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1. Construction of Proiect. In conjunction with the development of the <br />Project, Developer will finance, design and construct the Project and Project <br />Improvements with its own funds. <br />2. LRC Financial Assistance. Commencing with fiscal year 2015, and in <br />accordance with Section 31- 25- 107(9)(a)(II) of the Act, the LRC shall deposit within a <br />special fund (the "Special Fund ") all property tax revenues received by the LRC as a <br />result of the property tax mill levies imposed upon the valuation of the Property, limited <br />to amounts generated from new valuation above the January 1, 2013 assessed <br />valuation of the Property ($507,500), and except for such amounts as the LRC may <br />reasonably require for payment of obligations under the 2011 Cooperation Agreement, <br />the Tri -Party Agreement, the South Street Gateway Agreement and payment of LRC <br />Operating Expenses (which shall be limited to the Property's pro -rata share of such <br />expenses (the "Pledged Revenues "). This Rebate Agreement is limited solely to <br />Pledged Revenues from the Property and includes no revenues generated from any <br />other properties in the Plan Area. An illustrative example of the method for calculations <br />is attached as Exhibit B. The Special Fund may be a new or existing fund and the <br />Pledged Revenues may be comingled with other funds, all as shall be determined by <br />the City Finance Director. <br />a. The Pledged Revenue shall be used to reimburse Developer for costs <br />associated with the Project Improvements, and paid according to the payment schedule <br />set forth below. The Pledged Revenue available for reimbursement of costs associated <br />with Project Improvements shall be transferred from the Special Fund to Developer <br />within sixty (60) days after receipt of such funds by the LRC. <br />b. Notwithstanding any provisions of this Rebate Agreement to the contrary, <br />the Parties agree: <br />(1) <br />That Pledged Revenue payments in the following years shall be <br />limited to no more than the following amounts: <br />Budget Year Payment <br />2015 $125,000 <br />2016 $125,000 <br />2017 $130,000 <br />2018 — 2033 50% of all Pledged Revenue generated <br />from the Property. <br />(ii) That the total of all payments made according to this Rebate <br />Agreement is limited to $380,000 or whatever lesser amount is <br />generated from the Property prior to the time that the Property Tax <br />TIF provision of the Plan is terminated or expires, whichever comes <br />first. <br />3 <br />