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01-23-2019 Council Packet
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01-23-2019 Council Packet
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11237553v3 <br /> <br /> <br /> 5 <br /> <br />the terms, conditions or provision of any contractual restriction, evidence of indebtedness, <br />agreement or instrument of whatever nature to which the Developer is now a party or by which it <br />is bound, or constitutes a default under any of the foregoing. <br />(5) The Developer will cooperate fully with the City with respect to any litigation <br />commenced with respect to the Project. <br />(6) The Developer will cooperate fully with the City in resolution of any traffic, <br />parking, trash removal or public safety problems which may arise in connection with the <br />construction and operation of the Project. <br />(7) The construction of the Project shall commence no later than April 30, 2019 and <br />barring Unavoidable Delays, will be substantially completed by December 31, 2019. <br />(8) The Developer will obtain, or cause to be obtained, in a timely manner, all <br />required permits, licenses and approvals, and will meet, in a timely manner, all requirements of <br />all applicable local, state, and federal laws and regulations which must be obtained or met before <br />the Project may be lawfully constructed. <br />(9) The Developer acknowledges that Tax Increment projections contained in the Tax <br />Increment Financing Plan are estimates only and the Developer acknowledges that it shall place <br />no reliance on the amount of projected Tax Increments and the sufficiency of such Tax <br />Increments to reimburse the Developer for a portion of the costs of the construction of the Site <br />Improvements as provided in Article III. <br />(10) The Developer will not seek a reduction in the market value as determined by the <br />County Assessor of the Project or other facilities, if any, that it constructs on the Development <br />Property, pursuant to the provisions of this Agreement, for so long as the TIF Note remains <br />outstanding.
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