R2009-236 AUTHORIZING REDEVELOPMENT AGREEMENT Pines Shopping Center

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:� f� � ,� incidental to the use of or resulting from any accident occurring in or about the Project or � the improvements or the construction and improvement thereof. Each such policy shall � name the City as coinsureds and shall contain an affirmative statement by the issuer that � u it will give written notice to the City at least thirty (30) days prior to any cancellation or �, amendment of its policy. � m 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. � r W2.15 Rights of Inspection. During construction of the Project, the City or its designee shall r 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 parly 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 terms of this Agreement. ARTICLE III: CITY OBLIGATIONS 3.1 Public Investment. The City shall provide the Public Investment pursuant to Article N below. 3.2 Zoning. It is contemplated by the City and the Redeveloper that the Project shall have a zoning classification which will permit the use of the Project as intended by this Agreement and which is in conformance to the General Land Uses set forth in the Redevelopment Plan. The Redeveloper has applied to the City for approval of B-3 Planned Shopping Center for the Project Site and such zoning request is deemed to be approved. 3.3 Easements. The City agrees to grant such temporary easements to the Redeveloper as necessary for the construction and completion of the Project or any phase thereof. 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 Site as set forth below. The Real Estate Tax Increment 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 E�ibit 3 attached hereto and made a part hereof, including the cost of the acquisition of Real Property: a. Subject to full reimbursement of eligible Project Costs, commencing in the year following the year in which substantial completion of the Project or the first phase thereof has occurred and continuing until and including the year 2034, the Redeveloper shall receive no later than January 15`�' of each year an amount equal to One Hundred (100%) Percent of the Real Property Tax Increment for the previous calendar year actually received by the City. City of Decatur/Pines Shopping Center Redevelopment Agreement 6