I-2 - Second Amended Development Agreement - DERS

any property tax credits which shall be available with respect to the incremental valuation of the Development Property. Upon request, the City staff shall provide reasonable assistance to the Developer in completing the worksheet required under this Section A.4. 5. Sewer Connection Fee. The Developer agrees to pay a connection fee to the City (the “Connection Fee”) in the amount of $201,000 in order to connect the Development Property to the City’s existing sewer line on North Park Road. The Developer agrees that the City shall withhold $201,000 (the “Connection Fee Withholding Amount”) from the initial Payments, as defined in section B.1 of this Agreement, in order to recover the Connection Fee from the Developer. 6. Ground for Future Water Tower. The Developer agrees to undertake the platting process for and dedicate to the City at least four acres of ground in the Urban Renewal Area for a future water tower site by December 31, 2022. 7. Legal Fees and Administrative Costs. The Developer hereby acknowledges that the City covered the initial payment of legal fees and administrative costs (the “Actual Admin Costs”) incurred by the City in connection with the drafting, negotiation and authorization of the Original Agreement, including the necessary amendments to the Urban Renewal Area. Furthermore, the Developer acknowledges that the City withheld an amount (the “Admin Withholding Amount”) equal to the lesser of (1) $25,000 or (2) the Actual Admin Costs from the initial Payments, as hereinafter set forth, in order to recover some or all of the Actual Admin Costs. The Developer hereby acknowledges that the City will cover the payment of legal fees and administrative costs (the “Additional Admin Costs”) incurred by the City in connection with the drafting, negotiation and authorization of this Agreement, including the necessary amendment to Urban Renewal Plan for the Urban Renewal Area. Furthermore, the Developer agrees that the City shall withhold an amount (the “Additional Admin Withholding Amount”) equal to the lesser of (1) $15,000 or (2) the actual Additional Admin Costs from the Payments, as hereinafter set forth in order to recover some or all of the Additional Admin Costs. 8. Remedy. The Developer hereby acknowledges that failure to comply with the requirements of this Section A, will result in the City having the right to withhold the Payments under Section B of this Agreement at its sole discretion, until such time as the Developer has demonstrated, to the satisfaction of the City, that such non-compliance has been cured. B. City’s Obligations 1. Payments. In recognition of the Developer’s obligations set out above, the City agrees to make forty (40) semiannual economic development tax increment payments (the “Payments”) to the Recipient during the Term, as hereinafter defined, pursuant to Chapters 15A and 403 of the Code of Iowa, provided however that the aggregate, total amount (the “Maximum Payment Total”) of the Payments shall not exceed $5,000,000. However, if the incremental growth in the taxable valuation of the Development Property exceeds $30,000,000, the Maximum Payment Total shall be increased to $12,000,000; and if the incremental growth in the taxable -4-