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WXZ will submit invoices and proof of payment for qualifying expenses. 100% of approved costs <br />will be rebated by the City after a No Further Action letter is obtained by the Bureau of <br />Underground Storage Tank Regulation (BUSTR). City contributions will be capped at $100,000. <br />City Protections: <br />• Developer must secure commitments for private financing prior to issuance of Economic <br />Development funds. <br />• WXZ Development will sign a completion guarantee. <br />Environmental remediation of the site is crucial to redevelopment of this parcel. It is zoned <br />as a Planned Development. The Planned Development approved by Council is residential. The <br />site does not currently meet environmental standards for residential construction. <br />