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<br /> I
<br /> WHEREAS, the construction cost of the Project (including land acquisition and soft
<br /> costs) is estimated to be Twelve Million, two hundred eighty seven thousand dollars
<br /> ($12,287,000)Dollars as more fully shown on Exhibit 2 attached hereto and made a part hereof;
<br /> WHEREAS, the City believes, subject to the adoption of Tax Increment Financing for
<br /> the Redevelopment Area pursuant to the Act, it is necessary to redevelop the Redevelopment
<br /> i Area in order to arrest the economic and physical decline contained there, and to promote a
<br /> policy of stabilization not only in the proposed Redevelopment Area, but also in the surrounding
<br /> area of the City; and
<br /> l WHEREAS, the City believes that the development of the Project, subject to the
<br /> adoption of Tax Increment Financing for the Redevelopment Area pursuant to the Act, pursuant
<br /> to the proposed Redevelopment Plan is in the vital and best interests of the City and the health,
<br /> safety, morals and welfare of its residents, and in accordance with the public purposes and
<br /> provisions of the applicable federal, state and local laws.
<br /> NOW THEREFORE, in consideration of the promises and mutual covenants and
<br /> obligations of the parties contained herein, and other good and valuable consideration,the receipt
<br /> and sufficiency whereof are hereby acknowledged, the parties hereto, intending to be legally
<br /> bound,hereby covenant and agree as follows:
<br /> ARTICLE I: DEFINITIONS
<br /> "Act" means the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/I1-74.4-1 et
<br /> seq as it may be amended from time to time.
<br /> "Applicable Law" means all laws, statutes, acts, ordinances, rules, regulations, permits,
<br /> licenses, authorizations, directives, orders and requirements of all Governmental
<br /> Authorities, that now or hereafter during the term of this Agreement may be applicable to
<br /> the City,the Redeveloper, and/or the Project, and the construction, maintenance, use and
<br /> operation thereof, including those relating to employees, zoning, building, health, safety,
<br /> Hazardous Materials, and accessibility of public facilities.
<br /> "Exterior Architectural Appearance" means the architectural character, general
<br /> composition and general arrangements of the exterior of the Project, and the adjacent
<br /> plazas and pedestrian areas, including the kind, color and texture of the building material
<br /> and the type and character of all windows, doors, light fixtures, signs and appurtenant
<br /> elements,visible from public streets and thoroughfares.
<br /> "Final Site Plan" means the final plan for the Project which sets forth the limits of the
<br /> work to be done,the building locations, ingress and egress, loading areas,parking, if any,
<br /> landscaping, signage and adjoining streets including one or more elevations or sketches
<br /> showing the exterior features and designs of all the buildings or structures.
<br /> "Preliminary Plans" means plans and drawings, including a Preliminary Site Plan for
<br /> the Project attached hereto as Exhibit 1 which are preliminary to the Construction Plans,
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