R2024-371 Resolution Authorizing Development Agreement between City of Decatur, Illinois and Stixon36 LLC

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THIS AGREEMENT is entered into this �/day of��r' 2024 ("Effective Date"),by and between the CITY OF DECATUR("City"),an Illinois Municipal Corporation,Macon County,Illinois,and STIXON36 LLC,an Illinois Limited Liability Company("Licensee").Hereinafter the City and the Licensee,for purposes of convenience,may collectively be referred to as the"Parties." RECITALS WHEREAS,the City is a municipal corporation as set forth in the Illinois Municipal Code,65 ILCS 511-1-1 et. seq.;and, WHEREAS, the City is a home rule unit under the terms granted by the Illinois Constitution Article VII 6(a) [IL Const. 1970,Art.VII,Section 6(a)];and, WHEREAS,the City has the authority to promote the health,safety and welfare of the City and its citizens,and to prevent the spread of blight and deterioration and inadequate public facilities by promoting the development of private investment in the marketability of property thereby increasing the tax base of the City and providing employment for its citizens;and, WHEREAS,it is the intent of the City to encourage economic development which will improve the quality of life for residents of Decatur,encourage visitors to Decatur and increase the real estate tax base as well as other revenue sources of the City, which increased tax base will be used,in part,to finance incentives to assist development;and, WHEREAS,the Licensee is operating a restaurant,bar and pool hall under a City of Decatur Class G Liquor License which license classification requires the licensee to invest not less than$250,000(which may include the capitalized value of the first five years only of a leasehold interest)in the licensed premises and which premises must be kept,used,maintained,advertised and held out to the public primarily as a place where meals are served and where meals are actually prepared and where the sale or consumption of alcoholic liquor is only incidental to the serving of meals and must end no later than one(1)hour after meal service has ended and where 50%or more of the gross revenue of the business must be from the serving of meals;and, WHEREAS,to sustain daily operations and provide economic benefit to the City of Decatur,Licensee requires a City of Decatur Class V Gaming License,which license requires a development agreement to be entered into between the parties as a condition of the issuance of any new Class V license. NOW THEREFORE,the Parties,for good and valuable consideration,the receipt of which is hereby acknowledged,agree as follows: Section 1. The foregoing recitals are incorporated herein as fully stated as a part of this Agreement.