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W <br /> ARTICLE III <br /> UNDERTAKINGS BY DEVELOPER AND CITY <br /> Section 3 . 1, Site Improyements. The parties agree that the <br /> Site Improvements to be constructed by the }developer are <br /> essential to the successful completion of the Project . The costs <br /> of the Site Improvements shall be paid by the Developer. The <br /> City shall reimburse the Developer for the lesser of $4,285, 000, <br /> or the site Improvement costs actually incurred and paid by the <br /> Developer and the cost of the Development Property as further <br /> provided in section 3 .2 hereof . The Developer represents that it <br /> has Site Improvement and Development Property costs equal to the <br /> principal amount of the Tax Increment Revenue Note Notes plus the <br /> amount of the LGA/HACA loss. <br /> Section 3 .2 . R. mbursement-,.__ 'fax Increment- Revenue ,.ire <br /> Dotes. The City shall reimburse the payments made by the <br /> Developer under Section 3 .1 for costs of the acquisition of the <br /> Development Property and the Site Improvements through the <br /> issuance of the City' s Tax Increment Revenue Note Notes ire an <br /> amount not to exceed $4, 285, 000 (of the $4,285, 000, $410.r000 <br /> shall constitute capitalized interest) and in substantially the <br /> form attached to this Agreement as Exhibit C. subject to the <br /> following conditions: <br /> (1) The First Note in the princi al gut of $3,752,610 has <br /> w <br /> been iscuede The second Dote shall be dated, issued in the <br /> amount of $532 390 and delivered when the Developer shall have <br /> demonstrated in writing to the reasonable satisfaction of the <br /> City that the construction of the Site Improvements relating to <br /> the Algheimer"s Facili&X has been substantially completed and <br /> w <br /> that the Developer has incurred and paid all costs of the Site <br /> Improvements relatin to the Alzheimer's Facil& , as described <br /> in and limited by Section 3 .1. The Develo2er shall provide__ the <br /> City with c ies f the j2,aid i i es and re ei is relating to <br /> the s i to X roveanen i s for the Alzheimer's Fac i i i ty <br /> (2) The unpaid principal amount of the Note shall bear <br /> simple, non —Zoompounded interest from the date of issuance of <br /> the ate N tee, at 8 , 00% per annum, Interest shall be computed <br /> on the basis of a 360 day year consisting of twelve (1 2) 30 ��-day <br /> months. <br /> (3) The principal amounts of the lkta. Notes and the <br /> interest thereon shall be payable sole.y from the Tax Increments <br /> VS to v4; OS/20/98 8 <br />