R2022-160 Resolution Authorizing Redevelopment Agreement with CCI Properties LLC

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THIS CITY OF DECATUR/CCI REDIMIX DEVELOPMENT AGREEMENT (the "Agreement")is entered into as of the 4th day of October 2022,by and between the City of Decatur,Illinois, an Illinois home rule municipal corporation,(hereinafter referred to as the "City")and CCI Properties LLC, an Illinois Corporation, (hereinafter referred to as the"Developer"). RECITALS WHEREAS, the City is a home rule unit of government, pursuant to Section 6 of Article VII of the Constitution of the State of Illinois,and as such has the authority to promote health, safety and welfare, including to prevent the spread of blight and deterioration and inadequate facilities by promoting the development of and private investment in industry, business and housing and enhancing the marketability of Premises and is authorized and empowered to enter into economic incentive agreements pertaining to its government and affairs, including the economic development of the City and the expansion of its tax base thereby reducing unemployment; and WHEREAS, there exists certain property more fully described on Exhibit 1 attached hereto and by reference made a part hereof that is currently underutilized; and, WHEREAS, the Developer wishes to further develop and improve the Development Area more fully described on Exhibit 1 attached hereto and by reference made a part hereof(the "Project"); thereby contributing to the economic development of the City, increasing the tax base thereby reducing unemployment and creating or retaining job opportunities within the City and serve to further and maintain the development of adjacent areas, and the City is willing to enter into an economic incentive agreement with the Developer to assure that said development and improvements occur; and WHEREAS,the Developer has requested that incentives related to the Project be provided by the City from the resulting property tax revenues and other fees derived solely from the Development Area, which incentives are set forth in Exhibit 2; and WHEREAS, the Developer has requested that the City assist in extending infrastructure to the Development Area through the construction of a new four-inch (4") water line to service the project; the property line; and WHEREAS,without the assistance of the City as set forth in this Agreement,the Developer would not undertake the Project and the Project would likely go to another jurisdiction; and WHEREAS, the Project is projected to employ a minimum of seven full time persons and sales tax; for a minimum of fifty-thousand(50,000)yards of concrete annually; and, WHEREAS,the City has determined that the Project requires the incentives requested as set forth in Exhibit 2 and that the Project will promote the health, safety and welfare of the City and its citizens, strengthen the commercial sector of the City by attracting private investment to prevent blight and deterioration, enhance the tax base of the City, provide employment and enhance the economy of the City and is made and entered into in the best interest of the City. 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: