R2018-142 Resolution Authorizing Agreement Between the City of Decatur and Mueller Company For Reimbursement of Development Costs From State of Illinois Grant

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upgrade the existing facility, anc! "but for" this Agreement, the Deveioper would not undertake these improvements at the Pre�nises and said impravements would not be passible. NOW THEREF4RE, in cansideratian of the promises and mutual covenants and obligations of the parties contained herein, and other good and valuable consideration,the receipt and sufficiency whereof are hereby acknowledged, the parties hereto, intending to be legally bound, hereby covenant and agree as follows: a. Within (24) months from the date of this executed agreernent the developer shall construct a new parking lot within two city blacks of the Premises. Funds will be released on a reirnbursement basis from the time the new parking lot building permit is issued. b. The Developer shall, absent a materially adverse event to Developer's business, use commercially reasonable efforts to retain a rninimum of 400 jobs and increase payrall aver the current level at the Premises as verified by the State ofIllinais for five(5)years after developrnent reirnbursement and shall make capital expenditures of at least $S million at its Decatur facility located at 500 W. Decatur St. over the twenty-four (24) months from the date of this executed agreement. c. At such time as the Developer substantially completes said items listed in section (a) of this agreement,the City shatl reirnburse the Develaper, subject to the requirements af the State of Illinais for the use of said funds, for eligible costs to a maxirnum of$500,000 or the totai amount actually provided by the State af Illinois as listed in the Iilinois appropriations biil,Public Act 100- 0586, Article 161 Section 14, whiehever is lower. Eligible casts shall include the cost of land acquisition, detnalition and/or site work and assaciated ingress and egress infrastructure to allow for and suppart parking lot constructian. If for any reason the City does not receive the grant frorn the State of Illinois,the City will nat be liable for reimbursement af any expenses for Deveiopment. d. In the event that the Develaper daes not meet the requirements of sections(a)and(b}of this agreement, the City shall upon request be entitied to fu11 reimbursement of grant funds provided as part of this agreement. e. If any section,term or provision of this Agreement or the applicatian thereaf shall be found or held to be invalid or unenforceable, the remainder of such section,term or provision of the Agreement other than those found or held invalid or unenforceable shall not be affected thereby; and f. All notices, demands,requests, consents, approvals ar other instrurnents required ar permitted by this Agreement shall be in writing and shall be executed by the party or an officer, agent or attarney of the party, and shall be deemed to have been effective as of the date of actual delivery, if delivered personally, or as af the third(3�a) day from and including the date of posting, if mailed by registered or certified mail,return receipt requested,with pastage prepaid, addressed as follows (or to such other addcess as is provided by notice):