Project Area 5. Project Area 5 may include various types of lodging facilities and other commercial uses, which may include, without limitation, a recreational vehicle park.
Project Area 5. Notwithstanding anything to the contrary in this Contract, 85% of all TIF Revenue generated within Project Area 5 shall be deposited into the Subaccount Allocation Fund – Project Area 5 and retained for reimbursement of approved Reimbursable Project Costs arising from activities within Project Area 5; provided, however, payment of Reimbursable Project Costs from the Subaccount Allocation Fund – Project Area 5 may not exceed $1,830,000. In addition, the owner of property within Project Area 5 may submit a Reimbursement Request to the City for certification and payment of Reimbursable Project Costs deposited in the Subaccount Allocation Fund – Project Area 5 without any further approval of or agreement with the City under Section 29 hereof, provided that such owner shall be subject to the terms and conditions of this Contract in all respects in connection with any such Reimbursement Request. The remaining 15% of all TIF Revenue generated within Project Area 5 shall be deposited into the Special Allocation Fund for payment of Reimbursable Project Costs incurred by the Developer as provided in this Contract. Upon reimbursement of all Project Area 5 approved Reimbursable Project Costs, the Project Area 5 TIF Revenues shall be deposited in the Special Allocation Fund for payment of Reimbursable Project Costs incurred by the Developer.
