R2003-67 RECEIVING AGREEMENT - Laserfiche WebLink

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replacing an existing public building if the existing public building is to be demolished to use the site for private investment or devoted to a different use requiring private investment; (e) costs of construction of public works or improvements, excluding the cost of constructing a new municipal public building principally used to provide offices, storage space, or conference facilities or vehicle storage, maintenance, or repair for administrative, public safety, or public works personnel and that is not intended to replace an existing public building; (fl costs of job training and retraining projects, including the cost of"welfare to work" programs implemented by businesses located within the Redevelopment Area; (g) Issuance Costs; (h) all or a portion of a taxing district's capital costs resulting from the Redevelopment Project necessarily incuired or to be incurred within a taxing district in furtherance of the objectives of the Redevelopment Plan and Project, to the extent the Municipality by written agreement accepts and approves such costs; (i) relocation costs, to the extent that the Municipality determines that relocation costs shall be paid or that it is required to pay such relocation costs by federal or State law; (j) payments in lieu of taxes; (k) costs of job training, retraining, advanced vocational education or career education; and (1) interest cost incurred by the Developer related to the construction, renovation, or rehabilitation of the Redevelopment Project in the manner provided by the TIF Act and Section 4.8 of this Agreement. "Tax IncremenY' means that portion of real property taxes in any year attributable to the increase in the equalized assessed valuation for that year of the Development Property over and above the initial equalized assessed value for said Property. ARTICLE II. DEVELOPER DESIGNATION 2.1 Developer Designation. The Municipality hereby selects the Developer to construct and install the Development Project in accordance with the Act, the Redevelopment Plan, the Redevelopment Project, this Agreement, and the Concept Site Plan. Any conflict among any of the afarementioned documents shall be resolved by giving preference to the documents in the order set forth in the foregoing sentence, with the Act being given the highest preference. ARTICLE III. DEMOLITION AND CONVEYANCE OF THE DEVELOPMENT PROPERTY 3.1 Conveyance of Phase I of the Development Property Upon satisfaction of the conditions set forth in Section 3.3, but not later than March 1, 2004, if at all, the Municipality shall convey Phase I of the Development Property to the Developer ("Closing"). Closing shall occur at the offices of Central Illinois Title Company, or �uch other place as is mutually agreeable to the Municipality and the Developer. The date for Closing may be modified by written agreement between the Developer and the City Manager. 3.2 Title Insurance The Municipality shall furnish to the Developer a commitment for an , owner's title insurance policy for said Phase I insuring against defects in the merchantability of title in the value of One Hundred Fifty Thousand Dollars ($150,000.00) per parcel. Title may be subject to coal and mineral rights, if now reserved or conveyed of record, and to all easements and building and use restrictions now of record which do not restrict reasonable use. The Developer shall promptly advise the � 4