2006-102 APPROVING A REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF DECATUR, ILLINOIS AND IP PLAZA, LLC, IN CONNECTION WITH THE EASTGATE COMMONS REDEVELOPMENT PROJECT AREA

Home Browse Search

' �a�� : �7�1 F�a�e : �7� e�tent permitted by law, to be paid to Devel�per as provi�ied in and subject to the limitations contained in the Act, but shall he payments subordi ated to the TIF Notes. 2. Procedure for Reimb.irsement to Developer I (a) Pay-ment to the T�eveloper for Eligible Redevelc�pment Project Costs as set forth by the Act, shall be made upon Request for Verifi ation of Cost Eligibility 1"Request") submitted from time to time by Developer to the ity and upon its approval of and subject t� tl-ie availar�ility of funds in the IP Plaza, L C Special Account of the Fund. (b� All Requests must be accompanied by verif ed bills ur statemr;nts of suppliers, c�ntractors, or professionals together with mec�anic's lien waivers and engineerir.g or architect's affidavits of work done ancl the valu� of the work completed. (c) 7'he Developer sl-iall use such sums only to th� extent permitted by law and the Act anci may allocate such funds for any permitteQl Eligible Redevelc�ment Project Costs associated with the Private Development for the Iterm of this Agree��nt or the term of the �edevelopment Project Area and receipt by th City of the applicable tax increment. , �. (a) "The Developer shall submit for a.��roval y the C'ity as F•;�:gihle IZe�eveli�p�iieny Nroj�ct C'osts under the Act inc�uding bills tor work in pro�rz.s� or complexe�l. tc�`�ether with required rnechanic's lien waivers or engint:.rin� or arch;tect's a±tida;�its ��f work doi�e and the value of the completed work. [n additiori, #he Devclopzr agrees to �rvvide ihe City witli aftidavits from each applicahl� leiider �erifying the cost an� expenses incurred. ! (�b j The �'ity- shalf within 30 business days a�p�jove or deny thc bills or estiniates. Approval ef a Request will nat be unrea�onably u�ithh�ld. It� a Request is disapproved by the City, the reasons for disapproval will be � t forth in writing and the Developer may resi�bmit the Request with such additional info ation as may be required and i]ie same procedure set forth herein shall apply to such res mittals. 4. Subject tc� raragraph 9 below in this Article V, Incre ental Property Taxes and Municipal Sales I�ax increnient collected and credited ti> the des�gnated accounts therefor a�inuall.y during the t�rm of this Agreerrient shall be disbursed there�rom fi-om ti�ne to time in accordance with this .Agreement to the extent practicahle nat later tha thirty days (30) from the date on which such monies are deposited therein. All n�onies co tained in the account are pledged solely to the sati�faction of the payment and reimbursement f obligations hereunder. 5. (a) Z'o ihe eatent that monies are not then available a provided in paragraph 4. above to pay or rrim�u�•se I)eveloper hereunder, the City shal evidence its obl�gation to reimburse Deve�o�er for 1Zedev�lopment Prc>ject Costs (other t an R.e?.rnbursablP Interest C'ostsj by the execution and delivery of one or more "I'IF Notes w�hich TI� Notes shall be Page 8 of 32 ��,