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- � � <br /> � <br /> _ . , � � <br /> __ - � , <br /> � � ' � (b) For purposes of this section professional fees shall be defined as <br /> � ` ' those professional service costs for engineering, architectural, legal, marketing, <br /> � fmancial planning or other services relating to the administration and <br /> implementation of the Redevelopment Plan. See 65 ILCS 5/11-74.4-3(c�(1). <br /> ( c ) For purposes of this Agreement, "Tax Increment" shall mean a11 <br /> increases in ad valorem taxes and municipal sales taxes (less the City's <br /> aforementioned 1/4%) arising from the development of the Property in the <br /> Redevelopment Project Area. In determining increases in ad valorem taxes, the <br /> County shall calculate the then current equalized assessed valuarion of the <br /> Property, as determined by Section 11-74.4-9 of the Act. <br /> For purposes of this agreement, "Municipal Sales Tax" sha11 mean all taxes <br /> distributed to the City, and attributable to the Redevelopment Project Area <br /> pursuant to the Retailers Occupation Tax Act 35 ILCS 120 et seq. and 65 <br /> ILCS 5/8 11-1 et sea. <br /> (d) Developer expects to incur interest costs on funds Developer <br /> borrows in connection with the undertaking of the Project. These interest costs <br /> incurred by the Developer sha11 be deemed Redevelopment Project Costs to the <br /> extent permitted by law, to be reimbwsed to Developer as provided in and subject <br /> to the limitations contained in the Act. <br /> 2. Procedure for Reimbursement to Developer <br /> (a) Payment to the Developer for Eligible Project Costs as set forth by <br /> the Act, shall be made upon Request for Verification of Cost Eligibility ' <br /> ("Request") submitted from time to time by Developer to the City and upon its , <br /> approval of and subject to the availability of funds in the Special Tax Allocarion <br /> Fund. <br /> (b) All Requests must be accompanied by verified bills or statements of <br /> suppliers, contractors, or professionals together with mechanic's lien waivers and <br /> engineering or architect's affidavits of work done and the value of the work <br /> completed. <br /> (c) The Developer shall use such sums only to the extent permitted by <br /> law and the Act and may allocate such funds for any permitted eligible <br /> redevelopment project cost associated with Phase I or Phase II of this project for <br /> the term of this Agreement or the term of the TIF District and receipt by the City <br /> of tax increment, whichever is longer. <br /> 7 <br />