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This Agreement is made and entered into on this 18th day of April, 2017, by and <br /> between the City of Redlands (the "City") and Redlands Ford, Inc , doing business as <br /> Redlands Ford (the "Developer") City and Developer are sometimes hereinafter referred to <br /> as a "Party" and, together, as the "parties " <br /> RECITALS <br /> A Developer is the owner of approximately 5 6 acres of real property located in <br /> the City of Redlands, County of San Bernardino, State of California, which is depicted and <br /> more particularly described in Exhibit "A," which is attached hereto and incorporated herein by <br /> this reference (the "Property") Developer has invested approximately Four Million Eight <br /> Hundred Seventy Five Thousand Dollars ($4,875,000 00) in Developer funds for the <br /> acquisition of the Property and the installation of certain improvements to the Property as more <br /> fully described in the Scope of Development attached hereto as Exhibit "B," and incorporated <br /> herein by reference (the "Improvements") <br /> B City has found that it is of substantial benefit to City and its residents for (1) the <br /> Property to have been improved and continued to be operated by Developer as a retail <br /> automobile dealership in a "state of the art" manner as typically operated by newly improved <br /> automobile dealerships in California (the "Automobile Dealership"), and (2) City to obtain an <br /> operation covenant from Developer for the Property for the Automobile Dealership City has <br /> determined that these benefits constitute valid public purposes for City's entry into and <br /> execution of this Agreement <br /> C In consideration for Developer's agreement to be bound by the operation <br /> covenant described herein, City has agreed to make certain payments to Developer City and <br /> Developer agree that the amount of each City payment hereunder is a fair exchange for the <br /> consideration actually furnished to City by Developer during each fiscal year of City in which <br /> Redlands Ford Page 2 <br /> I\ca\djm\Agreements\Redlands Ford.Agreement Sales Tax Revenue Sharmg.doc <br />