R2014-04 AUTHORIZING CITY OF DECATUR / HARRISON MANAGEMENT GROUP LLC REDEVELOPMENT AGREEMENT

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'9 f+� ti y of inspection. Inspection by the City of the Project shall not be construed as a m representation by the City that there has been compliance with the Construction Plans or 0. an building or life safety codes adopted by the Ci h� or that the Project will be or is free of faulty materials or workmanship, or a waiver of any right the City or any other party fj may have against the Redeveloper or any other party for noncompliance with the q Construction Plans, Preliminary Plans, building or life safety codes or any other ordinances of the City or the terms of this Agreement. Y 0 2.15 Sales Tax Generating Retail Tenants. The Redeveloper agrees to only lease or sell any o part of the Project Area to sales tax generating retailers for a minimum of twelve (12) months from the completion of construction. ARTICLE III: CITY OBLIGATIONS 3.1 Public Investment. The City shall provide the Public Investment pursuant to Article IV below. 3.2 Zoning. The Project currently has 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. ARTICLE IV: PUBLIC INVESTMENT 4.1 Public Investment. The City will provide a reimbursement for Project Costs to be paid from Project Revenues for each calendar year received by the City from the Project and the Project Site as set forth below: (A) Commencing in the year following the year in which the redeveloper shall open an Ashley Furniture on the project site and continuing for five years after redeveloper opens such business on the property, the Redeveloper shall receive an amount equal to Eighty (80%) Percent of the Project Revenues actually received by the City. Payments shall be made every four months commencing on March 15 of the year following the year in which the redeveloper shall open an Ashley Furniture on the project site. (B) The obligation for the annual reimbursement of Project Costs shall terminate five (5) years after redeveloper opens an Ashley Furniture for business with total payments based upon 60 consecutive months of store sales activity calculated from date of opening. If Redeveloper does not open for business a retail furniture store under the name "Ashley Furniture"on the Project Site by (15) fifteen months after closing on the purchase of land encompassed by the Project more fully described on Exhibit 1 attached hereto and by reference made a part hereof(the "Project"), then Redeveloper shall promptly convey the property back to the City of Decatur and this agreement shall be terminated. 4.2 Adjustment of Public Investment. Upon completion of the Project, the Redeveloper shall submit to the City a Final Project Cost Analysis of all costs connected with the construction of such building. City of Decatur/Harrison Management Group LLC Redevelopment Agreement 9