R2013-42 AUTHORIZING GRAND AVENUE TIF REDEVELOPMENT AGREEMENT

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Book: 4362 Page: 150 2.14 Lien Waivers. All contracts for construction of the Project shall provide that all contractors and subcontractors shall furnish contractor's affidavits in the form provided by state statute and that waiver of liens be required for all payments made. 2.15 Rights of Inspection. During construction of the Project, the City or its designee shall have the right at any time and from time to time to enter upon the Project for the purposes of inspection. Inspection by the City of the Project shall not be 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 Project 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 terns of this Agreement. 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 Project. ARTICLE IV: PUBLIC INVESTMENT 4.1 Public Investment. The City will provide a reimbursement for Project Costs to be paid from Real Estate Tax Increment and Project Revenues for each calendar year received by the City from the Project and the Project Site as set forth below. The Real Estate Tax Increment and Project 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, including the cost of acquisition of Real Property: (a) Subject to reimbursement of eligible Project Costs, commencing in the year following the year in which substantial completion of the Project has occurred and continuing until and includinthe year 2037, the Redeveloper shall receive no later than March 15` of each year an amount equal to One Hundred (100%) Percent of the Real Estate Tax Increment for the previous calendar year actually received by the City. (b) Commencing in the year following the year in which substantial completion of the Project has occurred and continuing until and including the year 2037, the Redeveloper shall receive no later than March 15`" of each year an amount equal to Fifty(50%) Percent of Project Revenues for the previous calendar year actually received by the City. City of Decatur/Grand Avenue TIF Project 7