Agenda - Economic Development Authority - 08/12/2021

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all applicable local, state, and federal laws and regulations which must be obtained or met before the Project may be lawfully constructed. (5) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement results in a breach of, the terms, conditions or provision of any contractual restriction, evidence of indebtedness, agreement or instrument of whatever nature to which the Developer is now a party or by which it is bound, or constitutes a default under any of the foregoing. (6) The Developer will cooperate fully with the City with respect to any litigation commenced with respect to the Project. (7) The Developer will cooperate fully with the City in resolution of any traffic, parking, trash removal or public safety problems which may arise in connection with the construction and operation of the Project. (8) Construction of Phase 1 shall begin by October 1, 2021 and the construction of Phase 1 will be substantially completed by December 31, 2022, subject to Unavoidable Delays. Construction of Phase 2 shall begin by September 1, 2022 and the construction of Phase 2 will be substantially completed by September 30, 2023, subject to Unavoidable Delays. (9) The Developer acknowledges that Tax Increment projections contained in the Tax Increment Financing Plan are estimates only and the Developer acknowledges that it shall place no reliance on the amount of projected Tax Increments and the sufficiency of such Tax Increments to reimburse the Developer for a portion of the costs of the acquisition of the Development Property as provided in Article III. Section 2.3. Representations and Warranties of the Owner. The Owner makes the following representations and warranties: (1) The Owner is a Delaware limited liability company, is authorized to do business in the State, and has the power and authority to enter into this Agreement and to perform its obligations hereunder, and doing so will not violate its articles of organization, member control agreement or operating agreement, or the laws of the State and by proper action has authorized the execution and delivery of this Agreement. (2) The Owner will cooperate fully with the City with respect to any litigation commenced with respect to the Project. (3) The Owner will cooperate fully with the City in resolution of any traffic, parking, trash removal or public safety problems which may arise in connection with the construction and operation of the Project. 5 13580713v2