Authorizing & Approving the execution of a certified Technology Park Agreement with the Redevelopment Commission, and the Indiana Economic Development Corporation

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any nontechnology businesses operating within the Park; (4) the use and outcomes of any state money made available to the Park; and (5) an analysis ol: the Park's overall contribution to the technology-based economy in Indiana, including but not limited to the amount of capital investment that occurred and the products have been developed and/or commercialized. The Annual Report shall further include complete list of the employers in the Park by street names and the range of street numbers of each street in the Area as of December 31. C. The parties agree that the designation of the Park and the tax increment recapture provisions of the Act are intended to attract and assist businesses that primarily engage in a high technology activity. In the event that the IEDC determines that the Park is being operated so as to not principally benefit, attract or assist businesses that primarily engage in a high technology activity, the IEDC may, upon providing notice to the City, restrict the tax proceeds allocated under Section 17 and Section 22 of the Act to only those derived from businesses primarily engaged in a high technology activity, as determined by the IEDC or with such exceptions approved by the IEDC in writing. D. The City shall maintain that all public facilities supported in whole or in part from . CTP Revenues or grant funds awarded under the TDGF Statute continue to be used as public facilities for their useful lives as determined in accordance with federal income tax depreciation schedules. Any sale or conveyance of a public facility must include a restrictive covenant that said public facility must continue to be used for a high technology activity and as a public facility, even if owned by a private entity, unless the sale or conveyance is approved in advance by the IEDC in writing. Based upon the conditions represented in the Application, the IEDC determines that, in order to increase employment and private investment in the Park, the City may sell or rent to a business engaged primarily in a high technology activity at a price less than market value public facilities owned by, or developed by or with the assistance of, the Commission; provided that (i) the terms of conveyance or lease shall include a restrictive covenant that the public facilities will only be used primarily for high technology activities and as a public facility and legal and equitable remedies and rights to insure the proper enforcement of said restrictive covenant and (ii) the City discloses the material terms of the sale or rental in its. Annual Report for each year in which the compensation is less than market value. Notwithstanding the foregoing, the IEDC may provide the City written notice of its determination that any future permanent or temporary sale or rentals below market value shall be prohibited, and the City .may not enter into an arrangement, which may inhibit the effectiveness of such prohibition (such as a long-term leases with subleasing capabilities or a non-arm's length transaction involving a significant portion of its public facilities). 5. FINANCIAL COMMITMENTS: In designating the Park as a certified technology park under the Act, the IEDC has materially and significantly relied upon the following financial and performance commitments provided by the City in its Application: -4-