R2006-77 AUTHORIZING REDEVLOPMENT AGREEMENT Olde Towne Redevelopment

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All Requisitions must �be accompanied by appropriately supporting documentation, including, as applicable, verified bills or statements of suppliers, contractors, or professionals, lien waivers and contractor affidavits. The City Manager(or designee, as the case may be), shall approve or disapprove a Requisition by written notice to the Developer within five (5) business days after receipt of the Requisition. Approval of a Requisition will not be unreasonably withheld. If a Requisition is disapproved, the reasons for approval will be set forth in writing; and the Developer may resubmit the Requisition with such additional information as may be required, and the same procedures as set forth herein for initial submission shall apply to such resubmittals. The Municipality and the Developer acknowledge that the determination of the qualification of Eligible Redevelopment Project Costs,the Area and the Redevelopment Plan and Project and, therefore, qualification for payment and/or reimbursement under this Agreement are subject to changes made by amendments to the Act, opinions of counsel with experiences in connection with TIF and municipal fmance, administra.tive rules, and judicial or other ', interpretations during the term of this Agreement, and the Municipality has no obligation to the Developer to attempt to modify those decisions but will assist the Developer as to obta.ining approval of Eligible Redevelopment Project Costs. The Developer assumes all risks related to qualification of Eligible Redevelopment Project Costs,the Area and the Redevelopment Plan and Project or the Development Project. 4. VERIFICATION OF TAX INCREMENT It shall be the sole responsibility of the Developer to provide to the Municipality as requested,the following: (a) The Illinois Business Identification Number of the business or businesses constituting the Development Project and within the Development Area. (b) Certified copies of real estate tax bills for the ta�c yeaz prior to the calendar yea.r of this Agreement, and annually thereafter,certified copies of all paid real estate tax bills for the immediately preceding real estate taac year on each ta�c parcel constituting the Development Area. The failure of the Developer to provide any information required in this Agreement shall be considered a material breach of this Agreement and shall be sufficient cause for the Municipality to deny payments under this Agreement to or in respect of the Developer, which payments are expressly conditioned upon the receipt of the foregoing information. 5. LIlVIITED OBLIGATION The Municipality's obligations under this Agreement to pay debt service on any Note and/or to pay or reimburse the Developer for Eligible Redevelopment Project Costs is a special and limited obligation, to be paid solely from funds on deposit in the Special Account of the Fund, and not otherwise. Any such obligation does not now and shall never constitute an indebtedness of the Municipality within the meaning of any constitutional or statutory provision and shall not constitute or give rise to a pecuniary liability of the Municipality or a charge or lien against the Municipality's general credit, funds,taxing power or otherwise, a condition precedent to the Municipality's execution hereof and to which the Developer hereby irrevocably assents.