R2019-147 Resolution Authorizing Agreement between the City of Decatur, Illinois, and Airport Plaza Joint Venture, LLC

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EXHIBIT A MEMORANDUM OF AGREEMENT FOR PAYMENT OF TIF ELIGIBLE COSTS by and between THE CITY OF DECATUR and AIRPORT PLAZA JDINT VENTURE,LLC. This Memorandum of Agreement is made as of the date of the last required signatory by and between the City of Decatur,an Illinois municipal corporation, hereinafter"the City"and Airport Plaza loint Venture, LLC,an Illinois limited liability company, hereinafter"the Developer". The parties hereby bind themselves to undertake a Memorandum of Agreement(the"Memorandum") under the following terms and conditions: I. GOALS AND OBJECTIVES. The purpose of this Memorandum of Agreement is to memorialize the understanding and agreement of the Parties as to the eligibility of certain project costs incurred,or to be incurred,by Developer in the Decatur Southeast Plaza Tax Increment Financing District, hereinafter (the "TIF District"). The parties have previously entered into a Redevelopment Agreement (hereinafter the "RDA"), originally approved by Ordinance by City on March 31, 1997 as Ordinance No. 97-19. 5uch has been previously amended by Ordinances no.97-36,2000-108,and 2014-30. II. TERM.The term ofthis Memorandum shall be effective until the expiration ofthe RDA,or upon Developer receiving all reimbursements entitled to under the Redevelopment Agreement, whichever occurs first. III.THE ELIGIBLE PROJECT COSTS: 1. City and Developer agree that the following are all to be considered as TIF eligible project costs under the existing RDA, as amended, the Tax Increment Financing Allocation Act of Illinois (the "TIF Act")and the City's Southeast Plaza TIF District Redevelopment Plan: a. All marketing costs incurred under the Brinkoetter and Associates Realtors Marketing Agreement, except and excluding all real estate commissions or similar success fees arising from development, for all properties within the TIF District that have a City issued building permit in effect on or before September 1,2020. b. All site preparation,excavation,site clearing landscaping,rough and final grading,and erosion control costs incurred on properties that have a City issued building permit in effect on or before September 1, 2020. Erosion control costs are costs incurred by Developer for work in preparing the property for development as required by the City and/or the Illinois EPA.