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<br />(c) The City's reimbursement of the Developer for the Public Development Costs <br />shall be through the issuarice of the Notes which shall occur at the times stated in subsection (b) <br />above. The Notes shall be substantially in the form of the Note attached to this Agreement as <br />Schedule F, with all blanks properly filled in. Each Note shall be dated as of the date of its <br />issuance and shall be payable together with simple non-compounding interest at a rate to be <br />negotiated by the City and Developer prior to commencement of the Sub-Phase for which the <br />Note is issued from the date of the issuance of the Note until the Note is paid in full or <br />terminated. Interest shall be computed on the basis of a 360-day year of twelve (12) 30-day <br />months. <br /> <br />Section 3.9. City Rights to Acquire Acquisition Property from Developer. In the event <br />that the Developer secures title to a Parcel of the Development Property or secures the right to <br />acquire the Parcel but does not proceed with the Phase or Sub-Phase to be constructed on the <br />Parcel, the City shall have the right to purchase the Developer's interest in the Parcel. The <br />purchase price to be paid by the City to. acquire a Parcel shall be the amount paid by the <br />Developer to acquire its interest in the Parcel plus the Developer's reasonable out of pocket costs <br />incurred in acquiring the Parcel. Within sixty (60) days after the date hereof the City and <br />Developer shall enter into an agreement further documenting the understanding of the parties in <br />this section. <br /> <br />Section 3.10. City Costs. In order to permit the Developer to proceed with its proposed <br />development of the Minimum Improvements the City will be required to incur certain substantial <br />out of pocket expenditures. It will be necessary for the City to cause to be prepared an <br />environmental assessment worksheet and an engineering survey of the infrastructure serving the <br />Development Property. The Developer agrees that it will pay the cost of ' the environmental <br />assessment worksheet. The City will pay the cost of the infrastructure survey. It is possible that <br />additional items of substantial costs will be required for future Phases of the Minimum <br />Improvements. In that event the City and Developer will discuss which party will be responsible <br />for payment of such costs and the source of financing for such payments. <br /> <br />18 <br />