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Mike Mornson - Northwest Quadrant Redevelopment September 17,2003 Page 6 g. Rental Housing Development. The City and HRA will enter into a separate redevelopment contract with the Rental Housing Developer. A separate But-For analysis will be completed for this portion. h. Condemnation. The Redeveloper wiU utilize reasonable efforts to acquire all property privately prior to requesting the City to initiate condemnation, including use, where appropriate of City sponsored mediation. The City wiU agree to undertake condenmation of aU real properties located within the Redevelopment District, including any leaseholds, easements, restrictive covenants or other or other legal or equitable interest that encumber the Redevelopment District and would restrict redevelopment as contemplated. Condemnation shall be undertaken on a schedule mutually agreed to between the Redeveloper and the City. All costs of condemnation proceedings, including, but not limited to legal fees, filing fees, costs, appraisal fees and title work, shall be paid by the Redeveloper, subject to reimbursement of certain costs as a public redevelopment cost from Tax Increment in accordance with the Redevelopment Agreement. The Redeveloper shall enter into a Reimbursement Agreement with the City to reimburse the costs of condemnation proceeds, condemnation awards and relocation as incurred for acquisition of the Phase I property. i. Advancement and Reimbursement to Redeveloper. The Redeveloper has reimbursed and agrees it will in the future continue to promptly reimburse the City and HRA for aU costs of the City and Authority in advancement of the Project, including but not limited to the costs of the City Consultants, financial analysis of the Project and the Tax Increment Plan, Redevelopment and TIF District analysis and creation, legal fees, survey and title costs, environmental review costs, environmental site investigation costs and other similar. costs. The Redeveloper wiU be reimbursed for these costs and costs associated with acquiring and holding the Apache Plaza property and other overhead as a qualified Tax Increment cost in an amount that is currently estimated to be $2,645,000 and individually listed as follows: Predevelopment Costs (publiclPrivate): Apache Mall Holding Costs Apache Capitalized Interest: Developer Overhead! Administration Redeveloper Capitalized Interest - Project Costs: $1,250,000 $355,000 $100,000 $590,000 $350.000 TOTAL $2,645,000 The Redeveloper shaU cost certify aU such private third party costs and expenses of the developer to the reasonable satisfaction of the City and HRA. Any cost savings will be considered available Tax Increment for other qualified costs in the Redevelopment District. J. Redeveloper Incentive Payment. Any costs savings by the Redeveloper on negotiating the purchase, relocation (only due to non statutory payments) and demolition of the three commercial properties for the Phase IA For Sale Housing component wiU be used to first cover any overruns in any other Redeveloper category and second shall be paid one-half to the Redeveloper and one-half shall be available to the City and BRA for other public