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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 16:56 P. 12 <br /> ARTICLE III <br /> REIMBURSEMENT OF PROJECT COSTS <br /> Section 3 .1 . Statement of Intent. It is the intent of the <br /> parties that the City Developer will acquire the Development <br /> Property and th�c City will reimburse the Developer for a portion <br /> of the cost of the Development Property. .including relocation <br /> bens and Site Improvement ait,L0 costs in an amount equal to <br /> . $1,700. 000 (the "Reimbursement_Amount") . The <br /> Devele.er shall I-en• ash e. it of not less than on <br /> Prosect Costs_ The City will oav the Reimbursement Amount for <br /> Prolect Costs in excess of $ , the cash equity <br /> riixement. <br /> Section 3 .2 . Reimbursement of Project Cost by City. <br /> (1) The City shall reimburse the Developer for ci po..ti�" %dL <br /> the <br /> Reimbursement Amount upon satisfaction of the-following <br /> conditions: • <br /> (a) The Developer shall be in material compliance with <br /> all the terms and provisions of this Agreement; <br /> (b) The Developer shall have submitted to the City <br /> Construction Plans for the Minimum Improvements and such <br /> Construction Plans shall have been approved by the City <br /> pursuant to Section 4 . 2 of this Agreement; <br /> (c) Execution of an Assessment Agreement by the City, <br /> the County and the Developer pursuant to Section &. i of this <br /> Agreement; <br /> (d) Receipt •'of a certificate from the City' s building <br /> inspector certifying that the construction of the Minimum <br /> Improvements is not less than 8-ft:- 2i. complete; <br /> (e) Receipt of an opinion of counsel to the Developer <br /> in the form attached hereto as Exhibit D; <br /> (f) The =- • - - _ _ . - <br /> t l <br /> 5C1).ft1Gpet to pay for the aC,iu23.it.ivii v.0 the Dvc1-t,,ymC11t <br /> Improvements, City shall be satisfied thatthe Developer has, <br /> 965316.Red <br /> V2 to V1; 12/11/98 8 <br />