Common use of UNDERTAKINGS OF THE DEVELOPER Clause in Contracts

UNDERTAKINGS OF THE DEVELOPER. 1.1 Developer’s Project shall include improvements to, and development of, the 222 Building as set forth in part on Exhibit B that will result in an increase in the assessed value. All aspects of the Project shall be in accordance with all applicable City zoning and building codes, ordinances and regulations. 1.2 Project Costs shall include, without limitation, costs incurred after approval of this agreement for the construction of improvements (including infrastructure improvements), environmental remediation costs, demolition, interior remodeling and development of the Project. 1.3 Developer warrants and represents to the City that but for the assistance provided by the City under Article II, herein, ▇▇▇▇▇▇▇▇▇ would not be able to proceed with the Project. 1.4 Developer shall cause the Project to be constructed and developed consistent with the conceptual Project Improvement Plan attached as Exhibit B or other plans approved by the City, in its reasonable discretion, and in accordance with all applicable City zoning and building codes, ordinances and regulations. Developer estimates that approximately $40 million will be invested in the Project to renovate the 222 Building as a Class A office building, and that the assessed value of the Project shall be not less than $29,300,000 million by January 1, 2026, and each year thereafter during the life of the District (the “Guaranteed Minimum Value”). 1.5 Developer and City acknowledge that several of the specific undertakings of the parties may require approvals from directors, boards or the Common Council as applicable. The parties' agreements are conditioned upon the obtaining of all such approvals in the manner required by law. The parties cannot assure that all such approvals will be obtained; however, they agree to use their best good faith efforts to obtain them on a timely basis.