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. � � t <br /> � <br /> _ , ' t� t <br /> __ - � a. <br /> � 'a�sessed valuation of the real estate situated within the City, promote increased economic <br /> - - � activity within the City, and upgrade public infrastructure within the Redevelopment <br /> � Project Area; and <br /> K. The City, in order to induce Developer to make the investment <br /> described in this Agreement is prepared to issue notes, as described herein. <br /> L. In consideration of the actions described in Paragraph E above and in <br /> consideration of the execution of this Agreement, the Developer will proceed with <br /> acquisition of the site and commencement of development. <br /> M. The City and Developer are additionally parties to an Annexation <br /> Agreement dated January 22, 1997 which governs various rights and obligations of the <br /> parties in connection with the use and development of the property. <br /> N. To facilitate the development of the Property, and subject to and in <br /> accordance with the terms of this Agreement and the limitations hereinafter stated, the <br /> City has agreed to reimburse Developer for a11 eligible Redevelopment Project Costs (as <br /> defined in the Act) that Developer incurs in connection with the acquisition, <br /> redevelopment(including without limitation, demolition, site preparation, installarion of <br /> utilities, construction of public improvements, etc.), fmancing and use of the property due <br /> to the extremely high cost of developing this site which would otherwise not be possible <br /> to develop in a cost-effective manner. A preliminary description and estimate of these <br /> costs are contained on E�ibit 3, subject to a cap of$3 million for Phase I including a11 <br /> interest attributable to this phase, no cap for Phase II if built within 5 years and in a <br /> manner set forth in Article V hereto. These payments are subject only to funds being <br /> available in the Special Tax Allocation Fund for Reimbursement. SUCH <br /> REIMBURSEMENT OBLIGATION SHALL BE A LIMITED OBLIGATION OF THE <br /> CITY PAYABLE ONLY FROM TAX INCREMENT AVAILABLE FOR SUCH <br /> PURPOSE UNDER THE PROVISIONS OF THIS AGREEMENT. <br /> O. The City has agreed to evidence certain obligations to reimburse Developer <br /> for Redevelopment Project Costs Developer incurs (other than Developer's interest costs) <br /> by the execution and delivery to Developer of one or more special ta.x increment revenue <br /> notes (hereinafter referred to individually as a"Note" and collectively as "Notes") in <br /> substantially the form attached hereto as Ea�hibit 4. <br /> P. This Agreement has been submitted to the Corporate Authoriries for <br /> considerarion and review, and the Corporate Authorities have taken all actions required to <br /> be taken prior to the execution of this Agreement in order to make the same binding upon <br /> the City according to terms hereof. <br /> 3 <br />