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c. Inflationary revenue and coverage will first go towards any City shortfalls from TIF and/or grants, then to cover any agreed upon sums not paid to the Redeveloper, then to a sinking fund to prepay all TIF obligations. John Herman August 4, 2003 Page 5 d. Need to have the Redeveloper submit a detailed listing of overhead and out of pocket costs for review by Ehlers and the City ($1,150,000 & $1,000,000). e. Redeveloper overhead costs paid to legal and fiscal consultants will be viewed as part of the Administrative Costs of the TIF District. Since the City is allowing the Redeveloper to utilize up to 95% of the available increment, than these overhead costs cannot exceed $2.7 million according to initial TIF runs. III. Land Assembly, Condemnation A. Condemnation. The City will only consider use of Condemnation after the Redeveloper has proven to the City in a satisfactory manner that it has taken all steps, including use of Mediation, to acquire the property. The City request that the Redeveloper take out any references to which properties the Redeveloper is of the opinion will need to be condemned and anticipated condemnation dates. B. Condemnation Cost Reimbursement. a. All costs of condemnation and relocation shall be paid by the Redeveloper and are subject to reimbursement as a Publicly Assisted Redevelopment Expense. b. The City will agree to inform the Redeveloper of the condemnation process and the amounts to be paid with respect to any settlement. However, the Redeveloper will have no approval of amounts to be paid. c. The City agrees that an interim financing tool will be needed to acquire the commercial property for the Phase IB housing, but is of the opinion that this will be the responsibility of the Redeveloper and not the City. d. No reimbursements for project overhead/profit will be paid to Redeveloper(s) until all property being condemned is purchased. C. Attempts at Private Acquisition. a. Mediation will be a cosi to the Redeveloper D. Coordinated Timing of Condemnations and Private Improvements. No Changes. E. Shortfall Funding for Phase IB For Sale Parcels. a. The City expects the Redeveloper to sell a TIF Revenue Note to cover the costs of acquisitions.