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<br />I <br /> <br />I <br /> <br />I <br /> <br />~ <br /> <br />this Agreement, to reimburse the Developer for a portion of the Project Costs from tax increment <br />revenues derived from increases in property values resulting from new development in the Zone. <br />No bonded indebtedness will be issued by the City, the County, or the Zone in connection with <br />the Project. <br />5. Purpose of Agreement. The City and the County wish to provide in this Agreement <br />for the County to make payments to the City of a portion of the County's tax increment revenues <br />derived from increases in property values resulting from new development in the Zone, to be <br />used by the City towards the Project Costs under the terms and conditions described in this <br />Agreement. <br /> <br />AGREEMENT: <br />In consideration of the mutual covenants and agreements contained herein, as well as other <br />good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the <br />City and the County agree as follows: <br />SECTION 1. DEFINITIONS <br />In this Agreement: <br />A. Captured appraised value for a year means the total appraised value of all real <br />property taxable by the City or County and located in the Zone for that year, less the respective <br />tax increment base of the City or County. <br />B. Project means, initially, the Project as described in Recital 3 above. The public <br />improvements constituting the Project may be revised or supplemented by amendments to the <br />Project Plan that are adopted by the Board of Directors of the Zone and approved by the City <br />Council of the City from time to time. <br />C. Project Plan means the Project Plan and Reinvestment Zone Financing Plan for <br />the Zone adopted by the Board of Directors of the Zone and approved by the City Council of the <br />City, and amendments to these plans that are adopted by the Board of Directors of the Zone and <br />approved by the City Council of the City from time to time. <br />D. Tax increment for a year means the amount of property taxes levied and collected <br />by the City or County for that year on the captured appraised value of real property taxable by the <br />City or County and located in the Zone. <br /> <br />2 <br />