Laserfiche WebLink
c � <br /> ,� <br /> � <br /> � <br /> � any building or life safety codes adopted by the City; or that the Project will be ar is free <br /> � of faulty materials or workmanship, or a waiver of any right the City or any other party <br /> � may have against the Redeveloper or any other party for noncompliance with the <br /> Construction Plans, Preliminary Plans, building or life safety codes or any other <br /> ,,`�,{ ordinances of the City or the terms of this Agreement. <br /> � <br /> � 2.16 Sales Tax Generating Retail Tenants. The Redeveloper agrees to only lease or sell any <br /> � part of the Project Area to sales tax generating retailers for a minimum of twelve (12) <br /> � months from the completion of construction. <br /> 0 <br /> � ARTICLE III: CITY OBLIGATIONS <br /> 3.1 Public Investment. The City shall provide the Public Investment pursuant to Article N <br /> below. <br /> 3.2 Zoning. It is contemplated by the City and the Redeveloper that the Project shall have a <br /> zoning classification which will permit the use of the Project as intended by this <br /> Agreement. <br /> 3.3 Easements. The City agrees to grant such temporary easements to the Redeveloper as <br /> necessary for the construction and completion of the Project or any phase thereof. <br /> ARTICLE IV: PUBLIC INVESTMENT <br /> 4.1 Public Investment. The City will provide a reimbursement for certain Project Costs, <br /> from the Sales Tax Increment for that calendar year actually received by the City from the <br /> currently vacant Circuit City store located in the Project as follows: <br /> (A) Commencing in the year following the year in which Completion of the Project has <br /> occurred and continuing until and including the 8`�' year following the year in which <br /> Substantial Completion of the Project has occurred,the Redeveloper shall receive no later <br /> than January 15ci, of each year an amount equal to Seventy-Five (75%) Percent of the <br /> Sales Tax Increment for the previous calendar year actually received by the City (for <br /> purposes of clarification for this Section 4.1(A) and for Section 4.1(B) and (C) below, if <br /> 2010 is the year in which Substantial Completion occurs, then (i) the first payment will <br /> be due on January 15, 2012, for the Sales Tax Increment actually received by the City <br /> during calendar year 2011 and (ii) the last payment under this Section 4.1(A) will be due <br /> on January 15, 2019, for the Sales TaY Increment actually received by the City during <br /> calendar year 2018); <br /> (B) Commencing in the 9`�' year following the year in which Substantial Completion of <br /> the Project has occurred and continuing until and including the 14`�' year following the <br /> year in which Substantial Completion of the Project has occurred, the Redeveloper shall <br /> receive no later than January 15a�of each year, an amount equal to Fifty (50%) Percent of <br /> the Sales Tax Increment for the previous calendar year actually received by the City; <br /> (C) Commencing in the 15°i year following the year in which Substantial Completion of <br /> the Project has occurred and continuing until and including the 20`�' year following the <br /> year in which Substantial Completion of the Project has occurred, the Redeveloper shall <br /> City of Decatur/Slumberland Redevelopment Agreement 9 <br />