R2020-182 Resolution Authorizing the Final Agreement Between the City of Decatur, Illinois and Airport Plaza Joint Venture, LLC-Payment of Reimbursable Costs

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FINAL AGREEMENT FOR PAYMENT OF REIMBURSABLE COSTS by and between THE CITY OF DECATUR and AIRPORT PLAZA JOINT VENTURE,LLC. THIS FINAL AGREEMENT FOR THE PAYMENT OF COSTS (the "Final Agreement") is entered into as of the 21s' day of December, 2020 by and between the City of Decatur, Illinois, a municipal corporation,(hereinafter referred to as the"City")and Airport Plaza Joint Venture,LLC, an Illinois Limited Liability Company(hereinafter referred to as the "Developer"). RECITALS WHEREAS, the City has adopted a program for the redevelopment of a redevelopment area known as the City of Decatur/Southeast Plaza TIF Tax Increment Redevelopment Area (the "Redevelopment Area")in the City,pursuant to 65 ILCS 5/11-74.4-1,et seq of the Illinois Revised Statutes,the"Tax Increment Allocation Redevelopment Act"(hereinafter referred to as the"Act"); WHEREAS,the City has,pursuant to the provisions of the Act, adopted a plan known as the City of Decatur/Southeast Plaza Tax Increment Redevelopment Plan and Project (hereinafter referred to as the "Redevelopment Plan") pertaining to the redevelopment of the Redevelopment Area; WHEREAS, the parties have previously entered into a Redevelopment Agreement, originally approved by City Ordinance on March 31, 1997 as Ordinance No. 97-19. and as amended by Ordinances No. 97-36, No. 2000-108, and No. 2014-30 and a Memorandum of Agreement dated October 28, 2019 for the purpose of assisting the Developer by reimbursing the Developer for certain costs incurred in redeveloping the Redevelopment Area (collectively known as the "Redevelopment Agreement" or the "RDA"); and WHEREAS,the parties have had disagreements about what items are eligible for reimbursement by the City to the Developer and what funds would be available to fund said reimbursements and this Final Agreement is intended to resolve all such disagreements. NOW THEREFORE, in consideration 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: I. GOALS AND OBJECTIVES. The purpose of this Final Agreement is to memorialize the understanding and agreement of the parties as to the eligibility and reimbursement to Developer of 1