City’s TIF Funded Financial Obligations. The City shall have the obligations set forth in this Section 4.1 relative to financing Eligible Redevelopment Project Costs in connection with the Project. Upon the submission to the City by the Developer of a Requisition for Eligible Redevelopment Project Costs incurred and paid and the approval thereof by the City in accordance with Article VI of this Agreement, the City, subject to the terms, conditions and limitation set forth in this Section 4.1 immediately below, agrees to reimburse the Developer, or to pay as directed by the Developer, from the Fund the Reimbursement Amount related to Project at the Property as follows: Upon the substantial completion of Phase I and Phase II of the Project as evidenced by the issuance by the City of a certificate of occupancy for each such phase of the Project, the City shall pay or reimburse the Developer an amount equal to twenty percent (20%) of the Eligible Redevelopment Costs up to a maximum of Seventy Thousand Dollars ($70,000) for both such phases. Upon the substantial completion of Phase III of the Project as evidenced by the issuance by the City of a certificate of occupancy for Phase III of the Project, the City shall pay or reimburse the Developer an amount equal to twenty percent (20%) of Eligible Redevelopment Costs up to a maximum of Fifty-Eight Thousand Dollars ($58,000.00) for such Phase III. Such payment or reimbursement shall be paid at the time and in accordance with Section 6.3 of this Agreement.
