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

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One and Half Million Dollars ($1,500,000.00) for Phases I & II combined. Public Investment shall not exceed Four Million Dollars($4,000,000.00)for Phase III. In no case shall Public Investment exceed substantiated Project Costs. 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 each phase of 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 each Phase of the Project pursuant to Article II hereof. (c) Construction Contracts. Executed construction contracts covering the construction of each applicable Phase of the Project. (d) Declaration of Covenants, Uses and Restrictions. Declarations of Covenants, Uses and Restrictions in the form attached hereto as Exhibit 3 executed by the Redeveloper covering that phase of the Project and that Portion of the Project Site related to that phase. (e) Project Financing. Evidence of equity and/or debt financing for each applicable phase of the Project in an amount sufficient to complete that phase of the Project. (f) Approvals. A certificate by the manager or authorized officer of the Redeveloper, as the case may be,that all of the approvals necessary to proceed with each phase of the Project as intended herein have been obtained including the approval of this Agreement. ARTICLE VI: OPERATION OF THE PROJECT 6.1 Operation and Maintenance of the Project. The Redeveloper 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 Redeveloper 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 VII: REDEVELOPER COVENANTS AND RESTRICTIONS 7.1 Project Subject to Redevelopment Agreement. The Redeveloper 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. 7.2 Non-discrimination. The Redeveloper shall not discriminate in violation of any applicable federal,state or local laws or regulations upon the basis of race,color,religion, City of Decatur/County Line Plaza Redevelopment Agreement 7