2024-63 Ordinance Authorizing a TIF Redevelopment Agreement between the City of Decatur and Merchant Street South, LLC

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EXECUTION COPY construed as a representation by the City that there has been compliance with the Construction Plans or any building or life safety codes adopted by the City; or that the Projects will be or is free 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.The City will provide the Redeveloper with, and keep current,the names of any non-City designees the City authorizes to inspect the Projects on its behalf. The names will be provided to the Redeveloper within a reasonable time before the Redeveloper commences construction on the Projects. ARTICLE III: CITY OBLIGATIONS 3.1 Public Investment. The City shall provide the Public Investment pursuant to Article IV below. 3.2 Easements. The City agrees to grant such temporary easements to the Redeveloper as necessary for the construction and completion of the Projects. ARTICLE IV: PUBLIC INVESTMENT 4.1 Public Investment. The City will provide a reimbursement for the 148 E. Main Project and 112 N. Merchant Project costs to be paid from Real Estate Tax Increment derived from the 148 E. Main Property and 112 N. Merchant Property for each calendar year received by the City from the Property as set forth below. The Real Estate Tax Increment shall be utilized to reimburse the Redeveloper for those eligible Project Costs "Eligible Costs") that are set forth in Section 3 of the Act which are more fully described on Exhibit 2 attached hereto and made a part hereof. The final Eligible Costs to be reimbursed shall be established by, and shall only be reimbursable subject to, the Redeveloper submission of a Reimbursement Request to the City, and the City's issuance of Certificates of Expenditure for the reimbursement amount sought. (a) Subject to reimbursement of eligible Project Costs for the Projects, with said eligible Project Cost subject to the approval of the City, commencing in the year following the year in which substantial completion of the 148 E. Main Project or 112 N. Merchant Project has occurred and continuing until and including the year 2047, the Redeveloper shall receive no later than March 15th of each year Eighty Percent (80%) of the Real Estate Tax Increment derived from the 148 E. Main Property and 112 N. Merchant Property for the previous calendar year actually received by the City. (b) The obligation for the annual reimbursement of 148 E. Main Project Costs from both Real Estate Tax Increment shall terminate upon the receipt by the Redeveloper of an amount not to exceed Eight Hundred and Eighty- Six Thousand and One Hundred and Sixty Dollars and Eighty Cents -7-