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commencement date to complete construction as set forth in Section 3.01. The commencement <br /> date is the day construction is started,to occur no later than October 31, 2024. <br /> ARTICLE III <br /> DEVELOPER'S OBLIGATIONS <br /> Section 3.01. Construction of Building Improvements. Developer shall construct to <br /> completion the Building Improvements according to the schedule set forth in Section 2.06, subject <br /> to any extensions approved by the City Manager of the City,or her 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 the certificate of substantial completion is issued by the City. <br /> Section 3.02. Marketing. The Developer will use commercially reasonable and diligent <br /> efforts to advertise and market the Building Improvements for lease. <br /> Section 3.03. Compliance with Laws. The Developer will comply with all applicable <br /> ordinances, statutes, laws and regulations in connection with completing the building <br /> improvements. <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 up to three Grant Payments <br /> from the City as follows (as further outlined in Section 4.03): <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 /> b. an amount equal to 75 percent of Real Property Taxes paid to and received <br /> by the City for the second calendar year thereafter; and <br /> C. an amount equal to 50 percent of Real Property Taxes paid to and received <br /> by the City for the third calendar year thereafter. <br /> 3 <br />