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3. City's administrative fee (5% or as agreed upon following <br />consultation with City staff and Finance Director) <br />4. TI Revenue Notes <br />Calculation of Redeveloper <br />Margin and Limitation of <br />Assistance: The Redeveloper's net income from the Project sha11 he determined <br />by subtracting a11 costs incurred in building out the Project from a11 <br />Project Revenues. The R�ti����:�3��rr���1}��1 "margin" sha11 be a � <br />percentage obtained from dividing this income by the total of a11 <br />proceeds from sales of 1and, housing units and commercial �*i���er1-� <br />��S`�TJ�f�fr„ s..��Cl'TtF.�PELiII�L_ �Yt�O��1Ge �lf{��54{S��+f'i 5�irrli <br />�• ��r��¢c�t��3�y�r�� �ri�r�T�+;�a � The Redeveloper's share of <br />L��� margin sha11 not exceed �° ��� amount set <br />forth below. <br />T�i1a1 Redevel�ner,s City's <br />Mar�in (%} Share Share <br />Ub to 12.5 1 D�% 11°� <br />12. 5- 15 .0 7S. 2i <br />15.0 -17.5 SIl 54 <br />Over 17.5 25. Zi <br />Land acquisition prices: For purposes of determining the cost of land held by the Redeveloper, <br />the parties wi11 use the value as determined by appraisal or other <br />process agreed to by the parties. <br />Land sales prices: For purposes of calculating revenues from sales of 1and: <br />Construction Fund Admin- <br />• If land (improved or unimproved) is sold to an unrelated party in <br />an arm's length transaction, those prices wi11 be determinative. <br />The Redeveloper wi11 certify to the City that such party would be <br />considered unrelated under applicable Internal Revenue Code <br />regulations. <br />• If property is �e-l�sold to a related party (as defined in Internal <br />Revenue Code regulations), the land sale price wi11 be determined <br />by agreement between the City and Redeveloper or, if agreement <br />cannot be reached, the land sale price wi11 be the higher of an <br />appraisal conducted by an appraiser mutually agreeable to the <br />parties or the actual sale price. <br />• For imnroved �ro�ert� sti11 owned b� the Redevelo�er on the <br />Reconciliation Date, an "im�uted" sales �rice based on an <br />appraisal, or other method acce�table to both �arties for valuing <br />the propertv or its rate of return, wi11 be used. <br />�0 <br />� <br />