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such payment is made, that each City payment to be made hereunder has been calculated so <br /> that it will not exceed the resources available to make the payment, and further that in no <br /> event shall City be Immediately indebted to Developer for the aggregate payments herein <br /> provided <br /> D Further, the purpose and Intention of City in making payments to Developer is to <br /> compensate Developer for the construction of the Improvements upon the Property and to <br /> continue to operate the Automobile Dealership on the Property so as to further encourage <br /> development within City, enhance the well-being and safety of the residents at large, and <br /> enhance local employment and the expansion of City's tax revenue base <br /> NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and <br /> for such other good and valuable consideration, the receipt of which is hereby acknowledged, <br /> the City of Redlands and Redlands Ford, Inc agree as follows <br /> ARTICLE I <br /> SUBJECT OF AGREEMENT <br /> Section 1 01 Purpose of Aqreement The purpose of this Development Incentive and <br /> Operation Covenant Agreement (this "Agreement") is to effectuate the economic goals of City <br /> by providing an incentive for the development of the Property and operation of the Automobile <br /> Dealership thereon The improvement of the Property by Developer pursuant to this <br /> Agreement, and the fulfillment generally of the requirements of this Agreement, are in the vital <br /> and best interests of City and the health, safety and welfare of City's residents, and are in <br /> accord with the provisions of applicable federal, state and local law <br /> Redlands Ford Page 3 <br /> 1\ca\dim\Agreements\Redlands Ford.Agreement Sales Tax Revenue Sharing.doc <br />