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Financing consultants, indicating that it would be feasible <br />to issue revenue bonds in the sum of $600,000 to purchase <br />property for the parking lot adjoining Eureka Street (herein <br />"Eureka Lot") as shown on Exhibit A, and to construct said <br />lot, provided Town Square is constructed and Harris occupies <br />and operates the department store, and agrees to validate <br />customer parking. <br />6. City and Authority have indicated that the Eureka <br />Lot will be operated on a validation basis, through the <br />Parking District (herein "District") and Authority will <br />receive a rental sufficient to pay all obligations incurred <br />by Authority for the acquisition and construction of the <br />Eureka Lot, over a twenty --five year period. <br />7. City has indicated that, during the amortization <br />period of the bonds, in addition to revenue from the Eureka <br />Lot, it will pay to Authority any increases in sales tax <br />and real property taxes, as needed to make bond payments, <br />in excess of that received in the fiscal year 1967--1968, from <br />the properties located within the area outlined in brown <br />on Exhibit A (herein "affected area"). Provided, however, <br />that there shall be deducted from said increased sales taxes <br />the amount of sales tax paid by Harris during its last full <br />year of occupancy of its present store location. <br />8. Stone and Youngberg have advised Authority that <br />bonds should not be issued until approximately six months <br />after the commencement of construction on the department <br />store and Authority presently has no funds with which to <br />acquire property for the Eureka Lot. <br />9. Because of rising real estate prices it has been <br />desirable for certain individuals and Security to purchase <br />SURR & HELLYER <br />ATTORNEYS AT LAW -2 <br />5AR EEIMARDINO, <br />CALIFORNIA <br />