R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

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. � � � �� ` ( �K ; � 2 ►� PG11 2 (c) For purposes of this Agreement, "Tax Increment" shall mean all increases in ad valorem taxes arising from the development of the Property in the Redevelopment Project Area. In determining increases in ad valorem taxes, the County shall calculate the then current equalized assessed valuation of the Property, as determined by Section 11- 74.4-9 of the Act. For purposes of this agreement, "Municipal Sales Tax" shall mean all taxes distributed to the City, and attributable to the Redevelopment Project Area pursuant to the Retailers Occupation Tax Act 35 ILCS 120 et seq. and 65 ILCS 5/8 11-1 et seQ• (d) Developer expects to incur interest costs on funds Developer borrows in connection with the undertaking of the Project. These interest costs incurred by the Developer shall be deemed Redevelopment Project Costs to the extent permitted by law, to be reimbursed to Developer as provided in and subject to the limitations contained in the Act. 2. Procedure for Reimbursement to Developer (a) Payment to the Developer for Eligible Project Costs as set forth by the Act, shall be made upon Request for Verification of Cost Eligibility ("Request") submitted from time to time by Developer to the City and upon its approval of and subject to the availability of funds in the Special Tax Allocation Fund. (b) All Requests must be accompanied by verified bills or statements of suppliers, contractors, or professionals together with mechanic's lien waivers and engineering or architect's affidavits of work done and the value of the work completed. (c) The Developer shall use such sums only to the extent permitted by law and the Act and may allocate such funds for any permitted eligible redevelopment project cost associated with Phase I or Phase II of this project for the term of this Agreement or the term of the TIF District and receipt by the City of tax increment, whichever is longer. 3. (a) The Developer shall submit for approval by the City as cost eligible expenses under the Act including bills for work in progress or completed, together with required mechanic's lien waivers or engineering or architect's affidavits of work done and the value of the completed work. In addition, the Developer agrees to provide the City with affidavits from its lender verifying the cost and expenses incurred. (b) The City shall within 30 business days approve or deny the bills or estimates. Approval of the request will not be unreasonably withheld. If a request is disapproved by the City, the reasons for disallowance will be set forth in writing and the Developer may resubmit the request with such additional information as may be required and the same procedure set forth herein shall apply to such resubmittals. Page 7 of 29