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ARTICLE III <br /> <br />Completion of Improvements; Reimbursement <br /> of Certain Costs <br /> <br /> Section 3.1. Completion of Improvements by the Company. <br />Subject to Unavoidable Delays, the Company shall have substantially <br />completed the Improvements by December 31, 2001. It is the non- <br />binding expectation of the Company that substantial progress will <br />be made in the year 2000 on constructing the Improvements such as <br />will add assessor's market value to the Development Property as of <br />January 2, 2001, and will generate Tax Increments payable in 2002. <br /> <br /> Section 3.2. Reimbursement by City of Certain Costs. The <br />Company hereby represents to the City that the Company will incur <br />and pay significant Development Costs. The City hereby agrees to <br />defray up to $700,000 of the Development Costs by issuing the TIF <br />Bond to the Company (or to its designee, and the Company hereby <br />authorizes and directs the City to issue the TIF Bond directly to <br />SoftPac), as registered owner thereof, substantially in the form of <br />Exhibit B to this Agreement, the issuance of which TIF Bond is <br />hereby authorized and approved. The TIF Bond and all potential <br />payments thereon shall be subject to the following conditions and <br />limitations: <br /> <br /> (a) The TIF Bond shall be dated, issued and delivered on <br />or as soon as practicable following the date of execution and <br />delivery of this Agreement, provided no Event of Default <br />shall have occurred and be at the time continuing. <br /> <br /> (b) As conditions to such reimbursement of Development <br />Costs pursuant to the TIF Bond, the Company shall have <br />completed the Improvements and shall have submitted (from time <br />to time) such written proofs and other documentation as may be <br />reasonably satisfactory to the City of the exact nature and <br />amount of the particular Development Costs for which the <br />Company is seeking reimbursement, together with such other <br />information and documentation necessary to enable the City to <br />substantiate its tax increment expenditures and/or to comply <br />with its tax increment reporting obligations to the State <br />Commissioner of Revenue, the Office of the State Auditor or <br />other applicable official. The documentation shall include <br />documentary proofs of the allocable cost of acquiring the <br />Development Property and shall include paid invoices, copies <br />of remittances and/or other suitable documentary proofs of the <br />Company's payment thereof. <br /> <br /> The maximum aggregate principal amount of Development <br />Costs which may be added to the TIF Bond is $700,000. <br /> <br /> (c) Subject to the provisions thereof, the TIF Bond <br />shall be payable on each July 15 and December 15 during the <br /> <br />1198072.2 6 <br /> <br /> <br />