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• -1 l . • I <br /> . . � � � � <br /> . r '� 1 <br /> ' ' 'T3�IEREON, NO FUNDS SHALL BE PAID FOR SAME BY THE CITY, FROM THE <br /> � FUND OR ANY OTHER SOURCE, TO THE DEVELOPER OR ANY HOLDER OF <br /> � ANY NOTES ISSUED HEREUNDER, OR ANY ASSIGNEE OF EITHER, IN EXCESS <br /> OF THREE MILLION DOLLARS ($3,000,000); AND, <br /> (B) WITH REGARD TO REIMBURSEMENT FOR EXPENSES RELATED TO <br /> PHASE II, AS SET OUT ON SAID EXHIBIT 3, NO FUNDS SHALL BE PAID FOR <br /> SAME BY THE CITY, FROM THE FUND OR ANY OTHER SOURCE, UNLESS <br /> FOUR HUNDRED THOUSAND DOLLARS ($400,000) IN APPROVED EXPENSES <br /> FOR SUCH PHASE, EXCLUDING LAND COSTS, HAVE BEEN SUBMITTED TO <br /> THE CITY, INCLUDING AFFIDAVITS PURSUANT TO SECTION VI(3)(a) HEREOF, <br /> WITHIN FIVE (5) YEARS FROM THE DATE OF THIS AGREEMENT. <br /> 11. Notwithstanding any other provision in this Agreement, if within 3 years <br /> from the date in which the Developer is fu11y reimbursed for a11 costs attributed to Phase I <br /> of this Project (subject to the $3 million limitarion set forth herein) and $400,000 is <br /> reimbursed for Phase II (as applicable), building of residenrial, commercial or industrial <br /> development has not begun to take place within Phase II, the Developer agrees that the <br /> City of Decatur may exercise its right to amend the current TIF Boundaries to take out a11 <br /> portions of the property currently referred to as Phase I and distribute all funds associated <br /> with Phase I as surplus funds, as provided for in the act. <br /> ARTICLE VI <br /> OTHER AGREEMENTS <br /> 1. POWERS <br /> The City hereby represents and warrants to Developer that the City has full constitutional <br /> and lawful constitutional right, power and authority, under current and applicable law, to execute <br /> and deliver and perform the terms and obligations of this Agreement, including but not limited to <br /> the right, power and authority to execute and deliver the Notes, and a11 of the foregoing have been <br /> or will be duly and validly authorized and approved by all necessary City proceedings, findings <br /> and actions. Accordingly this Agreement and the Notes each constitute the legal, valid and <br /> binding obligation of the City, are enforceable in accordance with their respective terms and <br /> provisions and do not require the consent of any other governmental authority. <br /> 2. VERIFICATION OF TAX INCREMENT <br /> It sha11 be the sole responsibility of the Developer to provide to the City as requested the <br /> following: <br /> A. Copies of a11 real estate tax bills for the base tax year on the property located in the <br /> 11 <br />