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--� <br />ARTICLE III <br />UNDERTAKINGS BY DEVELOPER AND CITY <br />Section 3.1. Land Acauisition and Site Imnrovements. The parties agree that the <br />costs ofthe Development Property and the installation ofthe Site Improvements aze essential <br />to the successful completion of the Project. The cost of the Development Property and the <br />Site Improvements shall be paid by the Developer. The City shall reimburse the Developer <br />for the lesser of $84,000, or the Site Improvements and the Development Property costs <br />actually paid by the Developer (the "Reimbursement Amount") as furtherprovided in Section <br />3.2 hereof. It is the intent of the City to reimburse the Developer primarily for costs of the <br />Site Improvements and if the Site Improvement costs are less than $84,000 to reimburse the <br />Developer for a portion of the cost of the Development Property up to an aggregate amount <br />of $84,000 for the cost of the Site Improvements and the Development Properly. <br />Section 3.2. Reimbursement: Ta�c Increment Revenue Note. The City shall reimburse <br />for the costs identified in Section 3.1 through the issuance of the City's Tax Increment <br />Revenue Note in substantially the form attached to this Agreement as Exhibit C, subject to <br />the following conditions: <br />--� <br />(1) The Note shall be dated, issued and delivered when the Developer sha11 have <br />demonstrated in writing to the reasonable satisfaction of the City that the construction of the <br />Site Improvements have been completed and that the Developer has incurred and paid all of <br />the Site Improvement and Development Property costs as described in and limited by Section <br />3.1 and shall have submitted paid invoices or statements in an amount not less than the <br />Reimbursement Amount. <br />(2) The unpaid principal amount of the Note shall bear interest from the date of <br />issuance of the Note, at 8.00% per annum. Interest shall be computed on the basis of a 360 <br />day year consisting of twelve (12) 30-day months. <br />(3) The principal amount of the Note and the interest thereon shall be payable solely <br />from the Tax Increments. <br />(4) On each Note Payment Date and subject to the provisions of the Note, the City <br />shall pay, against the principal and interest outstanding on the Note, 90% of any Tax <br />Increments received by the City during the preceding 6 months. All such payments shall be <br />applied first to accrued interest and then to reduce the principal of the Note. <br />� <br />ioa�oao.s 6 <br />