R2024-03 Resolution Authorizing a TIF Redvelopment Agreement between the City of Decatur and County Line Plaza, LLC

Home Browse Search

RESOLUTION NO. a 4-- C)3 RESOLUTION AUTHORIZING A TIF REDEVELOPMENT AGREEMENT BETWEEN THE CITY OF DECATUR AND COUNTY LINE PLAZA,LLC 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 private development through economic incentive agreements pertaining to its government and affairs, including the economic development of the City and the expansion of its tax base; and WHEREAS, the subject area of this Redevelopment Agreement needs redevelopment and improvements to update the appearance to make the center more attractive and functional; and WHEREAS, the property developer, County Line Plaza, LLC desires to invest millions of dollars to improve this aged shopping center,upon the terms and conditions provided with the attached Redevelopment Agreement; and WHEREAS, the City Council of the City of Decatur, after due consideration, has concluded that this RDA will serve the best interests of the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR,ILLINOIS: Section 1. That the Redevelopment Agreement presented to the City Council between the City of Decatur and County Line Plaza, LLC be received and approved as presented in the attached Exhibit A. Section 2. That the City Manager, or designee, is authorized to execute the Redevelopment Agreement, as attached heretofore as Exhibit A. Section 3. That City staff is hereby authorized to provide the reimbursement allowed for in this agreement pursuant to the terms and conditions contained there in. PRESENTED AND ADOPTED this 16th day ofJan ary 2024 Julie Moore Wolfe,M o ATTEST: 0 Kim Althoff, City Clerk