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(d) City shall receive a ratio of the of the Participation Amount which <br />shall be calculated by dividing the Total Costs by the City Costs. ("City Ratio"). <br />(e) Developer's profit shall be calculated by Developer Costs times <br />fifteen percent (15%) equals "Developer's Profit". ("Developer's Profit") <br />(0 Developer Costs plus Developer's Profit equals Developer Priority <br />Payment ("Developer Priority Payment"). <br />(g) The Participation Amount shall be calculated as Sales Price minus <br />Developer Priority Payment = Participation Amount. ("Participation Amount") <br />(h) City Share of the Participation Amount shall be calculated by <br />multiplying the City Ratio by the Participation Amount = City's Share. <br />(i) Developer shall receive the remaining share of the Participation <br />Amount after City's Share is subtracted from the Participation Amount. ("Developer Share") <br />7.1.2 The following example is for illustrative purposes of the above formula. <br />Example: <br />Sale Price: $140 million <br />Developer's costs $100 million <br />City's Costs ($13m+3m [land]) $16 million <br />Total costs $116 million <br />City Share Ratio 16/116 = 13.7% <br />Developer's profit @15% of costs $100m = $151n <br />Sales Price: $140 million— (DEV priority payment $100m+$15m) $115m <br />= Participation amount $25 million <br />City's share = 13.7% of $25 million = $3.4 million <br />Developer's share = 21.6 million <br />Developer's total proceeds $100m + $15m+ 21.6m = $136.6m <br />7.1.3 If Developer sells either the Hotel Projector the Mixed Use Project (but not <br />both at the same time) then City's Costs shall be proportionally allocated to the Hotel Project or <br />the Mixed Use Project based upon the percentage of portion of the Project being sold. The <br />percentage shall be calculated by dividing the Final Developer Accounting (See Section 5.2.5(d)) <br />by the portion of the Project being sold (either the Mixed Use Project or Hotel Project). This <br />Percentage shall then be applied in the calculation in 7.1.1 to determine the City's proportional <br />Costs. <br />(a) The following example is for illustrative purposes of the above <br />formula as applied to a sale of only a portion of the project. <br />For example, if Developer sold the Mixed Use Project: <br />Mixed Use Project Accounting $75 million <br />39 <br />5 5394,00049\3 323 9203.12 <br />