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No /00 Dollars ( "Developer's Contribution ") for the fifteen (15) Lots in the Development. The <br />Developer's Contribution shall include credits for assessments, Equity Contribution, and <br />Landscape Credit as set forth below. In addition to the Developer's Contribution, Developer <br />shall also pay interest at the rate of 3.75% due on the original principal of any assessment levied <br />by the City pursuant to Project No. 13 -08. Interest shall begin to accrue upon adoption of the <br />Resolution levying said assessment. Said assessments shall be levied over a three year period <br />with payments made with property taxes in years 2014 through 2016. <br />The City shall grant the Developer the following credits against the Developer's <br />Contribution: <br />1) Original principal amount of the assessment levied pursuant to Project No. 13 -08 <br />($855,000 or $57,000 per lot); <br />2) 1/15 of the equity contributed by the Developer ( "Equity Contribution ") as set out on <br />Exhibit C attached hereto; <br />3) 1/15 of the Developer's landscaping contribution as set out on Exhibit D attached <br />hereto ( "Landscape Credit ") the Developer shall only be entitled to credit for costs actually <br />incurred at the time the credit is calculated for an individual lot. <br />Once the sum of Landscape Credit granted the Developer by the City equals $100,000.00, <br />this Credit shall terminate and developer shall be entitled to no further Landscape Credits against <br />any future lot releases. The Developer shall not be entitled to a Landscape Credit until the <br />Developer has presented documentation to the City supporting the Landscape Credit claim. The <br />City shall have sole discretion to determine if the documentation is adequate and the amount of <br />the Landscape Credit to which the Developer is entitled. <br />-4_ <br />