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WHEREAS, the 2018/2019 Projects will result in the rehabilitation and redevelopment of <br /> approximately the northern half and the preservation of the southern half of a block within the <br /> downtown area of the City bounded by Wayne Street on the north, Michigan Street on the east, <br /> Main Street on the west and Western Avenue on the South (known herein as the "Block"), as <br /> displayed on the rendering of the 2018/2019 Projects attached hereto as Exhibit A; and <br /> WHEREAS, the total cost of the 2018/2019 Projects is estimated to be approximately <br /> $36,000,000 to $38,000,000 and the City, the Commission and the Foundation will agree herein <br /> to supplement the funds to be raised by the Library Bonds in order to pay for the entire cost of <br /> the 2018/2019 Projects; and <br /> WHEREAS, the City will agree to issue economic development tax increment revenue <br /> bonds (the "EDC/TIF Bonds"), which will be secured by a pledge of tax increment revenues by <br /> the Commission, in order to finance an approximate $4,000,000 portion of the 2018/2019 <br /> Projects and the Foundation will agree to fund a $10,000,000 portion of the 2018/2019 Projects, <br /> all as set forth herein; and <br /> WHEREAS, the Parties recognize that (i) the Public Library, the Commission and the <br /> City must take additional actions in order to implement certain of the undertakings set forth <br /> herein including, in some instances, completion of required statutory and regulatory proceedings, <br /> and the Public Library's, Commission's, and City's respective obligations hereunder shall be <br /> subject to completing such additional actions, (ii) the obligations of the Parties hereunder are <br /> subject to the fulfillment of the respective obligations hereunder by the other Parties to this <br /> Agreement. <br /> NOW, THEREFORE,the Parties hereby agree that the foregoing recitals are accurate and <br /> incorporated into this Agreement for all purposes, and further agree as follows: <br /> SECTION 1. Public Library Agreements. The Public Library agrees with the other <br /> Parties as follows: <br /> (a) Issuance of Library Bonds. The Public Library shall, subject to further <br /> proceedings required by law, issue the Library Bonds which will be issued in more than <br /> one series but will total an aggregate principal amount not more than $20,000,000 to <br /> finance portions of the 2018/2019 Projects. The Public Library will take the necessary <br /> steps to close on the Library Bonds by the end of 2019, subject to proceedings required <br /> by law. <br /> (b) Construction of the 2018/2019 Projects. Subject to the conditions set forth <br /> in this Agreement, the Public Library will undertake and oversee the design, bidding, <br /> construction and completion of the 2018/2019 Projects. The construction of the <br /> 2018/2019 Projects (the "Construction") will be undertaken as soon as is reasonably <br /> practicable with an anticipated completion date for all such projects in 2022. The <br /> selection of the lead architect for design and the local architect of record for the <br /> 2018/2019 Projects will be made by the Public Library, and any contract with such lead <br /> architect for design and/or architect of record in connection with the 2018/2019 Projects <br /> will be approved by the Public Library. <br /> -2 - <br />