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WHEREAS, consistent with the Redevelopment Plan and Redevelopment Project <br /> the Municipality has the authority under the Act to incur specified redevelopment project costs <br /> (as defined in the Act, "Eligible Redevelopment Project Costs") and to pay and/or reimburse <br /> the Developer for such Eligible Redevelopment Project Costs; and <br /> WHEREAS, the Munici ali b the TIF Ordinances has determined that all <br /> p h' Y <br /> Incremental Taxes in the Redevelopment Project Area are to be allocated to and when collected <br /> shall be paid to the City Treasurer for deposit into the Special Tax Allocation Fund for the Area <br /> (including therein a special account with respect to the Development Project, the "Fund") for the <br /> purpose of payment of Eligible Redevelopment Project Costs; and, <br /> WHEREAS, the Municipality and the Developer desire to segregate in a special <br /> account within the Fund the Incremental Taxes derived from the Development Project, which <br /> separate account shall be designated the "RD Development Special Account" (the "Special <br /> Account"); and <br /> WHEREAS, the Municipality has determined that the Development Project <br />' requires the incentives requested as set forth in EXHIBIT A and that the Development Project <br />' will as a part of the Redevelopment Plan and Redevelopment Project, promote the health, safety <br /> and welfare of the Municipality and its citizens by attracting private investment to prevent blight <br /> and deterioration and to provide employment and generally to enhance the economy of the <br /> Municipality. <br /> NOW, THEREFORE, THE MUNICIPALITY AND THE DEVELOPER, <br /> FOR GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND <br /> SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, AGREE AS FOLLOWS: <br /> 1. ACQUISITION OF PROPERTY AND <br /> CONSTRUCTION OF PROJECT IMPROVEMENTS <br /> The Developer represents and warrants that it has control of or has acquired the <br /> interest in the Development Area, as described in EXHIBIT A; and the Development Area is <br /> located wholly within the Area. <br /> The Developer shall commence acquisition and construction (which shall include, <br /> as applicable, repair, rehabilitation and remodeling of existing facilities) of facilities constituting <br /> the Development Project, and complete such acquisition and construction, occupy the property <br /> and begin operations as set forth in the timetable in EXHIBIT A. <br /> 2. INCENTIVES <br /> The Municipality shall pay directly or reimburse the Developer for Eligible <br /> Redevelopment Project Costs permitted by the Act from Incremental Taxes (generated solely <br /> and only from the Development Project, and not otherwise) and deposited into the Special <br /> Account of the Fund, but only that percentage of such Incremental Taxes shall be deposited <br /> 2 <br />