R2022-160 Resolution Authorizing Redevelopment Agreement with CCI Properties LLC

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The Developer agrees to comply with the terms and conditions of this Agreement and to use its best efforts to construct the Project subject to the terms,covenants, building and use restrictions, and other conditions in this Agreement. 6.2 Non-discrimination. The Developer shall not discriminate in violation of any applicable federal, state or local laws or regulations upon the basis of race, color, religion, sex, age, or national origin or other applicable factors in the sale,lease or rental,or in the use or occupancy of the Project or any part thereof. 6.3 Property Taxes. Developer acknowledges that the City in executing this Agreement has relied upon its reasonable expectation that the construction and operation of the Project will increase the amount of real property taxes with respect to the Project and the Development Area. The Developer covenants that in the event it applies for, seeks, or authorizes any exemption from the imposition of general real property taxes on the Project or Development Area, or any portion thereof, and, as a result thereof, the property taxes are not or will not be paid with respect to the Project or the Development Area,or a portion thereof,the City, no less than sixty (60) days after written notice to the Developer, shall be entitled to rescind the grant of incentives and benefits by the City to the Developer pursuant to this Agreement and after such rescission the Developer shall promptly reimburse the City for the cost of all the benefits granted by the City to the Developer pursuant to this Agreement that have theretofore been received by the Developer. Notwithstanding the above, if, within sixty (60) days following the receipt of the written notice from the City to the Developer, the Developer takes such action as is necessary to void such application for, attempt for, or authorization of such exemption from the imposition of general real property taxes on the Project or the Project Site, or a portion thereof,the City's right to rescind, pursuant to this provision, the grant of benefits shall be null and void and the Developer shall not be obligated to convey, repay or otherwise reimburse the City for any benefits granted and received pursuant to this Agreement. Nothing herein shall be construed so as to prevent the City from enforcing any other rights it may have pursuant to this Agreement. Also, nothing herein shall be construed so as to prevent the Developer from otherwise contesting the assessment or collection of any real property taxes under procedures set forth in the laws of the State of Illinois or any political subdivision thereof,provided that the Developer gives the City fifteen (15) days prior written notice of its intent to contest the assessment or collection of real property taxes; provided, however, that the Developer covenants and agrees that nothing contained herein shall relieve the Developer from complying with all laws, rules and regulations of the State of Illinois and any political subdivision thereof pertaining to the levy and collection of said general real estate taxes. This Section 6.3 shall be an obligation of the Developer (or assignee of the Developer or subsequent Owner of the Project or Development Area or any portion thereof, as the case may be) only during the period that the Developer (or assignee of the Developer or subsequent Owner of the Project or Project Site or any portion thereof, as the case may be)owns a direct or indirect interest in the Project or Development Area or any portion thereof. 6.4 Duration of Covenants. It is intended and agreed that the covenants provided in Sections 6.1 and 6.3 of this Agreement shall remain in effect until December 31,2040 and that the covenants provided in Sections 6.2 hereof shall remain effective without any time limitation; provided,that all such covenants shall be binding on the Developer only for such period as the Developer