Laserfiche WebLink
f. the Redevefoper who is a party to this Agreement, meets high standards of <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 /> g. the Project,will streu�then the commercial sector of the City; <br /> h. the Project,will enitance the tax base of tlie City;and <br /> i. this Agreement's econotnic incentive agreement feature is made in the best <br /> interest of the City. <br /> ARTICL� VI: CONDITIONS PRCCEDENT TO CITY OBLIGATIONS AND ONGOING <br /> BENEFITS <br /> b.l Conditions Pc•ecedent to Transaction. The City's obligations under this Agreement <br /> (including, without limitation, the obligation for Public Livestinent) shall, for each phase <br /> of tlte Project,be subject to: <br /> a. Insurance. Proof that Che policies of insurance of the types and coverages <br /> specified in Section 2.13 liereof 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 Ai�ticle II <br /> l�ereof. <br /> c. Construction Contracts. Exeeuted construction contracts covering the <br /> construction of the Px•oject. <br /> d. Declara�ion of Covenants,Uses and Restrictions. Declarations of Covenants, <br /> Uses atid Restrictions in the for�n attached hereto as Exhibit 4 executed by tlie <br /> Redeveloper covering that phase of the Project and that Porcion of the Project <br /> Site related to that pl�ase. <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 tl�e Project as uitended herein liave been obtained including the approvaI of <br /> this Agreement <br /> 6.2 Conditions Precedent to Rea1 Property Tax Increment. Tlie City's obligations with <br /> cegard to the Real Property Tax Increment poi�tion of the Public Investment is subject to <br /> the adoption by the City of Tax Cncrement Financing for the Redevelop�nent Area. <br /> ARTICLE VII:OPERATION OF THE PROJECT <br /> 7.1 Operation and Maintenance of the Project. The Redeveloper foc• itself and its <br /> successors and assigns to ti�e extent it t�etains owne�ship covenants that it will maintain <br /> tl�e Project in good condition (reasonable wear and teac excepted) durix�g the te2rn of tliis <br /> Agreement. The Redeveloper shall operate the Pcoject in a pc•ofessional manner and will <br /> City of Decatur/Pinas Shopping Center Redevelopment Agreement $ <br />