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Redeveloper agrees to cause to be released any lien on the Redevelopment Property arising as a _ <br />result of such work and to repair and restore any damage to the Redevelopment Property. <br />Section 5.3. Escrow for Remediation and Public Improvement Costs. <br />(a) The City and the Redeveloper will make the following deposits into an escrow <br />account (the "Remediation Work and Public Improvement Escrow Account ") to pay for <br />the costs of the Remediation Work and Public Improvements as follows: <br />(1) At Closing, the City shall deposit $500,000 (the "Initial City Escrow ") to <br />pay for the City's share of the costs of the Remediation Work and the <br />Public Improvements. If the parties reasonably determine that the Initial <br />City Escrow will be insufficient to complete the Remediation Work and <br />the Public Improvements, then the City and the Redeveloper shall each <br />deposit an equal amount, not to exceed $350,000 each, to cover the <br />balance of the budgeted Remediation Work and Public Improvement costs <br />(the "Supplemental City/Redeveloper Escrow ") into the Remediation <br />Work and Public Improvement Escrow Account within ten (10) days after <br />the parties, acting reasonably, have approved revised budgets for <br />completing the aforesaid work). The total amount of the Initial City <br />Escrow and the Supplemental City/Redeveloper Escrow shall not exceed <br />$1,200,000. If upon completion of the Remediation Work and Public <br />Improvements there are any unspent funds above the initial $500,000 <br />deposit, the monies shall be returned to the City and Redeveloper in equal <br />amounts. Any funds of the remaining $500,000 Initial City Escrow shall <br />be returned to the City. <br />(2) In addition to the amounts referenced in Section 8.10, the City and the <br />Owner hay, %applied_ for additional Minnesota Investment Fund _( MIT ) -_. -- <br />monies through the DEED (as defined below) in the amount of $�U;000 ------ <br />(the "Additional MIF Monies "). In the event the the - Addition al - -- MIF <br />-------------------------- <br />Monies—are received, the funds shall be to psed pay__for _eligible <br />Remediation Work or Public Improvement costs. If permissible under the <br />terms of the MIF program, upon completion of the Remediation Work and <br />Public Improvements, there are any unspent Additional MIF Monies, then <br />any such unspent Additional MIF Monies shall be used to reimburse <br />Redeveloper and the City to the extent any of the Supplemental <br />City/Redeveloper Escrow amounts contributed by such party were used to <br />pay for eligible Remediation Work or Public Improvement costs. If any <br />unspent Additional MIF Monies remain after reimbursement to the <br />Redeveloper and the City if Rermittcd, then any such unspent Additional <br />MIF Monies shall be divided equally between the Owner and the City to <br />pay for other eligible costs as allowed by DEED. <br />(3) In the event that the Remediation Work and Public Improvement costs <br />exceed the Initial City Escrow, the Supplemental City/Redeveloper <br />Escrow and any Additional MIF Monies, the City, Redeveloper and Owner <br />29 <br />Deleted: and the City <br />Deleted: s <br />Deleted: 300 <br />Deleted: Owner receives <br />Deleted: Owner shall <br />deposit said funds into the <br />Remediation Work and <br />Public Improvement <br />Escrow Account. The <br />Additional MIF Monies <br />may be <br />Deleted: such _ I <br />