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2007-01-11 CC WS
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2007-01-11 CC WS
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<br />ARTICLE IV <br /> <br />UNDERTAKINGS BY DEVELOPER AND CITY <br /> <br />Secti.on 4.1. Reimbursement of Costs for Projects. As Consideration for the execution <br />of this Agreement and the construction of the Projects by the Developer, subject to the further <br />provisions oftbis Agreement, including but not limited to the limitations on source of <br />reimbursement and amount set forth in Section 4.3 hereof: the City agrees to reimburse the <br />Developer for a portion of the coSts of the Development Property (the "Eligible Project Costs") <br />actually incurred and paid by the Developer in an amount as set forth below: <br /> <br />. lFr~~~~,k p f1l:~P~'~ir' $; ~~. <br />.', II '41~Q;," ;; ~ ~~F" 1l 111 <br />'"J'1) ',f~~' t']I ~it r I <br /><"$II!J.iif: -,' J '1 ~ ,,::;i <br />~~ ' t :$ < c!n; ~ff it 1t- <br />I-BI-2 $1,040,500 <br />1-87 $262,300 <br />1-88 $962,000 <br />1-89 $194,200 <br />2-84 $595,300 <br />2-85 $656,400 <br />2-BE-W $833,900 <br />3-86 $1,215,600 <br />3B-I0 $256,500 <br />4-B3 $902,800 <br /> <br />Section 4.2. Reimbursement: Tax Increment Revenue Note. The City shall pay the <br />Developer the Reimbursement Amount through the issuance of the City's respective Tax. <br />Increment Note, subject to the following conditions: <br /> <br />(1) The respective Note shall be dated, issued and delivered to the Developer after the <br />Developer has certified to the City that the Development Property has been acquired and has <br />submitted evidence satisfactory to the City (such as a purchase agreement or closing statement) <br />that it has paid Eligible Project Costs in the amount of not less than the respective <br />Reimbursement Amount <br /> <br />(2) The unpaid principal amount of the respective Note shall bear interest from the <br />date of the respective Note, equal to the interest rate incurred by the Developer on the financing <br />of the respective Project. Interest shall be computed on the basis of a 360 day year consisting of <br />twelve (12) 30 day JIlonths. . <br /> <br />(3) The principal amount of the respective Note and interest thereon shall be payable <br />exclusively from the Development Property Tax Increments defined in (4) below. <br /> <br />(4) The City shall apply the percentage of Development Property Tax Increments <br />determined by the City's fiscal consultant necessary to amortize the principal and interest on the <br />respective Note on the respective Note Payment Date (the "Pledged Development Property Tax <br /> <br />15 <br /> <br />IO~ <br />
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