2005 018 Ordinance - Laserfiche WebLink

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Incremental Financing Agreement. If at any time TIF revenues are insufficient or fail to meet debt service payments connected with the infrastructure improvements described herein, Progressive agrees to make up the difference in cash, modification to the Income Tax Grant Agreement and/or special assessments, provided that Progressive has previously agreed in writing to the infrastructure improvements and related costs, and the resulting financing or re-financing transactions, that have resulted in such excess debt service payments. 23. MODIFICATION. This Development Agreement may be modified at any time by mutual consent of the parties. 24. REOPENER PROVISION. In the event that a municipal tax expenditure limitation provision such as that under consideration by the State Legislature at this time (hereinafter, "TEL") is passed into law, Progressive and the Village may elect to consult with each other on potential appropriate restructurings of the Grant, provided that such adjustment does not reduce the grant to which Progressive would otherwise be entitled. 25. COOPERATION AND FUTURE PERFORMANCE The parties agree that they shall cooperate in good faith as necessary to carry out the intent of this Agreement, including, without limitation, the negotiation and completion of ancillary agreements discussed herein and such other related documents or agreement that may be reasonably required by either party. Progressive acknowledges that its design, development and construction plans for the Development will be subject to approval by the Village pursuant to Village ordinances. For all infrastructure to be constructed by the Village in accordance herewith, the Village shall undertake to complete the necessary design plans and construction documents. The Village agrees to consult with Progressive in connection with such design work and construction plans and to obtain Progressive's prior approval (which shall not be unreasonably withheld), including, without limitation, with respect to the elements or technical requirements of such plans and designs that must be coordinated with the Development, aesthetic features and potential cost- saving opportunities. Progressive agrees to promptly review proposals submitted by the Village and provide its approval or other comments. 26. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement of the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and arrangements concerning such subject matter. Page 7