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The
community and the developer execute a redevelopment agreement with
contractually obligate the developer to perform specific activities
in order to receive the benefits of TIF. Failure to perform generally
gives rise to a breach of contract and may allow for termination of
the redevelopment agreement and the TIF Plan. The governing body of
the municipality is required by state statute to prepare an annual
report concerning the status of each redevelopment plan and project.
In addition, before any TIF benefits may be released the municipality
must certify that the improvements were completed as required by the
redevelopment agreement. |
