Laserfiche WebLink
e r <br /> receive no later than January 15�i, of each year, an amount equal to Twenty-Five (25%) <br /> Percent of the Sales Tax Increment for the previous calendar year actually received by the <br /> City; <br /> (D) The obligation for the annual reimbursement of Project Costs shall terminate upon <br /> the earlier of: <br /> 1) The receipt by the Redeveloper of an amount equal to Twenty-five (25%) Percent <br /> of the Final Project Costs of as submitted to the City per Section 4.2 of this <br /> Agreement. <br /> 2) A total reimbursement of$1,000,000. <br /> 3) After the distribution of that portion of Project Revenues set aside for <br /> reimbursement of Project Costs from the Sales Tax Increment portion of Project <br /> Revenues received by the City in the 20th calendar year following the year in <br /> which Substantial Completion of the Project has occurred. <br /> 4.2 Adjustment of Public Investment. Upon completion of the Project, the Redeveloper <br /> shall submit to the City a Final Project Cost Analysis of all costs connected with the <br /> construction of such building. <br /> 4.3 Prepayments. The City absolutely reserves the right, prior to the expiration of the term <br /> of this Agreement and to the extent lawful, in its sole discretion, to prepay all or any part <br /> of its obligations under this Agreement. <br /> ARTICLE V: CONDITIONS PRECEDENT TO CITY OBLIGATIONS AND ONGOING <br /> BENEFITS <br /> 5.1 Conditions Precedent to Transaction. The City's obligations under this Agreement <br /> (including, without limitation, the obligation for Public Investment) shall, for each phase <br /> of 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 regard <br /> to that phase. <br /> (b) Plans. Approval of the Plans and construction plans for the pursuant to Article II <br /> hereof. <br /> (c) Construction Contracts. Executed construction contracts covering the <br /> construction of the Project. <br /> (d) Declaration of Covenants, Uses and Restrictions. Declarations of Covenants, <br /> Uses and Restrictions in the form attached hereto as Exhibit 3 executed by the <br /> Redeveloper covering that phase of the Project and that Portion of the Project <br /> Site related to that phase. <br /> (e) Project Financing. Evidence of equity and/or debt financing for the Project in <br /> an amount sufficient to complete the Project. <br /> City of Decatur/Slumberland Redevelopment Agreement 10 <br />