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_ _ _ r _ «. . <br />_ , __ <br />� ___. ___ >� - - �� ; �. �.� ,� �. � �� � _ . _ __ _ _ _ � <br />(c) The assistance would be provided on a"pay as you <br />go" basis from 85� (or other identified portion) of the tax <br />increments generated by the particular project, with <br />assistance amounts bearing simple interest at up to 7.00� per <br />annum until paid, all subject to the limitation that the City <br />obtain enough tax increments from the TIF District as a whole <br />to pay the debt service on the various general obligation <br />bonds which have been sold to aid the development of the <br />Business Park. <br />(d) Each project so assisted shall be an owner-occupied <br />facility for a company or other user acceptable to the Board. <br />(e) Design and construction plans for each new project <br />be consistent with the standards heretofore established for <br />the Business Park and atherwise acceptable to the Board. <br />(f) Each proposed project be consistent with applicable <br />law and receive all necessary approvalsa <br />This Agreement shall not constitute the commitment by the <br />Developer with respect to the development of any of the Remaining <br />Sites within the Business Park and shall not be interpreted as a <br />final commitment of the EDA to provide tax increment assistance for <br />any such development. Any such assistance approved hereafter shall <br />be by separate written agreement, superseding this Agreement. <br />MOUNDS VIEW ECONOMIC DEVELOPMENT <br />AUTHORITY <br />By <br />Its President <br />By <br />Its Executive Director <br />EVEREST DEVELOPMENT LTD., a <br />Minnesota Corporation <br />By <br />Its President <br />By <br />Its Chairman of the Board <br />263272.1 2 <br />