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<br /> 2. Development.
<br /> As fully set forth below, the City shall reimburse the �
<br /> Developer for a portion of its advancement of redevelopment expenses in
<br /> connection with the development of the Subject Property into an
<br /> industrial park, as described in Exhibit 4 hereto, in the total maximum ��
<br /> amount of $2, 000, 000, or in such lesser amount as defined in Paragraph 3 I
<br /> hereinbelow ("Developer Advances") . The redevelopment expenses, and the ,
<br /> initial estimates of the amount of each, set forth in Exhibit 4 hereto, i
<br /> are in no manner a limitation of the City's obligation hereunder as set ,
<br /> forth herein. Provided, however, that the City's obligations under '
<br /> paragraph 3.b) hereinbelow shall be suspended for any period during ,
<br /> which litigation is pending challenging the validity of the designation 'I
<br /> of the tax increment district relating hereto. The City's obligations
<br /> thereunder shall resume upon conclusion of any such litigation, unless, ,
<br /> pursuant thereto, a final order is entered, and the time for all appeals '�
<br /> has run, declaring such designation unlawful and enjoining the
<br /> enforcement of this Agreement. If any such litigation is commenced, ',
<br /> Developer shall have the right to designate counsel to defend such '
<br /> litigation (with the City's approval, not to be unreasonably withheld)
<br /> with all costs of such defense reimbursable from tax increment funds ,
<br /> received by the Cit� relating hereto. 'i
<br /> 3. Developer Advances. I
<br /> a) The parties acknowledges that the development of the I
<br /> Subject Property within Redevelopment Project Area, as provided in the
<br /> Redevelopment Plan and this Agreement, would only have occurred with �,
<br /> reimbursements to Developer of up to $2, 000, 000 of Developer Advances as �
<br /> defined herein.
<br /> b) Upon execution and delivery of this Agreement,
<br /> Developer shall submit to the City evidence of Developer Advances, in
<br /> form set forth in Exhibit 5 hereto, which Developer Advances are to
<br /> be reimbursed to Developer by the City as follows:
<br /> i. The first $750, 000 in Developer Advances expended
<br /> on Phase I (depicted on Exhibit 2) , shall be reimbursed to Developer
<br /> by the City as follows:
<br /> A) $250, 000 shall be paid to Developer within
<br /> thirty (30) days of submittal; and,
<br /> B) on each December 31 following the effective
<br /> date of this Agreement, the City shall pay Developer $85, 000 (or such
<br /> lesser final paymer_t as is required) until such time as the total
<br /> payments made under subsections (A) and (B) hereof total $750, 000.
<br /> ii. Additional Developer Advances on Phase I and Phase
<br /> II, in an amount not to exceed $1, 250, 000, shall be submitted to and
<br /> received and accrued by the City to be reimbursed to Developer, but
<br /> only at the rate of $85, 000 per year until such Additional Developer
<br /> Advances are reimbursed, and only at such time as there has been
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