R2018-51 Authorizing Redevelopment Agreement Love's Travel Stops & Country Stores, Inc.

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DEVELOPMENT AGREEMENT (Decatur,IL—Roadwork) THIS DEVELOPMENT AGREEMENT (the "Agreement") is entered into as of the Effective Date (being the last date of execution by the parties), by and between LOVE'S TRAVEL STOPS & COUNTRY STORES, INC., an Oklahoma corporation ("Love's"), and the CITY OF DECATUR, ILLINOIS a municipal corporation(the"Cfty"). RECITALS A. WHEREAS, Love's is the owner of(or is currently under contract to acquire) certain real property located at or near the intersection of Illinois Route 121 and County Fair Drive in Macon County, Decatur, Illinois,(the"Love's Property"),upon which Love's intends to develop and operate a full service Love's Travel Stop and related facilities in substantially the same form as described in Exhibit D attached hereto(the"Intended Use"); and B. WHEREAS, In conjunction with the development of the Love's Property, the City has agreed that it will undertake and complete the construction of certain improvements to County Fair Drive as generally depicted on the site plan attached hereto as Exhibit A, and as further set forth in the Plans (as defined in Section 1) (collectively, the "Work"), and will reimburse Love's for previous expenditures related to the improvements as described in the Change in Services Agreement attached hereto as Exhibit B;and C. WHEREAS, the property has remained vacant for at least one year, the project is expected to create or retain job opportunities within the municipality, will create job opportunities within the Municipality and will serve to further the development of adjacent areas;and D. WHEREAS, improvements to County Fair Drive are necessary to the operations of the Love's Travel Stop and the project would not occur without significant incentive being provided by the City; and C. WHEREAS, Upon completion of the Work, the City will maintain County Fair Drive and related municipal infrastructure as part of the public roadway system; and D. WHEREAS, The parties desire to execute and deliver this Agreement to further evidence the terms,conditions,and agreements between the parties with respect to the transactions referenced above. NOW,THEREFORE,IN CONSIDERATION of the mutual covenants and conditions below and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,the parties agree as follows: 1. PLANS AND APPROVALS FOR WORK. At the request of Love's,CESO,Inc. has prepared detailed construction plans,drawings and specifications(the"Plans")for the Work to construct improvements to County Fair Drive as specifically referenced in Exhibit A attached hereto. The Plans have been previously submitted to the City for review and approval,with such approval not to be unreasonably withheld and in any case shall be deemed granted if the City does not object to any part of the Plans within 20 days of the Effective Date. Upon approval of the Plans by the City,the same will be deemed incorporated herein by this reference and made a part of this Agreement.Modifications to the