Agenda - Council - 06/13/2023 - Laserfiche WebLink

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Table of Contents Page ARTICLE I DEFINITIONS................................................................................................. 2 Section 1.1. Definitions............................................................................................ 2 ARTICLE II REPRESENTATIONS AND WARRANTIES ................................................ 5 Section 2.1. Representations and Warranties of the City ......................................... 5 Section 2.2. Representations and Warranties of the Developer ............................... 5 ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY ....................................... 7 Section 3.1. Project, Site Improvements and Legal and Administrative Expenses.............................................................................................. 7 Section 3.2. Limitations on Undertaking of the City ............................................... 7 Section 3.3. Reimbursement: TIF Note................................................................... 7 Section 3.4. Business Subsidies Act........................................................................ 8 Section 3.5. Real Property Taxes............................................................................. 9 Section 3.6. Prohibition Against Transfer of Project and Assignment of Agreement.......................................................................................... 10 Section 3.7. Execution of Assessment Agreement ................................................ 10 ARTICLE IV EVENTS OF DEFAULT............................................................................... 12 Section 4.1. Events of Default Defined................................................................. 12 Section 4.2. Remedies on Default.......................................................................... 12 Section 4.3. No Remedy Exclusive........................................................................ 13 Section 4.4. No Implied Waiver............................................................................ 13 Section 4.5. Agreement to Pay Attorney's Fees and Expenses .............................. 13 Section 4.6. Indemnification of City...................................................................... 13 ARTICLE V DEVELOPER'S OPTION TO TERMINATE AGREEMENT ..................... 15 Section 5.1. The Developer's Option to Terminate ................................................ 15 Section 5.2. Action to Terminate........................................................................... 15 Section 5.3. Effect of Termination......................................................................... 15 ARTICLE VI ADDITIONAL PROVISIONS............................................................................ 16 Section 6.1. Restrictions on Use............................................................................ 16 Section 6.2. Conflicts of Interest............................................................................ 16 Section 6.3. Titles of Articles and Sections........................................................... 16 Section 6.4. Notices and Demands........................................................................ 16 Section6.5. Counterparts....................................................................................... 17 Section6.6. Law Governing.................................................................................. 17 Section6.7. Expiration........................................................................................... 17 Section 6.8. Provisions Surviving Rescission or Expiration .................................. 17 Section 6.9. Assignability of TIF Note.................................................................. 18 EXHIBIT A Description of Development Property.................................................................. A-1 EXHIBIT B Form of TIF Note.................................................................................................. B-1 76644791v2