R2026-17 Resolution Approving a Development Agreement by and between the City of Decatur, Illinois and Broadwing Energy, LLC

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Docuslgn Envelope ID:6745F9B5-2B32-47E9-66E5-4177B13AB6B5 regular meetings,providing copies or reports of those meetings and opportunities to change the course of the project or end the project. The Developer must provide a thirty(30)day written notice to the City to end such project and must reimburse the City for 50%of all costs incurred up to the date of termination. Definitive values and dates related to the sanitary sewer lift station project will be provided once the construction project is under contract. F. A Project schedule,notices, change in schedule,and review and approval will be provided to Developer as the Project for the sanitary sewer lift station and force main progresses. Section 4.Pledged Funds. A. The construction of the sanitary sewer lift station and force main(and the Developer's bond and letter of credit obligations in this Section 4)shall be conditioned on the City securing the necessary financing for their fifty(50)percent of the project costs no later than the earlier of (i)the date on which the City selects and accepts a bid from a contractor in accordance with this Agreement and(ii)January 1,2028. If the City fails to obtain such financing for its portion of the costs, City and Developer will meet and confer as to how to proceed. B. The Developer will be required to issue a construction bond or letter of credit for their fifty(50)percent cost share for the construction of the sanitary sewer lift station and force main. C. The Developer will be required to issue a bond or letter of credit,acceptable to the City,for a minimum of Twelve(12)Million Dollars for their expected user fees to be held for the term of the City's financing.The City will be using sanitary sewer user fees produced by the lift station users to finance the construction project,and the Developer is the only connection currently planned for the station. Such bond or letter of credit can be reduced yearly as the City's fmancing cost is reduced,or as additional users connect to the station. D. The City will hold the construction bond or letter of credit for the sanitary sewer lift station,and force main.In the event that the Developer fails to pay its estimated Twelve(12) Million Dollar share of the construction project,as defined in Section 2, the City can call in the bond or letter of credit for payment. E.The Developer will be required to bond or provide a letter of credit for 100%of the construction of the water main. F.The City will hold the construction bond or letter of credit for the water main in the event that the Developer fails to make monthly payments to the City for the estimated$25 million construction project,or should the Developer fail to complete their proposed project. G. The City's contracts with contractors with respect to the water main improvements, sanitary sewer lift station and force main will contain the following provisions protecting Developer's interests and funding: