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:9 <br /> � <br /> Q� <br /> °' f. the Redevelo er who is a a to this A reement meets hi h standards of <br /> , <br /> P P rh' g � <br /> � creditworthiness and financial strength as demonstrated by: specific evidence of <br /> '� equity financing for not less than 10%of the total project costs; <br /> i�. <br /> � g. the Project,will strengthen the commercial sector of the City; <br /> r� <br /> � <br /> `�" h. the Project,will enhance the tax base of the City; and <br /> =i i. this Agreement's economic incentive agreement feature is made in the best <br /> � interest of the City. <br /> � <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 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 E�ibit 4 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 /> f. Approvals. A certificate by the manager or authorized officer of the <br /> Redeveloper, as the case may be, that all of the approvals necessary to proceed <br /> with the Project as intended herein have been obtained including the approval of <br /> this Agreement <br /> 6.2 Conditions Precedent to Real Property Tax Increment. The City's obligations with <br /> regard to the Real Property Tax Increment portion of the Public Investment is subject to <br /> the adoption by the City of Tax Increment Financing for the Redevelopment Area. <br /> ARTICLE VII: OPERATION OF THE PROJECT <br /> 7.1 Operation and Maintenance of the Project. The Redeveloper for itself and its <br /> successors and assigns to the extent it retains ownership covenants that it will maintain <br /> the Project in good condition (reasonable wear and tear excepted) during the term of this <br /> Agreement. The Redeveloper shall operate the Project in a professional manner and will <br /> City of Decatur/Pines Shopping Center Redevelopment Agreement 8 <br />