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THIS CITY OF DECATUR/COUNTY LINE PLAZA REDEVELOPMENT AGREEMENT
<br /> (the"Agreement")is entered into as of the_,D day of J 2024,by and between the City of Decatur,
<br /> Illinois, a municipal corporation,(hereinafter referred to as the "City")and County Line Plaza, LLC, an
<br /> Illinois limited liability company(hereinafter referred to as the"Redeveloper").
<br /> RECITALS
<br /> WHEREAS, the City is a home rule unit of government,pursuant to Section 6 of Article VII of
<br /> the Constitution of the State of Illinois, and as such is authorized and empowered to enter into economic
<br /> incentive agreements pertaining to its government and affairs,including the economic development of the
<br /> City and the expansion of its tax base;
<br /> WHEREAS,the Developer wishes to substantially renovate,redevelop and improve its property
<br /> located in the Redevelopment Area by installing infrastructure, completing multiple new outlot
<br /> developments,renovating existing buildings and common areas and modernizing the exterior fagade of the
<br /> inline center,updating and improving common area signage and adding soft and hard landscaping all as
<br /> more fully described on Exhibits 1 and 2 (with Parts A-C) to be updated and revised from time to time
<br /> attached hereto and made a part hereof(the"Project');thereby contributing to the economic development
<br /> of the City and increasing the tax base thereof,and the City is willing to enter into an economic incentive
<br /> agreement with the Developer to assure that said redevelopment and improvements occur;
<br /> WHEREAS, the Project is located within the boundaries of the Eastgate Commons Tax Increment
<br /> Financing Redevelopment Project Area(the"TIF")as shown on Exhibit 1 attached hereto;
<br /> WHEREAS, without the assistance of the City as set forth in this Agreement, the Redeveloper
<br /> would not undertake the Project;
<br /> WHEREAS,the construction cost of the Project including both hard and soft costs is estimated to
<br /> be in excess of Seven and Half Million($7.5M)Dollars as more fully shown on Exhibits 2A,213,and 2C
<br /> with respect to Phases 1,II,and III attached hereto and made a part hereof;
<br /> WHEREAS, the Municipality has determined that the Development Project requires the
<br /> incentives requested as generally set forth in Exhibit 2 and that the Development Project will promote
<br /> the health, safety and welfare of the Municipality and its citizens by attracting private investment to
<br /> prevent blight and deterioration and to provide employment and generally to enhance the economy of the
<br /> Municipality.
<br /> NOW THEREFORE,in consideration of the promises and mutual covenants and obligations of
<br /> the parties contained herein,and other good and valuable consideration,the receipt and sufficiency whereof
<br /> are hereby acknowledged,the parties hereto,intending to be legally bound,hereby covenant and agree as
<br /> follows:
<br /> ARTICLE I:DEFINITIONS
<br /> "Applicable Law" means all laws,statutes,acts,ordinances,rules,regulations,permits,licenses,
<br /> authorizations, directives, orders and requirements of all Governmental Authorities, that now or
<br /> hereafter during the term of this Agreement may be applicable to the City,the Redeveloper,and/or
<br /> the Project,and the construction,maintenance,use and operation thereof,including those relating
<br /> to employees, zoning, building, health, safety, Hazardous Materials, and accessibility of public
<br /> facilities.
<br /> City of Decatur/County Line Plaza Redevelopment Agreement 1
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