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2 <br />EL185\61\949053.v3 <br />WHEREAS, the City has already made principal and interest payments on the Original <br />TIF Note to the Developer and those previous payments shall be taken into account when <br />calculating the new tax increment assistance amount; <br />WHEREAS, capitalized terms used in this Second Amendment and not otherwise <br />defined herein have the meanings given to them in the Original Agreement; and <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />1. Definitions. The definitions of TIF Note in the Original Agreement is hereby <br />deleted and replaced with the following: <br />TIF Note means the Amended and Restated Taxable Tax Increment Revenue Note (Shoot <br />Steel, Inc. Project) to be executed by the City and delivered to the Developer pursuant to <br />Article III hereof, a copy of which is attached hereto as Exhibit B; and <br />2. Amendment to Section 3.1 of the Agreement. Section 3.1 of the Original <br />Agreement is hereby deleted and replaced with the following: <br />Section 3.1 Costs of the Project. The Developer agrees that it will acquire the <br />Development Property and cause the Minimum Improvements to be constructed on the <br />Development Property substantially in conformance with the approved Construction Plans and as <br />further provided in Article IV. The Developer agrees that the scope and scale of the Minimum <br />Improvements to be constructed shall not be significantly less than the scope and scale of the <br />Minimum Improvements as detailed and outlined in the Construction Plans. Subject to <br />Unavoidable Delays, the Developer shall cause construction of the Minimum Improvements to <br />be commenced on or before October 31, 2020 and, barring Unavoidable Delays, the Minimum <br />Improvements will be substantially completed by July 31, 2021. All work with respect to the <br />Minimum Improvements to be constructed or provided by the Developer on the Development <br />Property shall be in substantial conformity with the Construction Plans as submitted by the <br />Developer and approved by the City in connection with the issuance of a building permit as <br />further provided in Article IV. The parties agree that the acquisition of the land and construction <br />of the Site Improvements to be constructed by the Developer is essential to the successful <br />completion of the Minimum Improvements. The Developer shall pay or reimburse the City for <br />Legal and Administrative Expenses upon execution of this Agreement as provided in Section <br />3.7. The cost of the Land Acquisition, Site Improvements and the Minimum Improvements shall <br />be paid by the Developer. Solely as provided in Section 3.2, the City shall reimburse the <br />Developer for the lesser of $53,989.93 or the costs of the Land Acquisition and Site <br />Improvements actually paid by the Developer substantiated under Section 3.2 hereof (the <br />“Reimbursement Amount”). All costs of the Land Acquisition and Site Improvements in excess <br />of the Reimbursement Amount are the sole responsibility of the Developer. <br />3. Amendment to Section 3.2 of the Agreement. Section 3.2 of the Original <br />Agreement is amended to read as follows: <br />Section 3.2 Reimbursement: TIF Note. The City shall reimburse the Developer for <br />costs of the Land Acquisition and Site Improvements, in part, through the issuance of the City’s <br />Page 257 of 389