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ATTACHMENT NO. 1 <br />Definitions <br />Escrow Agent (defined in §401) <br />Excess Acquisition Costs (defined in §304) <br />Executive Director means the Executive Director of the <br />Redevelopment Agency of the City of Redwood City. <br />Good Faith Deposit (defined in §901) <br />Grant Deed or Grant Deeds (defined in §309) <br />Gross Sales Proceeds means the consideration paid, in whatever <br />form or forms, for any interest in the Project conveyed or <br />assigned, plus existing or new debt and/or equity financing that <br />is assigned or financed where the consideration paid is less than <br />100% of the value of the Project. <br />Internal Rate of Return (abbreviated "IRR") means the discount <br />rate whereby the present value of the income stream less the <br />original development cost is zero, i.e. it is the rate of return <br />that equalizes the present value of the income stream with the <br />original development cost. The present value of the income <br />stream is the present value of the annual Net Operating Income <br />and the Net Sales Proceeds. <br />Net Operating Income from the Project means for any year the <br />base rents (or minimum rent) plus adjustments to the base rents <br />plus the percentage rents paid by the tenants less a fee equal to <br />five percent (5%) of the base rents and the percentage rents as <br />an allowance for an asset management fee and a structural <br />reserve. (Contributions from the Agency under Article 8 of the <br />Agreement are not to be included in the calculation of Net <br />Operating Income.) <br />Page 2 of 4 <br />