Packet: Regular City Council Meeting (11/04/2025)

B. City’s Obligations 1. Review of Costs Documentation. The City staff will review the Costs Documentation upon receipt from the Developer. If the City determines the Public Infrastructure Costs set forth in the Costs Documentation are costs reasonably incurred in the construction of the Public Infrastructure Project, the City shall record a summary of the date, amount and nature of the costs (the “Accepted Public Infrastructure Costs”) on the Summary of Accepted Public Infrastructure Costs attached hereto as Exhibit C, and such summary shall be the official record of the Accepted Public Infrastructure Costs for purposes of tallying the Maximum Grant Total, as defined in Section B.2 of this Agreement. If the City determines that the Public Infrastructure Costs set forth in the Costs Documentation are not costs reasonably incurred in the construction of the Public Infrastructure Project, the City shall notify the Developer of such determination within fifteen (15) days of such determination in order to allow an opportunity for the Developer to cure the noted deficiencies. 2. Economic Development Grant. The City hereby agrees to make the Grant to the Developer in an amount equal to the lesser of (i) the Accepted Public Infrastructure Costs, or (ii) $125,000 (the “Maximum Grant Total”) within thirty (30) days of the receipt of a satisfactory Grant Disbursement Request from the Developer. C. Administrative Provisions 1. Amendment and Assignment. Neither party may cause this Agreement to be amended, assigned, assumed, sold or otherwise transferred without the prior written consent of the other party. However, the City hereby gives its permission that the Developer’s rights to receive the Grant hereunder may be assigned by the Developer to a private lender, as security on a credit facility taken with respect to the Public Infrastructure Project, without further action on the part of the City. 2. Successors. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties. 3. Term. This Agreement shall become effective upon the date of the last signature below and shall terminate upon the date all obligations of the parties hereto with respect to this Agreement have been satisfied (the “Term”). 4. Choice of Law. This Agreement shall be deemed to be a contract made under the laws of the State of Iowa and for all purposes shall be governed by and construed in accordance with the laws of the State of Iowa. -3-