I.
RECITALS
The foregoing recitals are hereby incorporated into andmade a part of this
Agreement as though theywere fully set forth in thisArticle I and constitute the
representations, warranties and agreements of the respective parties hereto.
II.
CONDITIONSPRECEDENT
Riverside acknowledges that it will complete the reconstruction and upgrades to the
property as a conditionprecedent to the obligation of theCity tomake payments of a
portion of the retailers occupation sales tax, as set out hereinafter and that upon the non-
happening of the Improvements, theCity’s obligation under thisAgreement shall cease.
The reconstruction and upgrades are set forth inExhibit “A,” attached to andmade a part
of thisAgreement. IfRiverside decides tomake any changes in the reconstruction and
upgrades, itmust secure thewritten permission of theMayor to do so. Payments shall
also only bemade ifwhen the payment is received, Riverside is still operating a new car
dealership in theCity, with a full staff and has and is reporting all sales associatedwith
cars inventoried, delivered or storedwithin theCity as being sales taking placewithin the
City.
III.
DISBURSEMENTOFTAXREVENUE
A.
The parties agree that the revenues of the commercial re-development of the
property shall be the local distributive share of taxes (the “TaxRevenues”)
imposed by the State of Illinois pursuant to all retailers’ occupation tax acts, as
supplemented and amended, and as generated from the operation ofRiverside on
the Property. Three-Fourths (3/4) of all suchTaxRevenues shall be distributed to
Riverside by theCity for aTwo-Year (2Year) period beginningDecember 1,
2012 toNovember 30, 2014. Afterwhich, One-Half (1/2) of all suchTax
Revenues shall be distributed toRiverside by theCity for aThree-Year (3Year)
period beginningDecember 1, 2014 toNovember 30, 2017, afterwhich date the
City shall retain all suchRevenues distributed to it by theState of Illinois and its
obligations toRiverside shall cease. In the event that the reconstruction and
improvements have not been completed byDecember 2, 2012, the
commencement date of the payments shall be extended to begin on the first dayof
themonth after theMayor certifies inwriting that they have been completed and
complywith all City ordinances.
B.
All payment of TaxRevenues by theCity toRiverside shall be conditioned upon
actual receipt by theCityof such retailers occupation taxes generated byRiverside as
evidenced by tax returns alongwithproof of payment thereof filed andmade by
Riverside. TheCity shall payRiverside the amounts due hereunder on amonthly basis
