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(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 dity <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-occu ied <br /> r <br /> facility for a company 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 otherwise acceptable to the Board. <br /> (f) Each proposed project be consistent with applicable <br /> law and receive all necessary approvals. <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 /> 4111 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 />