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12 costs of the Senior Building (including related Infrastructure Improvements) and the final construction costs of the Senior Building (including related Infrastructure Improvements). Section 3.7. Sale of Restaurant Parcel or Commercial Parcel. In the first eight years following the date of this Agreement, if the Developer sells Parcel 2, Parcel 3, Parcel 4a, Parcel 4b, and/or Parcel 4c (as described in EXHIBIT A) for more than five percent (5%) of the Developer’s cost for such parcel (including purchase price and all fees related to the purchase), the Developer shall pay to the Authority 45% of the profit obtained by Developer for such parcel. The cost of each parcel sold by the Developer shall be determined by dividing the gross land price paid by the Developer by the net developable acreage of each parcel to determine a per square foot cost and multiplying the square footage cost by the number of square feet sold. Section 3.8. City Development Agreement. (a) As set forth in the Development Agreement entered into between the City and the Developer (the “Development Agreement”), the Developer has agreed to construct the following public improvements for the City: public streets (including County road improvements), sanitary sewer, water main, storm sewer and ponds, trail and sidewalk. Pursuant to the Development Agreement, the Developer has also agreed to construct the following private improvements: private street, grading, storm ponds, and landscaping. (b) Pursuant to City policies, it is expected that the Developer will receive credits from the City in the amount of approximately $300,000 for the Developer’s park dedication fees, trunk utility fees, and surface water management fees related to the Minimum Improvements in exchange for the public trail improvements the Developer has agreed to pay for and construct and the Developer’s payment for and construction of oversized utility improvements for the Minimum Improvements. Section 3.9. Payment of Administrative Costs. The Developer will deposit with the Authority $__________ to pay Administrative Costs. The Authority will use such deposit to pay “Administrative Costs,” which term means out of pocket costs incurred by the Authority, together with staff and consultant costs of the Authority, all attributable to or incurred in connection with the negotiation, preparation or modification of this Agreement, the TIF Plan, and other documents and agreements in connection with the establishment of the TIF District and development of the Development Property, and not previously paid by Developer. If at any time the Authority determines that the deposit is insufficient to pay Administrative Costs, the Developer is obligated to pay such shortfall within 30 days after receipt of a written notice from the Authority containing evidence of the unpaid costs. If Administrative Costs incurred, and reasonably anticipated to be incurred are less than the deposit by the Developer, the Authority shall return to the Developer any funds not anticipated to be needed. Section 3.10. Records. The Authority and its representatives shall have the right at all reasonable times after reasonable notice to inspect, examine and copy all books and records of Developer relating to the Minimum Improvements and the costs for which the Developer has been reimbursed with Tax Increment.