Incremental Payment of Purchase Price of an Acquisition Improvement. The Purchase Price for any Acquisition Improvement constructed by the Developer shall be payable in not to exceed two increments: (i) the “Base Increment” which shall be an amount equal to 75% of the audited, eligible costs as reflected in the written request for payment of the Base Increment submitted by the Developer and as approved by the Director of Development Services of the City, or his or her designee (the “DSD Director”) and shall not exceed 75% of the cost estimate set forth in Exhibit “B” for such Acquisition Improvement; and (ii) the “Retained Increment” which shall be an amount not to exceed the remaining, unpaid portion of the Purchase Price for such Acquisition Improvement determined pursuant to the provisions of (a) above.
Incremental Payment of Purchase Price of an Acquisition Improvement. The Purchase Price for any Acquisition Improvement constructed by the Developer shall be payable in not to exceed four increments: (i) the “Base Increment” of each Discrete Phase which shall be an amount equal to 75% of its audited, eligible costs as reflected in the written request for payment of the Base Increment submitted by the Developer and as approved by the Director of Development Services of the City, or his or her designee (the “DSD Director”); and (ii) the “Retained Increment” of each Discrete Phase which shall be an amount not to exceed the remaining, unpaid portion of the Purchase Price for such Discrete Phase determined pursuant to the provisions of (a) above.
