R2024-04 Resolution Authorizing Amendment Innovafeed Development Agreement

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AMENDMENT THIS AMENDMENT("Amendment") is made and entered into as of the day of January 2024, by and between the City of Decatur, Illinois, an Illinois municipal corporation ("City") and InnovaFeed, a French societe par actions simplifiee,the registered office of which is located 5 route de Chaulnes, Lieudit"Les Trente", 80190 Nesle, France ("Developer"). WITNESSETH: WHEREAS, City and Developer entered into a Development Agreement("Agreement") on December 7, 2020, relating to a Development Project in the City("Project"); and, WHEREAS, the Agreement provided certain incentives for Developer by the City based on certain performances by Developer; and, WHEREAS, the Developer has begun development pursuant to the terms of the Agreement but seeks to amend the Agreement; and, WHEREAS, the City believes the amendments to the Agreement are reasonable and necessary for the Project; and, WHEREAS, the City and Developer desire to set forth the terms and conditions related to amendments to the Agreement as more particularly described herein; and, WHEREAS, City and Developer desire and agree that all other terms set forth in the Agreement shall remain in full force and effect. NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 1. A portion of ARTICLE 1 is hereby amended to provide, "Phase 2" means a potential second phase of development, subject to additional project validation activities, for an insect production facility of 45,000 -60,000 metric tons insect protein produced annually. 2. Certain portions of ARTICLE 11 are hereby amended to provide, 2.8.2 Completion.