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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certain project costs incurred, or to be incurred,by Developer in the Decatur Southeast Plaza Tax Increment Financing District, hereinafter(the "TIF District"). II. TERM. The term of this Final Agreement shall be effective until the expiration of the Redevelopment Area, or upon Developer receiving all reimbursements entitled to under this Final Agreement, whichever occurs first. III. THE TIF DISTRICT. The Redevelopment Area and Tax Increment Financing for Southeast Plaza shall expire December 31, 2021 after receipt of the final real property tax increment for year 2020 in 2021. IV. THE REIMBURSABLE COSTS: 1. City and Developer agree that the City shall pay to the Developer, subject to the availability of funds pursuant to Section V below, only for the following costs and expenses actually incurred by the Developer for work or services in the Redevelopment Area up to and including December 31, 2020: a 30% of verified 2020 Interest Costs the amount of which submitted to date are $2,248.73. 30%of said costs are$674.62. Remaining reimbursable Interest Costs are $4243.07 (30%of$ 14,143.58). b. The cost of three (3) excavations for residential basements totaling $27,775.00 submitted by Developer to the City in 2019. C. The cost of $1,113.27 for the Annual Letter of Credit issued by Busey Bank previously submitted by Developer to the City. d Payments to the Mt. Zion School District pursuant to the existing agreement between Developer and the School District for the following tax years: i. Year 2018 - $28,688.78. ii. Year 2019—$32,000.00 (Estimated). iii. Year 2020 — $35,000.00 (Estimated- payable in 2021, the increase projected is due to new home construction assessment). e. The City accepts Brinkoetter & Associates Marketing Agreement, per the Marketing Agreement that is in place for monthly marketing services: i. $36,000.00 ($18,000.00 for each of April and July). ii. $36,000.00. This is the estimated sum remaining for year 2020. 2