97-19 AUTHORIZING REDEVELOPMENT AGREEMENT Southeast Plaza

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_ , , - • ,' ' � - � , � � ' � 3. In furtherance of the objectives of and in reliance on the Redevelopment � Plan, Developer will acquire and develop the site substantially in accordance with the � objectives of the Plan. The Developer will commence and begin construcrion of Phase I - of the development as soon as practicable after the date of this Agreement, but in no event later than December 31, 1997. Developers will use their best efforts to develop the premises for the potential and intended uses set forth in E�ibit I(A) of this Agreement consistent with and to the extent of market demand for said uses. 4. Developer shall have the right to develop, use and operate the Property in phases as Developer elects in its sole discretion and shall not be obligated to undertake to construct any Phase(s) of the Project in order to satisfy Developer's obligations under this Agreement or to be reimbursed for Redevelopment Project costs Developer incurs, except as provided in section 3 above. 5. The parties acknowledge and agree that Exhibit 3 is intended solely to outline the preliminary descriprion and estimates of Redevelopment Project Costs that Developer is likely to incur; Exhibit 3 is not intended to be an exhausrive or exclusive list nor are the preliminary estimates of costs shown on Exhibit 3 meant to be construed as a limitarion, either individually or in the aggregate, of the amounts for which developer may seek and receive reimburse pursuant to this Agreement. ARTICLE IV INCENTIVES In considerarion for the Developer purchasing the land and commencing development, the City agrees to extend to Developer the following incenrives to assist Developer's Project. From the incremental increases in real estate and municipal sales t�es generated from the Developer's Project: 1. All municipal sales taxes (less the 1/4%of municipal sales used by the City for capital purposes),and all incremental increases in real estate taxes generated from developments in the Redevelopment Project Area when collected shall be deposited by the City Treasurer into an account designated the "Southeast Plaza Special Tax Allocarion Fund" ("Fund") for the purpose of paying Eligible Project Costs incurred in connection with this Project. All monies deposited into this Fund shall be used exclusively by the City for the purposes set forth in this agreement. 2. One-hundred percent (100%) of the incremental increases shall be placed in the Fund beginning in the first year a real estate or municipal sales tax increment is generated and shall be used for reimbursement to Developer or payment of eligible 5