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]]d Y~ 1 $IE}y lj1~ li 14' ~-IEREAS, the City has determined to make this declaration of official intent (the "Equity Peclaration") to reimburse certain costs of redevelopment in the NW Quad from proceeds{ f the sale of property to private parties, all in accordance with the Equity Allocation Regulati W, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NE BRIGHTON AS FOLLOWS: The City proposes to make the expenditures described in Exhibit A hereto in connect n with redevelopment of the NW Quad (referred to as the "Equity Expenditures"). Equity penditures will be paid from any funds of the City legally available for such purposes. The City reasonably expects to be repaid the Equity Expenditures from the procee of sale of property within the NW Quad that has been or will be acquired by the City. Procee from the sale by the City of all property in the NW Quad that is sold for a private busine Ouse (within the meaning of the Code and Regulations) will be allocated to reimburse the Equity xpenditures described herein. The City reasonably expects that the maximum principal amo Jof Equity Expenditures to be applied as described in this Resolution is $21,000,000. id The City has determined that (a) the public purpose to be accomplished by Equity Expen itures within the NW Quad will be achieved through completion of the proposed redev pment, and (b) therefore the "project" (within the meaning of the Regulations) financed by an )Equity Expenditures will be "placed in service" (within the meaning of the Regulations) upon P4bstantial completion of construction of the improvements on any parcel where Equity Experi~itures are made. 4. The City reasonably expects that the private payments described in Section 2 hereof will be made not later than 18 months after the later of the date of each Equity Expe iture or the date the "project" to which those expenditures relate, as described in Section 3, is t~ aced in service. 5. This Equity Declaration has been made not later than 60 days after payment of any huity Expenditures to be subject to a reimbursement allocation with respect to the proceeds of p perty sales described in Section 2. i 6. This Equity Declaration is an expression of the reasonable expectations of the City ased on the facts and circumstances known to the City as of the date hereof. No sale pro eds described in Section 2 will be allocated to or used to pay principal of or interest on any tax- ~empt TIF Bonds issued or to be issued by the City in connection with the NW Quad. 7. This Equity Declaration is intended to constitute a declaration of official intent for p4 ses of the Equity Allocation Regulation. 8. Notwithstanding anything to the contrary herein, in accordance with Section. 1.1 t~-2(e) and the Equity Allocation Regulation, the City authorizes the Finance Director to i 309715A SJB NE136-214 2