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

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"Redevelopment Area" means the City of Decatur Eastgate Commons Redevelopment Project Area. "Sales Tax Increment"means an amount equal to the Municipal and Home Rule Sales Tax received by the City from the businesses located in that phase of the Project in that quarter less the average quarterly sales tax received by the City from the businesses located in that phase of the Project Area for the immediately preceding five-year period prior to October 1,2022. "Substantial Completion or Substantially Complete"means complete construction of the shell and core, with finished interiors of common areas and,as to residential areas of each building, to the point of qualification for the issuance of certificates of occupancy pursuant to codes of the City, except for minor and ancillary alterations or additional work. ARTICLE II: DEVELOPMENT OF THE PROJECT 2.1 Development of the Project. The Redeveloper will utilize its best efforts to develop the Project in phases in a manner that is compatible with this Agreement and Applicable Law. The phases will be generally as follows: Phase I: Outlot development of Lots 2 and 3 of Shapland-Cohen Subdivision together with common area renovation and improvements to the main shopping center and soft costs related to the reconfiguration of the shopping center as Described on Exhibit 2. Phase II:Outlot Development on Lot 4 of Shapland-Cohen Subdivision,including utility infrastructure and Shopping Center sign renovation as Described on Exhibit 2. Phase III: Redevelopment of the Main Shopping Center fagade, common areas and renovation of in-line spaces as Described on Exhibits 1 &2. 2.2 Progress Reports. During the development process,the Redeveloper shall submit annual reports to the City commencing on the first day of February 2024,and every year thereafter until Substantial Completion of the last phase of the Project which will provide the City with information concerning costs of the Project,leasing and sales activities,design of the Project, financing efforts and other matters relevant to the development and construction of the Project. 2.3 Preliminary Plans. The Preliminary Plans for Phase I of the Project are deemed approved, Preliminary Plans for Phase II of the Project are pending approval, and Preliminary Plans for Phase III shall be submitted separately. 2.4 Changes in Plans. Any substantial deviation from the Preliminary Plans will require City approval. 2.5 Final Site Plan. But no later than the submission of the Construction Plans, the Redeveloper shall submit to the City a Final Site Plan for that phase. The City shall review the Final Site Plan for the purpose of determining compliance with the Preliminary Plans, this Redevelopment Agreement and Applicable Law. 2.6 Construction Plans. The Redeveloper has or will (as applicable) submit to the City no later than forty-five(45)days prior to the commencement of construction the construction plans for each Phase of the Project(the"Construction Plans"). The City shall,within thirty (30)days from receipt, approve or disapprove the Construction Plans for that Phase, after reviewing said plans for compliance with Applicable Law,including but not limited to the City of Decatur/County Line Plaza Redevelopment Agreement 3