R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

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„ , , . , � � 124PG11 � �K _ subject to the maximum reimbursement permitted by the cunent and effective Redevelopment Plan adopted by the City. 6. City agrees that no real estate tax increment generated by Developer's project shall be paid to other taxing districts as surplus funds or payments in lieu of taxes as defined under the Act until all of Developer's eligible project costs are � reimbursed. �, 7. Tax Increment Rebate Time Limit. The City shall have the right to de-certify ' and take necessary action to formally cease the TIF district upon satisfaction of the following events: a. All Phase I eligible redevelopment costs have been certified and paid; b. All Phase II eligible redevelopment costs have been certified and paid; and c. No new eligible redevelopment costs have been submitted or certified for a period of two (2) consecutive years. The City shall disburse any surplus funds from the Fund in accordance with the Act upon decertification of the TIF district. ARTICLE V PAYMENT OF ELIGIBLE PROJECT COSTS l. Developer shall advance (and in certain cases, has already advanced) all funds and all costs necessary (I) to acquire the Property; (ii) to construct all Public and Private Infrastructure improvements; (iii) to establish a Tax Increment Financing District; and (iv) any other cost relating to the creation of the Tax Increment Financing District or the development of the K.mart Plaza Commercial Project. As a result the Developer will incur substantial Redevelopment Project Costs from this project. 2. Definition of Redevelopment Project Costs and Tax Increment (a) For purposes of this Agreement, "Redevelopment Project Costs” shall mean and include all costs defined as "redevelopment project costs" in section 11-74.4-3q of the Act (as now or hereafter provided) and which are eligible for reimbursement under the Act, including but not limited to: property assembly costs, site preparation costs, site improvement costs, costs of constructing public improvements, professional fees, interest costs, taxing district's costs, registration of obligations, and any other costs described in and authorized by the Act. (b) For purposes of this section professional fees shall be defined as those professional service costs for engineering, architectural, legal, marketing, financial planning or other service relating to the administration and implementation of the Redevelopment Plan. See 65 ILCS 5/11-74.4-3(q)(1). Page 6 of 29