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estimated land acquisition, demolition and site development <br />and other capital and administration expenses are referenced <br />in the Tax Increment Financing Plan for Tax Increment <br />Financing District No. 2 -1 and are collectively described in <br />Subsection 1.5. <br />The Development Program does not contemplate the <br />acquisition of private property until such time as a private <br />developer presents an economically feasible program for the <br />reuse of that property. Proposals, in order to be considered, <br />must be within the framework of the above cited goals and <br />objectives, and must clearly demonstrate feasibility as a <br />public program. Prior to formal consideration of the <br />acquisition of any property, the City Council will require a <br />binding contract, performance bond and/or other evidence or <br />guarantees that a supporting tax increment or other funds will <br />be available to repay the public cost associated with the <br />proposed acquisition. It is the intent of the City to <br />negotiate the acquisition of property whenever necessary. <br />Appropriate restrictions regarding the reuse and redevelopment <br />of property shall be incorporated into any land sale contract <br />to which the City is a part. <br />Subsection 1.8. Facilities to be Constructed Within <br />Development District No. 2. Facilities to be constructed <br />within Development District No. 2 are as follows: <br />(AS PROPOSED TO BE ADOPTED FEBRUARY 14, 1990) <br />Tax Increment Financing District No. 2 -1 <br />The project located within Tax Increment Financing <br />District No. 2 -1 involves the construction of an approximate <br />32,500 square foot and a 17,500 square foot office /showroom <br />facility by LEB Development, Inc. The following activities <br />are planned with the Tax Increment Financing District and <br />elsewhere within Development District No. 2: <br />1. Acquisition of Land described in Section I, <br />subsection 1.14; <br />2. Demolition and Site Development; <br />3. Other capital and administration expenses to be <br />determined at a future date. <br />Subsection 1.9. Administration and Maintenance of The <br />District. Maintenance and operation of the public improve- <br />1 -7 <br />Page 17 <br />