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accordance with City ordinances and procedures. In connection with approval of the Plat, the Multifamily Developer will enter into a PUD Agreement and Construction Development Contract. The parties agree and understand that on or before the Closing Date of the First Mortgage Loan, the Multifamily Developer will (a) close on acquisition of the Shopping Center Parcel, any portion of the Snelling Avenue Parcel required for the Multifamily Development Property and the Restaurant Parcel, (b) file the Plat, and (c) convey portions of the platted property to the Senior Developer and the Townhome Developer, all as further described in this Article. Section 3.7. Conveyance of Senior Development Property. The Multifamily Developer will convey the Senior Development Property to the Senior Developer for such consideration as the Multifamily Developer and the Senior Developer mutually agree. Section 3.8. Conveyance of Townhome Development Property. The Multifamily Developer will convey the Townhome Development Property to the Townhome Developer for such consideration as the Multifamily Developer and the Townhome Developer mutually agree. ARTICLE IV Tag Increment and Other Public Assistance Section 4.1. Tax Increment Certification. The City has established the Tax Increment District pursuant to the Tax Increment Act. Section 4.2. Reimbursable Costs. The City acknowledges that the high cost of acquiring the Multifamily Development Property and preparing it for development necessitates the City's provision of certain financial assistance to aid the Multifamily Developer. Therefore, the City agrees that it will reimburse the Multifamily Developer for the Multifamily Developer's payment of Reimbursable Costs of developing the Minimum Improvements. The City's reimbursement of • the Multifamily Developer shall be accomplished through the City's issuance and payment of the Note. The Multifamily Developer shall be solely responsible for initial payment of the Reimbursable Costs and all construction work related thereto. The City's sole obligation in such regard shall be to issue the Note at the time stated in this Agreement and to pay the Note in accordance with its terms. Section 4.3. Issuance of Note. The City's shall issue the Note on the Closing Date. The Note shall be substantially in the form of the Multifamily TIF Note attached to this Agreement, with any blanks properly filled in. The Note (i) shall be dated as of the date of its issuance, (ii) shall bear interest at the rate of interest payable on the Developer's First Mortgage Loan plus the applicable mortgage insurance premium to such loan, and (iii) shall show a principal amount sufficient to cover the,~VlultifamilyAvailable Tax Increment and the Su lemental Available Tax_ _ - Deleted: ro --~ ~ p perty taxes actually paid by Increment taking into account the interest rate determined under clause (ii) of this sentence. Interest shall begin to accrue at the later of (a) submission by the Multifamily Developer to the ~ ~ Deleted: Developer with respect to the City of invoices and certifications in such form as the Ci ma reasonabl re uiie Mulhf'amily Development Property as h' Y Y q provided in the Note demonstrating that the Multifamily Developer has paid the Reimbursable Costs, and (b) January 1, 2005. The term of the Note shall coincide with the term of the Tax Increment District. 11