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<br />its ability to provide funds to pay the costs of the <br />Project. The Developer agrees to provide written con- <br />firmation of such arrangements to the City prior to <br />beginning construction of the Project. <br />Section 2: Representations by the City. The City represents <br />that all actions necessary for the creation of the Reinvestment <br />Zone and the Tax Increment Fund have been taken by the City¡ in- <br />cluding approval of the Plan, and the City hereby represents that <br />it will proceed diligently to collect the tax increment fevenues <br />applicable to it as a taxing unit caused by increases in appraised <br />values in the Reinvestment Zone and will deposit same in the Tax <br />Increment Fund and verify that the same is done by the other tax- <br />ing units that tax the real property in the Reinvestment Zone¡ <br />and use and expend them solely as provided in this Agreement. <br />Section 3: Representations as to the One-Acre Tract of Land. <br />The Developer has agreed to donate to the community a one-acre <br />tract of land in the Reinvestment Zone to be used for one or more <br />community purposes. The Developer and the City agree that they <br />will work together and with the Board of Directors to develop <br />plans for the utilization of this one-acre tract of land. <br /> ARTICLE IV <br /> Remedies <br />Section 1: Default by the Developer. In the event that the <br />Developer fails to proceed with the construction of at least one <br />of the Facilities comprising the Project within twenty-four <br />months of the availability of water an~ wastewater services to <br />the Reinvestment Zone¡ the City shall have the right to terminate <br />this Agreement in full without liability of any kind to the <br />Developer. Furthermore¡ the City shall have no obligation to <br />reimburse the Developer for expenditures made in connection with <br />the construction of any Facility until the Facility is completed <br />and accepted by the City. <br />Section 2: Default by the City. In the event of default by <br />the City, the Developer shall be entitled to any remedy available <br />to it by law to compel and require the City and the officials <br />thereof to observe and perform the covenants¡ obligations¡ and <br />conditions prescribed in this Agreement. <br /> -8- <br />