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ARTICLE III <br /> DEVELOPER'S OBLIGATIONS <br /> Section 3.01. Construction of Building Improvements. Developer shall begin <br /> construction of the Building Improvements on or before January 2,2022,subject to any extensions <br /> due to events of force majeure. For purposes of this Agreement, the date of beginning of <br /> construction shall be the date on which a building permit for one or more of the two spec buildings <br /> comprising the Building Improvements is issued by the City. Developer shall complete <br /> construction of the Building Improvements no later than December 31, 2022, subject to any <br /> extensions approved by the City Manager of the City, or his designee, due to events of force <br /> majeure. For purposes of this Agreement,the date of completion of construction shall be the date <br /> on which a final shell building certificate of occupancy for the last of the two spec buildings <br /> comprising the Building Improvements is issued by the City. Neither a conditional, nor a <br /> temporary, certificate of occupancy shall constitute a certificate of occupancy for purposes of this <br /> section. <br /> Section 3.02. Minimum Capital Investment. Developer shall make an estimated <br /> minimum capital investment in the Land and Building Improvements of$14,000,000.00 (but not <br /> less than$11,000,000.00). <br /> ARTICLE IV <br /> GRANT PAYMENTS FROM THE CITY <br /> Section 4.01. Three Year Payment Period. Upon Developer's satisfactory completion <br /> of the Building Improvements, Developer shall be eligible to receive three Grant Payments from <br /> the City as follows: <br /> a. an amount equal to 100 percent of Real Property Taxes paid to and received <br /> by the City in the first full calendar year after the Building Improvements are completed; <br /> 4 <br />