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(iii) Automobile . liability insurance including coverage for Hired Car and Non-Owned automobile liability with coverage limits of not less than $1,000,000 combined single limit for bodily injury and property damage.. (iv) Worker's compensation insurance, with statutory coverage. (b) All insurance required in this Article VI shall be taken out and maintained in responsible insurance companies selected by the Developer which are authorized under the laws of the State to assume the risks covered thereby. The Developer shall deposit annually with the City a certificate or certificates or binders of the respective insurers stating that such insurance is in force and effect. Unless otherwise provided in this Article VI, each policy shall COl!tain a provision that the insurer shall not cancel or materially modify it without giving written notice to the Developer and the City at least thirty (30) days before the cancellation or modification becomes effective. As soon as reasonably possible, the Developer shall furnish the City evidence satisfactory to the City that the policy has been renewed or replaced by another policy conforming to the provisions of this Article VI, or that there is no necessity therefore under the terms hereof. In lieu of separate policies, the Developer may maintain a single policy, or blanket or umbrella policies, or a combination thereof, which provide the total coverage required herein, in which event the Developer shall deposit with the City a certificate or certificates of the respective insurers as to the amount of coverage in force upon the Minimum Improvements. (c) Developer shall require that all contractors and subcontractors maintain insurance that conforms to the requirements of this Article. ARTICLE VI TAXES, TAX INCREMENT Section 6.1. Real Property Taxes. The Developer shall prior to the Termination Date pay when due and prior to the imposition of penalty all real property taxes payable with respect to all parts of the Development Property acquired and owned by it subsequent to the date of its acquisition of title to the Development Property (or part thereof) and until title to the property is vested in another person. Section 6.2. Creation of Tax Increment Districts. (a) The City intends to create a series of Tax Increment Districts to provide a source of funds to finance the reimbursement of the Developer for its payment of the Public Development Costs. The City has preliminarily analyzed the legal feasibility of creating the Tax Increment Districts and believes that it will be possible to do so. The timing of the creation of the Tax Increment Districts will be agreed upon by the City and the Developer. The City agrees that it will retain consultants to assist it in the creation of the Tax Increment Districts, including the preparation of tax increment financing plans. Under the Tax Increment Act, the City may not approve the creation of any Tax Increment District until it has held a public hearing on the matter. Therefore, the City can not warrant that the Tax Increment Districts will be created. (b) During the process of creating each Tax Increment District, the City will use its 21