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<br /> <br />Develoner. the City and Develoner have a!!reed to enter into this A!!reement to amend and <br />restate the Prior A!!reement in its entirety. <br /> <br />WHEREAS. the City has agreed, on the terms and conditions set forth in this <br />Agreement to issue its Tax Increment Revenue Note (as hereinafter defined) to reimburse the <br />Developer for certain Eligible Costs (as herein defined) of the Minimum Improvements and--te <br />issue its Parking Lot Note (as herein defined) to reimburse the Developer for the cost of <br />constructing the Parking Lot (as herein defined); <br /> <br />WHEREAS, the City believes that the development of the Development Property, as <br />more fully set forth in this Agreement, is in the best interests of the residents of the City and will <br />facilitate the redevelopment of blighted areas in the City, and increase opportunities for owner <br />occupied and rental housing, and will otherwise benefit the health, safety, morals and welfare of <br />the residents of the City, in accordance with the public purpose and provisions of the applicable <br />State and local laws and requirements under the Development Program; and <br /> <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations ofthe <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> <br />I 824344vRED V2 to VI; 10/12/05 <br /> <br />2 <br />