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Book: 4558 Page: 4$6
<br /> AGREEMENT
<br /> THIS DEVELOPMENT AGREEMENT BETWEEN THE CITY OF DECATUR,
<br /> ILLINOIS, a home rule Municipal Corporation, (hereinafter referred to as the "City") and MDA
<br /> PROPERTIES, LLC, an Illinois Limited Liability Corporation, (herein referred to as the
<br /> "Developer')is entered into as of the 17 th day of April 2017.
<br /> RECITALS
<br /> WHEREAS,the City is a home rule unit of government,pursuant to Section 6 of Article VII
<br /> of the Constitution of the State of Illinois, with all of the powers and functions pertaining to its
<br /> government and affairs as set out therein and as such has the authority to promote health, safety and
<br /> welfare, including to promote the development of its Central Business District,promote employment
<br /> of its citizens, prevent the spread of blight and deterioration and inadequate facilities by promoting
<br /> the development of and private investment in industry, business and housing and enhancing the
<br /> marketability of premises and is authorized and empowered to enter into economic incentive
<br /> agreements pertaining to its government and affairs, including the economic development of the City
<br /> and the expansion of its tax base thereby reducing unemployment;and
<br /> WHEREAS, the Developer currently owns certain property located in the Central Business
<br /> District of the City located at 101 S.Main St. more fully described on Exhibit A attached hereto and
<br /> by reference made a part hereof("Premises");and
<br /> WHEREAS, prior to the Developer assuming ownership of the Premises in 2003, the City
<br /> entered into an agreement dated April 7, 1998 with the previous owner, Real Estate Investors of
<br /> Decatur, LLC, to provide Section 108 Loan Guarantee funding not to exceed$1,400,000 through its
<br /> Community Development Block Grant program for rehabilitation of the Premises. The Section 108
<br /> Loan Guarantee program is designed to spur private economic activity, providing states and
<br /> communities with a source of financing for economic development, housing rehabilitation, public
<br /> facilities and large scale physical development projects;and
<br /> WHEREAS,the aforementioned loan was secured by the City through a mortgage instrument
<br /> dated April 7, 1998 and recorded June 5, 1998 in Book 2803 at Page 657,as Document No. 1486319
<br /> Between Central Illinois Bank, as Trustee, under Trust Agreement dated June 27, 1997 known as
<br /> Trust No. 90-5081 and the City of Decatur, an Illinois Municipal Corporation, with the affiliated
<br /> mortgage lien remaining attached to the property;AND
<br /> WHEREAS,Real Estate Investors of Decatur is now defunct,having made payments totaling
<br /> $754,639.54 to the City with a last payment made on 3/1/2006 and the LLC having been involuntarily
<br /> dissolved as of September 28,2006;and
<br /> WHEREAS, since taking ownership, the Developer has redeveloped the Premises and
<br /> significantly contributed to the economic development of the City,with the property tax value having
<br /> increased from$111,478.84 in 2002,the year prior to the developer taking ownership, to an assessed
<br /> value of$781,724.42 in tax year 2015 payable in 2016 according to the office of the Macon County
<br /> Supervisor of Assessments resulting in an increase in the amount of property taxes paid to the
<br /> community from $7,138.26 in 2002 to $89,091.10 in tax year 2015 payable in 2016 and reducing
<br /> unemployment and creating or retaining job opportunities within the City;AND,
<br />
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