97-19 AUTHORIZING REDEVELOPMENT AGREEMENT Southeast Plaza

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_ � 1 ' �� ', � 3. (a) The Developer sha11 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. 4. Subject to Section 9 below, all Ta�c Increment collected and deposited into the Special Ta�c Allocation Fund annually during the term of this Agreement shall be disbursed therefrom from time to time in accordance with this Agreement not later than thirty days (30) from the date on which such monies are deposited therein. All monies contai.ned in the account are pledged solely to the satisfaction of the payment and reimbursement of obligarions hereunder. 5. (a) To the extent that monies aze not then available in the Special Ta�c Allocation Fund to reimburse Developer hereunder, the City shall evidence its obligation to reimburse Developer for Redevelopment Project Costs (other than Interest Costs) by the execurion and delivery of one or more taxable or non-t�able Notes, which Notes shall be deemed obligations issued by the City pursuant to Section 11-74.4-3 of the Act. THE NOTES SHALL NOT CONSTITUTE GENERAL OBLIGATIONS OF THE CITY, NOR SHALL THEY BE SECURED BY THE FULL FAITH AND CREDIT OF THE CITY. ALL NOTES SHALL BE PAYABLE SOLELY FROM TAX INCREMENT MONIES DEPOSITED FROM TIME TO TIME INTO THE FUND. All notes sha11 be issued by the City Treasurer's Office, or some other agreed upon officer or office within the City of Decatur, within 15 days of the City's approval of submitted reimbursable eligible project costs (the procedure of wluch is set forth in Section 3(b) above). Execution of said note or notes shall not require further appropriation or approval by the Decatur City Council. All notes shall be secured by a lien on and a pledge of monies deposited from time to time in the Special Tax Allocation Fund. The principal balance of all Notes shall bear interest at an annual rate equal to 200 basis points below the rate of interest announced from time to ti.me in Chicago, Illinois, by the First National Bank of Chicago as its "corporate base rate" of interest if non-taxable and equal to the rate of interest announced from time to time in Chicago, Illinois, by the First National Bank of Chicago as its corpotate base rate of interest if taxable or such other interest rate as the City and Developer may hereafter agree upon. The taxability or non-taxable of a Note sha11 be determined by City's Bond Counsel, Chapman& Cutler prior to any Note being issued. Accrued but unpaid amounts of interest on all outstanding Notes shall be added to the outstanding principal balance of such Notes, on an annual basis as of December 31 8