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- ---------- --- ---- ----------- --- -------- ( e) The City shall execute and deliver to the Developer the Deed on the later of: (i) seven (7) days after all of the conditions contained in subsection 3.6(d) have been satisfied; or (ll) on such other date as the City and the Developer shall agree in writing. (f) The Deed shall be promptly recorded by or on behalf of the Developer. The Developer shall pay all recording costs, including State deed tax, and all other closing costs related to the City's conveyance of the Parcel. Section 3.7. Schedule of Phases and Sub-Phases. The City selected the Developer to be the developer of the Project Area as contemplated in the Master Plan because of the Developer's experience in undertaking mixed use redevelopment projects. The Developer's ability to construct the Phases is subject to a variety of factors including market and financing conditions, reaching agreement with the City on financial assistance, determining the feasibility of the Public Improvements relating to the Phases and other matters. However, the Developer has arrived at anticipated commencement dates for the various Phase and Sub-Phases, which dates are contained on Schedule I hereto. Subject to Section 3.2(d), the Developer commits to construct Phase I in accordance with the schedule set forth on Schedule I. Section 3.8. Reimbursement for Public Development Costs. (a) The City and Developer acknowledge and agree that the redevelopment of the Project Area through the development of the Minimum Improvements is not financially feasible without the provision of financial assistance to offset the extraordinary costs associated with the redevelopment of land occupied by buildings that will have to be demolished. Therefore, the City is willing to use Available Tax Increment to reimburse the Developer on a "pay as you go" basis for certain costs of the development. Such costs are referred to herein as the "Public Development Costs" and are generally described on Schedule D to this Agreement. Attached to this Agreement as Schedule E are the parties' current estimates of the amount of reimbursements that will be necessary for each Phase. Estimates of the sources and uses of funds relating to each of the Sub-Phases of Phase I are set forth on Schedule C-I. However, such estimates are preliminary and are subject to change as the plans for the Phases and Sub-Phases become more refined. Prior to the commencement of any Phase or Sub-Phase the City and the Developer will have to agree, as a condition precedent to proceeding with the Phase or Sub-Phase, on the actual amount of costs to be reimbursed using Available Tax Increment for the Phase or Sub-Phase. (b) The Developer shall be solely responsible for all aspects of constructing the Minimum Improvements. The City's reimbursement of the Developer for the Public Development Costs shall be accomplished through the City's issuance and delivery of the Notes to the Developer. It is anticipated that the City will issue a Note for each Sub-Phase of the Minimum Improvements to reimburse the Developer for the Public Development Costs associated with the Sub-Phase. The Note for each Sub-Phase will be issued upon commencement of construction of the Sub-Phase but no payments will be payable with respect to the Note and no interest shall accrue with respect to the principal amount of the Note until the City has been furnished documentation acceptable to the City showing that the Developer has incurred Public Development Costs associated with that Sub-Phase equal to or exceeding the principal amount of the Note. 17 - -- --------- -- -- ----- -- -~ --- ---- -~--