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' �I{?C#�{{ : �i�';==.i f-'c�C e E? a >�r f f <br /> the Developer in the mar�i�er herein provided i«r I,.igible R�development Project Costs <br /> the Developer or City may incur in subsequent years. , <br /> ARTICLE VI �' <br /> � <br /> OTHER AGREEMENTS � <br /> I <br /> 1. POWERS ' <br /> "1'he City hereby represents and warrants to Developer that th� City has full constitutional <br /> and lawful constituticmal right, power and authority, �inder current an{� applicable law. to execute <br /> and deliver and perform the icrms and obligations of this Agreement,�including but not limited ta <br /> the right, power and authority to execute and deliver the "I'Il� Notes, a d all of the foregoing hav� <br /> br:en or w-ill be duly and validly authorized and approved by all ecessary City proceec!ir.gs, <br /> findings and actions. Accordingly this Agreement and the Notes eac constitute the legal, valid <br /> and binding ubligation of the City, are enforceable in accordance wit� their respective ter�ns and <br /> provisions and do nok reyuire the consent of any other gavezrimental a�uthority. � <br /> 2. VERIFICATI01� OF TAX INCREMENT <br /> lt shall be the sole responsibility <�f the lleveloper to provide �o the City as requ�-the <br /> fc��;o�vin;�: <br /> A. f�.fter October 1 and before No�ember l 5 in �ach year, commf rr;in� in <br /> 20U7, copies oi�all real estate taa bills for the base tax year on the Developer's Site, or the <br /> Yha,e II tract iocated in the Redevelopment Pr�jtct Area, and annuaily thereafter, .;opies <br /> oi�all paid real estate tax bills for the immediate preceding r al estate tax year fc�►- �u::h � , <br /> property in the I�eveloper's Site, together with the Develope 's detk:rmination (showin� <br /> methodology of calculationl of the Incremental Yraperty T xes tc� credited to the IP <br /> Plaza, I_LC, Speciat Account. <br /> B. Quarterly, each January t (by .Ta�ivary 15), A ii 1 (by April 15), July 1 <br /> (by July 1 ti), a�ld September 1 (by� Septernber 151, commen inb in 2007, Illinois state <br /> sales tax ret��rns evidencing the sales tax revenues payable om the operatiuns of the <br /> £)eveloper or pr��jects developed �y others firom the Priv te Development on such <br /> quart�,rly basis, together with ihe Developer's determination �(showitig methodology of <br /> calculati�n3 of� the Municipal Sales "Iax Increment to be crec�ited to the IP Plaza, LLC <br /> 1�hunicipal Sales i ax Increment Account. Further, DeveioperI agrees to p.ovide annual <br /> veritication of actual sales tax paid within the Developer!'s Site from the Illinois <br /> llepartme�;t of Revenue. '1 he City will cooperate in obtaining �uch verification. <br /> The failure of Developer to provide any information r�quired erein after n�tice from the <br /> City, and the continued failure to provide such informatiail ���ithin 0 days after such notice <br /> withoui reasonable cause shall be an unequivocable basis for th City to deny payments <br /> Page 11 of 32 � <br /> I <br />