R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

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, . �� ; 1Z � PGl i b 2. VERIFICATION OF TAX INCREMENT It shall be the sole responsibility of the Developer to provide to the City as requested the following: A. Copies of all real estate tax bills for the base tax year on the property located in the Redevelopment Project Area, and annually thereafter, copies of all paid real estate tax bills for the immediate preceding real estate tax year for the property in the Redevelopment Project Area. B. Illinois state sales tax returns evidencing the sales tax revenues payable � from the operations of the Developer or projects developed by others within the Redevelopment Project Area on a monthly basis to enable the sales tax calculations I required herein to be determined. Further, Developer agrees to provide annual verification of actual sales tax paid within the Redevelopment Project Area from the Illinois Department of Revenue. The failure of Developer to provide any information required herein after notice from the City, and the continued failure to provide such information within 30 days after such notice without reasonable cause shall be cause for the City to deny payments hereunder to the Developer, which payments are conditional upon receipt of the foregoing information. 3. LIMITED OBLIGATION The City's obligation hereunder to pay Developer for Eligible Project Costs is a limited obligation to be paid solely from the Special Tax Allocation Fund. In the event of any erroneous disbursement of funds from, or misappropriation of funds due to, the Special Tax Allocation Fund, City shall restore said funds. Said obligation does not now and shall never constitute an indebtedness of the City within the meaning of any State of Illinois constitutional or statutory provision and shall not constitute or give rise to a pecuniary liability of the City or a charge or lien against the City's general credit or taxing power other than the Special Tax Allocation Fund. 4. LIMITED LIABILITY OF CITY TO OTHERS FOR DEVELOPER'S EXPENSES There shall be no obligation by the City to make any payments to any person other than Developer, nor shall the City be obligated to make direct payments to any other contractor, subcontractor, mechanic or material man providing services or materials to Developer for the Project. This Section shall not be a limitation on the amounts due to the Developer under this Agreement or a limitation of the Developer's right to direct payments to be made to others for the Developer's benefit under Article III. Page 11 of 29