R2000-257 AUTHORIZING EXECUTION OF AGREEMENT Olde Towne RD Development

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� 1 , ( therein as are provided for in EXHIBIT A, and only for the term of the Redevelopment Plan or such lesser period as provided in this Agreement. 3. PAYMENT FOR ELIGIBLE PROJECT COSTS Payments to the Developer 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 Director of Economic and Urban Development (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. All Requisitions must be accompanied by appropriately supporting documentation, including, as applicable, verified bills or statements of suppliers, contractors, or professionals, lien waivers and contractor affidavits. The Developer may submit for preliminary prior approval by the City Manager as cost eligible expenses under the Act categories of expenses and estimates of costs before they are incurred. Actual reimbursement shall be subject to later confirmation of such expenses, and their eligibility, by actual bills with supporting documentation as required herein. The City Manager (or designee, as the case may be), shall approve or disapprove a Requisition by written notice to the Developer within thirty (30) business days after receipt of the Requisition. Approval of a Requisition will not be unreasonably withheld. If a Requisition is disapproved, the reasons for disapproval will be set forth in writing; and the Developer may resubmit the Requisition with such additional information as may be required, and the same , procedures as set forth herein for initial submission shall apply to such resubmittals. Eligible ', redevelopment project costs shall be broadly defined to include all costs defined in the Act. ' The Municipality and the Developer acknowledge that the determination of the �� qualification of Eligible Redevelopment Project Costs, the Area and the Redevelopment Plan and ��, Project and, therefore, qualification for payment and/or reimbursement under this Agreement are subject to changes made by amendments to the Act, opinions of counsel with experiences in connection with TIF and municipal finance, administrative rules, and judicial or other interpretations during the term of this Agreement, and the Municipality has no obligation to the Developer to attempt to modify those decisions but will assist the Developer as to obtaining approval of Eligible Redevelopment Project Costs. The Developer assumes all risks related to qualification of Eligible Redevelopment Project Costs, the Area and the Redevelopment Plan and Project or the Development Project. To the extent the Developer incurs eligible project costs in any years that exceed the available funds in the Special Account that year, the excess eligible project costs shall carry over into future years until paid in full or until the TIF District expires under its terms. 3