Common use of Valuation of Property Within the Project Area Clause in Contracts

Valuation of Property Within the Project Area. The City intends to use the Ad Valorem Tax Provision for both phases to generate a total amount of proceeds generated by each of the Phase One Project and the Phase Two Project as calculated on Exhibit “E” (“TIF Proceeds”) which shall be used to finance the issuance of the TIF Indebtedness and the assistance to Redeveloper in accordance with this Redevelopment Agreement. Phase One is intended to generate approximately $408,000.00 (“Phase One TIF Proceeds”) and Phase Two is intended to generate approximately $180,000.00 (“Phase Two TIF Proceeds”). The tax increment is to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Act which will be attributable to the redevelopment contemplated under this Agreement. The TIF Tax Revenues which are to be used to pay debt service for the TIF Indebtedness will be derived from the increased valuation from redeveloping the Redevelopment Project Site as provided in this Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Phase One Project Site and improvements thereon which does not exceed Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00), , commencing tax year that the Phase One Redevelopment Improvements are completed and continuing for a period of not to exceed fifteen (15) years after the Phase One Effective Date or so long as any portion of the Phase One TIF Indebtedness with respect to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorter. Redeveloper agrees not to contest any taxable valuation assessed for the Phase Two Project Site and improvements thereon which does not exceed One Million One Hundred Seventy Thousand and No/100 Dollars ($1,1700,000.00), commencing in the tax year that the Phase Two Redevelopment Improvements are completed and continuing for a period of not to exceed fifteen (15) years after the Phase Two Effective Date or so long as any portion of the Phase Two TIF Indebtedness with respect to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorter.

Valuation of Property Within the Project Area. The City intends to use the Ad Valorem Tax Provision for both phases to generate a total amount of proceeds generated by each of the Phase One Project sum not to exceed Eight Hundred Fifty-two Thousand and the Phase Two Project as calculated on Exhibit “E” No/100 Dollars (“$852,000.00) in TIF Proceeds”) Indebtedness, which shall be used to finance the cost of issuance of the TIF Indebtedness and to provide the assistance grant to Redeveloper in accordance with this Paragraph 7 of Redevelopment Agreement. Phase One is intended to generate approximately $408,000.00 (“Phase One TIF Proceeds”) and Phase Two is intended to generate approximately $180,000.00 (“Phase Two TIF Proceeds”). The tax increment is Tax Increment Revenues are to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Development Act which will be attributable to the redevelopment contemplated under this Agreement. The TIF Tax Increment Revenues which are to be used to pay debt service for the TIF Indebtedness incurred for the Eligible Project Costs will be derived from the increased valuation from redeveloping the Redevelopment Project Site as provided in this Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Phase One Project Site and improvements thereon which does not exceed Nine Million Two Million Five Hundred Fifty Thousand and No/100 Dollars ($2,500,000.00), , commencing 9,250,000.00) (“Project Value Floor”) from and after the 2012 tax year that the Phase One Redevelopment Improvements are completed period and continuing for a period of not to exceed fifteen (15) years after the Phase One Effective Date thereafter or so long as any portion of the Phase One TIF Indebtedness with respect to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorter. The City and Redeveloper agrees not to contest any taxable valuation assessed for acknowledge that the Phase Two Project Site and improvements thereon which does not exceed One Million One Hundred Seventy Thousand and No/100 Dollars amount of the TIF Indebtedness has been projected based on a fourteen ($1,1700,000.00), commencing in 14) year amortization of the TIF Indebtedness beginning with the 2012 tax year that (the Phase Two Redevelopment Improvements are completed and continuing for “TIF Amortization Period”) which is subject to a period of not reduction to exceed fifteen thirteen (1513) years after the Phase Two Effective Date or so long as any portion of the Phase Two TIF Indebtedness with respect to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorteryears.

Valuation of Property Within the Project Area. The City intends to use the Ad Valorem Tax Provision for both phases to generate a total amount of proceeds generated by each of the Phase One Project and the Phase Two Project as calculated on Exhibit “E” (“TIF Proceeds”) which shall be used to finance the issuance of the TIF Indebtedness and the assistance to Redeveloper in accordance with this Redevelopment Agreement. Phase One is intended to generate approximately $408,000.00 $451,000.00 (“Phase One TIF Proceeds”) and Phase Two is intended to generate approximately $180,000.00 $200,000.00 (“Phase Two TIF Proceeds”). The tax increment is to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Act which will be attributable to the redevelopment contemplated under this Agreement. The TIF Tax Revenues which are to be used to pay debt service for the TIF Indebtedness will be derived from the increased valuation from redeveloping the Redevelopment Project Site as provided in this Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Phase One Project Site and improvements thereon which does not exceed Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00), , commencing tax year that the Phase One Redevelopment Private Improvements are completed and continuing for a period of not to exceed fifteen (15) years after the Phase One Effective Date or so long as any portion of the Phase One TIF Indebtedness with respect to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorter. Redeveloper agrees not to contest any taxable valuation assessed for the Phase Two Project Site and improvements thereon which does not exceed One Million One Hundred Seventy Thousand and No/100 Dollars ($1,1700,000.00), commencing in the tax year that the Phase Two Redevelopment Improvements are completed and continuing for a period of not to exceed fifteen (15) years after the Phase Two Effective Date or so long as any portion Redevelopment 6. That paragraph 15 of the Phase Two TIF Indebtedness with respect Redevelopment Agreement be amended to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorter.read as follows:

Valuation of Property Within the Project Area. The City intends to use the Ad Valorem Tax Provision for both phases to generate a total amount of proceeds generated by each of the Phase One Project approximately Eight Hundred Thousand and the Phase Two Project as calculated on Exhibit “E” No/l00 Dollars ($800,000.00) (“TIF Proceeds”) which shall be used to finance the issuance of the TIF Indebtedness and the assistance to Redeveloper in accordance with this Redevelopment Agreement. The final amount of the TIF Proceeds shall be approved by the Mayor prior to the issuance of the TIF Indebtedness. Phase One is intended to generate approximately $408,000.00 550,000 (“Phase One TIF Proceeds”) and Phase Two is intended to generate approximately $180,000.00 250,000 (“Phase Two TIF Proceeds”). The tax increment is to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Act which will be attributable to the redevelopment contemplated under this Agreement. The TIF Tax Revenues which are to be used to pay debt service for the TIF Indebtedness will be derived from the increased valuation from redeveloping the Redevelopment Project Site as provided in this Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Phase One Project Site and improvements thereon which does not exceed Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00), as allocated between specific improvements by Redeveloper and shown on the schedule attached hereto as Exhibit “E” and incorporated by this reference, commencing tax year that the Phase One Redevelopment Improvements are completed 2010 and continuing for a period of not to exceed fifteen (15) years after the Phase One Effective Date effective date hereof or so long as any portion of the Phase One TIF Indebtedness with respect to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorter. Redeveloper agrees not to contest any taxable valuation assessed for the Phase Two Project Site and improvements thereon which does not exceed One Million One Seven Hundred Seventy Thousand and No/100 Dollars ($1,1700,000.001,700,000.00), as allocated between specific improvements by Redeveloper and shown on the schedule attached hereto as Exhibit “E” and incorporated by this reference, commencing in the tax year that the Phase Two Redevelopment Improvements are completed and continuing for a period of not to exceed fifteen (15) years after the Phase Two Effective Date hereafter or so long as any portion of the Phase Two TIF Indebtedness with respect to the Redevelopment Project remains outstanding and unpaid, whichever period of time is shorter.