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Book: 4599 €gage. .`5 <br /> shall be made every four months commencing on March 15 of the year following the year <br /> in which the Redeveloper shall open Liaison Home Automation,LLC on the project site. <br /> (B) The obligation for the reimbursement of Project Costs shall terminate five (5)years <br /> after Redeveloper opens Liaison Home Automation,LLC for business with total payments <br /> based upon 60 consecutive months of the city's portion of sales activity calculated from <br /> date of opening. If Redeveloper does not open for business under the name"Liaison Home <br /> Automation, LLC" on the Project Site by (6) six months after the execution of this <br /> agreement on the Project Site more fully described on Exhibit 1 attached hereto and by <br /> reference made a part hereof(the"Project"),then this agreement shall be terminated. <br /> 4.2 Adjustment of Public Investment. <br /> Upon completion of the Project, the Redeveloper shall submit to the City a Final Project <br /> Cost Analysis of all costs connected with the redevelopment of such building. <br /> ARTICLE V: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING <br /> BENEFITS <br /> 5.1 Conditions Precedent to Transaction. <br /> The City's obligations under this Agreement(including,without limitation,the obligation <br /> for Public Investment)shall,for each phase of the Project,be subject to: <br /> (a) Insurance. Proof that the policies of insurance of the types and coverages <br /> specified in Section 2.11 hereof have been obtained and are in force with regard to <br /> that phase. <br /> (b) Plans. Approval of the Plans and construction plans for the pursuant to Article II <br /> hereof. <br /> (c) Construction Contracts. Executed construction contracts covering the <br /> construction of the Project. <br /> (d) Declaration of Covenants, Uses and Restrictions. Declarations of Covenants, <br /> Uses and Restrictions in the form attached hereto as Exhibit 3 executed by the <br /> Redeveloper and the Owner of the Project Site. <br /> (e) Project Financing. Evidence of equity and/or debt financing for the Project in an <br /> amount sufficient to complete the Project as evidenced by one or more of the <br /> following <br /> 1. A corporate debenture rating of BBB or higher by Standard & Poor's <br /> Corporation or Baa or higher by Moody's Investor Service,Inc.; <br /> 2. A letter from a financial institution with assets of$10,000 or more attesting to <br /> the financial strength of the developer•,or <br /> 3. Specific evidence of equity financing for not less than 10%of the total project <br /> cost. <br /> (f) Approvals. A certificate by an authorized officer of the Redevelopment that all of <br /> The approvals necessary to proceed with the Project as intended herein have been <br /> Obtained including the approval of this Agreement. <br /> City of Decatur/LIAISON HOME AUTOMATION,LLC 9 <br />