R2013-87 AUTHORIZING EXECUTION OF A REDEVLOPMENT AGREEMENT Southside

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4.5.6 Brokerage Commissions. The City represents to the Redeveloper that no real estate broker has been engaged by the City with regard to this transaction. The Redeveloper represents to the City that no real estate broker has been engaged by the Redeveloper with regard to this transaction. Each party (the "Indemnifying Party") agrees to indemnify and hold the other harmless against any brokerage commissions due to any real estate broker claiming to have been engaged by the Indemnifying Party with regard to this transaction. ARTICLE V: PUBLIC INVESTMENT 5.1 Public Investment. The City will provide a reimbursement for Project Costs to be paid from Tax Increment Revenues for each calendar year received by the City from the Police Facility and the Police Facility Lease as set forth below. The Tax Increment Revenues shall be utilized to reimburse the Redeveloper for those Eligible Project Costs that are set forth in Section 3 of the Act which are more fully described on Exhibit 3 attached hereto and made a part hereof. 5.2 Annual Payment. Subject to full reimbursement of eligible Project Costs, commencing in the year following the year in which substantial completion of the Police Facility has occurred and continuing until and including the year 2037, the Redeveloper shall receive no later than January 15'h of each year with the final payment on January 15`h, 2038 for the 2037 year, an amount equal to One Hundred (100%) Percent of the Tax Increment Revenues for the previous calendar year actually received by the City; provided that the City shall be entitled to reimburse its costs and expenses in establishing Tax Increment Financing for the Redevelopment Project Area from Tax Increment Revenues before making any payments to the Redeveloper pursuant to this Section 5.2. ARTICLE VI: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING BENEFITS 6.1 Conditions Precedent to Transaction. The City's obligations under this Agreement (including,without limitation,the obligation for Public Investment) shall be subject to: a. Insurance. Proof that the policies of insurance of the types and coverages specified in Section 2.11 hereof have been obtained and are in force with regard to that phase. b. Plans. Approval of the Plans and Specifications pursuant to Article II hereof. C. Construction Contracts. Executed construction contracts covering the construction of the Police Facility and the Street Improvements. d. Declaration of Covenants, Uses and Restrictions. Declarations of Covenants, Uses and Restrictions in the form attached hereto as Exhibit 4 executed by the Redeveloper. e. Project Financing. Evidence of equity and/or debt financing in an amount sufficient to complete the development of the Police Facility and the Street Improvements. 10