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<br />ARTICLE IV <br /> <br />UNDERTAKINGS BY DEVELOPER AND CITY <br /> <br />Section 4.1. Reimbursement of Costs for Proiects. As consideration for the execution <br />of this Agreement and the construction of the Projects by the Developer, subject to the further <br />provisions of this 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 /> <br />1-Bl-2 <br />1-B7 <br />1-B8 <br />1-B9 <br />2-B4 <br />2-B5 <br />2-BE-W <br />3-B6 <br />3B-10 <br />4-B3 <br /> <br />$1,040,500 <br />$262,300 <br />$962,000 <br />$194,200 <br />$595,300 <br />$656,400 <br />$833,900 <br />$1,215,600 <br />$256,500 <br />$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 months. <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 />