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<br />NOW, THEREFORE, in consideration of the mutual promises and covenants stated below and other <br />good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the City and <br />Yedda agree as follows: <br /> <br />1. Definitions. In addition to the other words and terms defined elsewhere in this Agreement, <br />for purposes of this Agreement the following words and terms shall have the meanings given them in this <br />Section 1. <br /> <br />"Development Period" shall mean the period of time commencing at the time of acquisition <br />of the Project Site by Vedda and ending on the twelve (12) month anniversary of such date. <br /> <br />"ED Fund" shall mean the Economic Development Fund of the City. <br /> <br />"TIF Funds" shall mean proceeds generated by the TIP bonds issued by the City to fund Site <br />Preparation and related public improvements. <br /> <br />"Plans and Specifications" shall mean the plans and specifications relating to V edda' s <br />redevelopment of the Project Site by Yedda, as further described in Section 5 hereto. <br /> <br />"Project" shall mean the redevelopment project described in Section 6 of this Agreement. <br /> <br />"Project Agreements" shall mean this Agreement and the TIP Agreement entered into <br />between Vedda and the City pursuant to this Project. <br /> <br />2. Site Preparation. Upon acquisition by Vedda of the Project Site, the City shall undertake all <br />Site Preparation activities as described in Exhibit A attached hereto. <br /> <br />3. Financial Considerations. <br /> <br />TIP Funds. Upon authorization by Council, the City shall issue TIP bonds to generate <br />proceeds in an amount of not less than Three Hundred Thousand Dollars ($300,000.00) to fund a portion of <br />the eligible public improvements/site preparation activities on the Project Site, further described in Exhibit A <br />to tlÌis Agreement. Should TIP Funds not be issued by September 30, 2004, this Agreement shall <br />immediately be terminated and any and all responsibilities under the Agreement shall cease to exist for both <br />the City and Vedda, unless an extension is agreed to by both parties. <br /> <br />ED Funds. In consideration of the execution and delivery of this Agreement, and upon <br />purchase ofthe Project Site by Yedda and issuance of the TIP bonds, the City shall allocate EDF Funds in an <br />amount not less than Two Hundred Thousand Dollars ($200,000.00) to fund a portion of the eligible public <br />improvements/site preparation activities on the Project Site, further described in Exhibit A to this <br />Agreement. <br /> <br />Private Financing. Upon execution of this document and prior to the expenditure of any TIF <br />Funds or ED Funds by the City for Pre-Development activities, Vedda shall provide evidence to the City that <br />private financing has been secured for the proj ect <br /> <br />4. Plans and Specifications. Vedda shall prepare or cause to be prepared and file with the City <br />the Plans and Specifications no later than September 30, 2004. The Plans and Specifications shall be <br />prepared and stamped by an architect licensed to do business in the State of Ohio and shall be in form <br />satisfactory for consideration by the City and all of its commissions, boards and departments. The City <br /> <br />2 <br />