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M Mike Morrison Phase II Northwest Quadrant Redevelopment November 8, 2005 Page 4 d Below Market Profit III' Assistance Increase. Provided the Developer is not in default, in the event the return to the Developer is less than 12%, the City and I312A shalt provide the For Sale Developer a subordinated Pay -As -You -Go (PAYG) Tax bicrement Note in the amount needed to attain a 12% return. The Subordinated TIF Note shall be payable solely from the amounts of Available Tax Increment on the Phase 11 development not utilized to pay the Tax Exempt TU,' Refinancing or the City/1IRA 5% administration (i.e. coverage, inflation or excess TIP). c. ],00k Back Provision. As an Exhibit to the Development Agreement, a mutually agreed upon preliminary development proformas for die Developments will be attached. This will be the basis for determination of assistance for the developments. When the developments arc completed the; actual development proformas will be compared with the preliminary development proformas. If the projects perform better than anticipated and the Developer receives their required profit amount of 12% then the excess proceeds will be disbursed to the City and 11RA as excess TIP and will be made available for future redevelopment projects as determined by the City. f. Condemnation. The Redeveloper will utilize reasonable efforts to acquire all property privately prior- to requesting the City to initiate condemnation, including use, where appropriate of City sponsored mediation. The City will agree to undertake condemnation of all real properties located within the Phase II development area, including any leaseholds, easements, restrictive covenants or other or other legal or equitable interest that encumber the development area and would restrict redevelopment as contemplated. Condemnation shall be undertaken on a schedule mutually agreed to between the Developer and the City. All costs of condemnation proceedings, including, but not limited to legal fees, filing fees, costs, appraisal fees and title work, shalt be paid by the Developer, subject to reimbursement of certain costs as a public redevelopment cost from Tax Increment in accordance with the Redevelojament Agreement. The Developer shall enter into a Reimbursement Agreement with the City to reimburse the costs of condemnation proceeds, condemnation awards and relocation as nrcwred for acquisition of the Phase II property. g. Advancement and Reimbursement to Redevelop. The Redeveloper has reimbursed and agrees it will in the future continue to promptly reimburse the City and IIRA for all costs of the City and IIRA in advancement of the Project, including but not limited to the costs of the City Consultants, financial analysis of the project, legal fees, survey and title costs, environmental review costs, environmental site investigation costs and other similar costs. The Redeveloper will be reimbursed for these costs and costs associated with acquiring and holding the Phase II development property and other overhead as a qualified'Lax