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I <br /> i <br /> I <br /> the Redevelopment Agreement, then the maximum amount of Project Revenue to <br /> be paid to the Redeveloper shall be reduced by one (1%)percent for each percent <br /> I <br /> that the actual costs are below 90%of the projected costs <br /> ARTICLE V: PROJECT REVENUE FINDINGS <br /> 5.1 Economic Incentive Agreement. In connection with the Project Revenues <br /> under the Agreement, the Agreement is determined to constitute an "economic <br /> incentive agreement" under Section 8-11-20 of the Illinois Municipal Code and <br /> the City's Home Rule powers, and the City Council makes related findings, as <br /> follows: <br /> 5.2 Findings. Project Site is not vacant and has development g � p thereon and: <br /> (A) the buildings on the Project Site do not, at the time of the adoption of this <br /> Agreement,any longer comply with current building codes; <br /> (B) the Project, asset forth in this Agreement, is expected to create or retain job <br /> opportunities within the City; <br /> (C) that the Project will serve to further the development of adjacent areas; <br /> (D) that without this Agreement's economic incentive features, the Project will <br /> not have been possible; <br /> (E) that the Developer who is a party to this Agreement,meets high standards of <br /> creditworthiness and financial strength as demonstrated by: specific evidence of equity <br /> financing for not less than 10% of the total project costs; <br /> (F) that the Project,will strengthen the commercial sector of the City; <br /> (G) that the Project,will enhance the tax base of the City; and <br /> (H) that this Agreement's economic incentive agreement feature is made in the <br /> best interest of the City. <br /> ARTICLE VI: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING <br /> BENEFITS <br /> ! 6.1 Conditions Precedent to Transaction. The City's obligations under this <br /> Agreement (including, without limitation, the obligation for Public Investment) <br /> shall, for the Project,be subject to: <br /> (a) Insurance. Proof that the policies of insurance of the types and coverages <br /> specified in Section 2.13 hereof have been obtained and are in force with <br /> regard to the Project. <br /> g <br />