RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

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(d) As a condition precedent to receiving the Public Assistance in a given year, the Developer shall be in compliance with the requirements of this Section in such year. ARTICLE 3 Construction of Project Reserved. Restrictions on Development; Conditions of City/HRA Approval. The Developer may not construct or permit any Development to occur on any part of the Development Property until the Developer satisfies the conditions described in this Section. After the Developer satisfies the conditions described in this Section, the Developer may not, except upon the termination of this Agreement or otherwise as provided herein, construct or permit any Development to occur on any part of the Development Property until the City has approved the Construction Plans. Construction Plans. Prior to commencing construction of the Project, the Developer shall make available to the City for review Construction Plans for the Project. The Construction Plans shall provide for construction of the Project in conformity with the Redevelopment Plan, the TIF Plan, this Agreement, and all applicable state and local laws and regulations. The City shall approve the Construction Plans in writing if, in the reasonable discretion of the City, the Construction Plans: (a) conform to the Redevelopment Plan, the Modification, the TIF Plan, this Agreement, and to any subsequent amendments thereto approved by the City; (b) conform to all applicable federal, state and local laws, ordinances, rules and regulations; (c) are adequate to provide for construction of the Project; and (d) no Event of Default has occurred. No approval by the City shall relieve the Developer of the obligation to comply with the terms of this Agreement, applicable federal, state and local laws, ordinances, rules and regulations, or to properly construct the Project. No approval by the City shall constitute a waiver of an Event of Default. Any disapproval of the Construction Plans shall set forth the reasons therefore and shall be made within thirty (30) days after the date of their receipt by the City. If the City rejects the Construction Plans, in whole or in part, the Developer shall submit new or corrected Construction Plans within thirty (30) days after written notification to the Developer of the rejection. The provisions of this Section relating to approval, rejection and resubmission of corrected Construction Plans shall continue to apply until the Construction Plans have been approved by the City. Undertaking of Project. (a) Subject to Unavoidable Delay, Developer shall commence the Project by July 31, 2021, and cause the Project to be completed in accordance with the terms of this Agreement by July 31, 2023. (b) All work with respect to the Project shall be in substantial conformity with the Construction Plans approved by the City. (c) The Developer shall not interfere with, or construct any improvements over, any public street or utility easement without the prior written approval of the City. All 9