R2022-160 Resolution Authorizing Redevelopment Agreement with CCI Properties LLC

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notification on such forms and in such manner as directed by City and upon proof of such payment. 4.3 Prepayments. The City absolutely reserves the right,prior to the expiration of the term of this Agreement and to the extent lawful, in its sole discretion, to prepay all or any part of its obligations under this Agreement. ARTICLE V: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING BENEFITS 5.1 Conditions Precedent to Transaction. The City's obligations under this Agreement(including, without limitation,the obligation for Public Investment)shall, for the Project, be subject to: (a) Insurance. Proof that the policies of insurance of the types and coverages specified in Section 2.13 hereof have been obtained and are in force with regard to that phase. (b) Plans. Approval of the Plans and construction plans for the pursuant to Article II hereof. (c) Construction Contracts. Executed construction contracts covering the construction of the Project. (d) Project Financing. Evidence of equity and/or debt financing for the Project in an amount sufficient to complete the Project. (e) Approvals. A certificate by an authorized officer of the Developer that all of the approvals necessary to proceed with the Project as intended herein have been obtained including the approval of this Agreement. (f) Sales Tax Paid. This entire agreement is predicated on the assumption of state and local sales tax being paid on each yard of concrete sold out of this Development Area. The Developer agrees that all incentives set forth in Agreement and are conditioned upon and paying sales tax on minimum 40,000 yards of concrete annually. 5.2 Operation and Maintenance of the Project. The Developer for itself and its successors and assigns to the extent it retains ownership covenants that it will maintain the Project in good condition (reasonable wear and tear excepted)during the term of this Agreement. The Developer shall operate the Project in a professional manner and will do all things reasonably necessary to operate the Project in substantial compliance with applicable law. ARTICLE VI: DEVELOPER COVENANTS AND RESTRICTIONS 6.1 Project Subject to Development Agreement.