R2024-03 Resolution Authorizing a TIF Redvelopment Agreement between the City of Decatur and County Line Plaza, LLC

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of faulty materials or workmanship, or a waiver of any right the City or any other party may have against the Redeveloper or any other party for noncompliance with the Construction Plans,Preliminary Plans,building or life safety codes or any other ordinances of the City or the terms of this Agreement. ARTICLE III: CITY OBLIGATIONS 3.1 Public Investment. The City shall provide the Public Investment pursuant to Article IV below. 3.2 Zoning. It is contemplated by the City and the Redeveloper that the Project shall have a zoning classification which will permit the use of the Project as intended by this Agreement. 3.3 Easements. The City agrees to grant such temporary easements to the Redeveloper as necessary for the construction and completion of the Project or any phase thereof. 3.4 Permit Fees. The City agrees to waive the building inspection permit fees for Phase III of the Project,as an additional inducement to undertake this part of the Project. ARTICLE IV: PUBLIC INVESTMENT 4.1 Public Investment. The City will provide a reimbursement for certain Project Costs, from the Sales Tax Increment and Real Estate Tax Increment for that calendar year actually received by the City from each phase the Project as follows: (A) Commencing in the quarter following substantial completion of an applicable phase of the Project and continuing quarterly and as provided in Section(C)below, the Redeveloper shall receive quarterly thereafter an amount equal to One Hundred (100%)Percent of the Real Estate Tax Increment actually received by the City; (B) Commencing in the quarter following substantial completion of an applicable phase of the Project and continuing quarterly and as provided in Section(C)below, the Redeveloper shall receive, an amount equal to One Hundred Percent(100%) of the Sales Tax Increment actually received by the City and One Hundred Percent (100%)of the Home Rule Food and Beverage Tax Increment received by the City; (C) The obligation for the reimbursement of Project Costs provided herein shall terminate upon the earlier of receipt by the Redeveloper of an amount equal to One Hundred Percent (100%) of the Final Project Costs as submitted to the City per Section 4.2 of this Agreement or the expiration of the TIF(as may be legislatively extended). At the expiration of the TIF (if not legislatively extended) the last remittance of Home Rule Food and Beverage Tax Increment and Sales Tax Increment will be August 7, 2029, and the last remittance of Real Estate Tax Increment will be the 2029 tax year when paid in 2030. To the extent the TIF is extended,the foregoing last dates of remittance will be adjusted accordingly. 4.2 Adjustment of Public Investment. Upon completion of each phase of the Project, the Redeveloper shall submit to the City a Final Project Cost Analysis of all costs connected with the completion of that Phase. The Final Project Cost Analysis shall show TIF eligible costs separately from non-TIF eligible expenses. Total Public Investment shall not exceed City of Decatur/County Line Plaza Redevelopment Agreement 6