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: �55� I�age•. 41�fi
<br /> A��tEEl��l�T
<br /> TI�S DEVELt�PMENT AGREEMEN'� BETWEEN THE CITY OF DECATUR,
<br /> ILLIItitit3lS, a home zule MUnicipat Co�roration, {hereinafter referred ta as the "Gity'� and MAA
<br /> P�24PER�`IES, LI.C, an �ilinois Limited Liabitity Carporation, (b.erein refezred ta as the
<br /> "Developer"}is entered into as of the 17 th day of , Apr i 1 ,201�.
<br /> RECITALS
<br /> WHEREA.S,ihe City is a home nsie uuiE a�'govez�nment,pwrsuant to Sectian G of Article ViI
<br /> of the Constit�ztion of the State af Illinais, Wl� aI� Q��16 #3{TW�X$ 8II{� �2GtlOIIS �lCTta1211II� I47 I�fi
<br /> govcrnment and affairs as set ant therein and as sueh has the authoriky to prornote healtt�, safety and
<br /> welfare, inaluding to promote the development of its Centrat Business District,prornnte employment
<br /> of its citi2ena, prevent the spread of blight and deterioration and inadequate facilities by promoting
<br /> ti�e devetapment of and private invesEment in industry, business and housing aad e�nhancing the
<br /> marketability of premises and is authorized and empawered ta enter into economic incentive
<br /> agre�ments pertaining te�its govexnment and affairs,including the economic develapment af the City
<br /> and ttze expausion of its tax base ihereby reducing uneragloyment;and
<br /> WHEREAS, the Developer currently owns certain property Iocated in tlae Centra[ Business
<br /> District of#he City tocated at 14I S.Main St.mvre fully descnbed an Bxhibit A attached hereto and
<br /> by reference made a part hereof("I'zemises"}>and
<br /> WSEREAS,priar to the DeveIopez assuming ownership of the Pre�nises in 2UQ3, tha City
<br /> entered anto an agreemant dated April 7, 1998 with the previans owner, Real �state Investors of
<br /> Decatur, LLC,to provide Section 108 Loan Guarantee funding not to exceed $1,400,000 through its
<br /> Commwuty Develapmant Block Grant pragrain for rettabilitadon af t�e Premises. The Se�tion 108
<br /> Loan Guarantee program is designed to spur private economic activity, Pmviding states amd
<br /> catnm�znities with a saurce of financing for econamio d�velapment, hoosing rehabititatian, public
<br /> faci2ities and Iaxge scais physica!deveiopmeut projecYs;and
<br /> WHEREAS,ti�e aforementioned Iaan was secured by the City t}arrough a mortgage instrument
<br /> dated Aprit'7, I998 and recarded 7une S, 1998 in Baak 2$p3 at Page 657,as Docuxnent No. 1486319
<br /> Betweeu Central Itlinois Bank, as Trustee, under Tn�st Agreement dated 7une 27, 1997 known as
<br /> Trust No. 9t�-5081 and the City crf Decatur, an Illznais Mwaicipai Corpcsration, with #he af�"iliated
<br /> mortg�ge lien remainixzg at#ached to ihe pxaperty;AND
<br /> WHEREAS,Real Estate In.vestars of Decattu is now defunck,having made payments tataling
<br /> $754,639.54 to the City with a Iast payment made on 3/1/2406 and the LLC having been involuntariIy
<br /> dissolved as of September 28,20d6;aad
<br /> V4Z�EREAS, since taking ownership, il�e Developer has redeveloped the Premises and
<br /> significantly cantributcd to the economic development af the City,with the property ta�c value hav%ng
<br /> increased fram$111,478.84 in 2002,the year prinr ta the dsveloper taking ownexship,to an assessed
<br /> vatue of$�8I,724.42 in kaac year 2015 payable in 2016 acaording ta the office of the Macon Gaunty
<br /> Supervisar af Assessxnents zestzIting in an increase in the annaunt of pz'operty ta�ces paid to the
<br /> ; eommunity fro�n $?,138.26 iu 2UO2 to �89,091.1a in taac year 20IS payable in 2016 aud reducing
<br /> ' unemployme�t ar�d creafing ar rekaining job oppomuaitzes within the Cify,ANa,
<br /> �N�����
<br /> Page 181 of 29Q
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