBIT 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 AccUunt 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 ar such lesser period as provided in this Agreement. Unless specified in Exhibit no Note sha11 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 t�an 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 planning 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 EXEIIBTT �• Page 2 of 15