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ORDINANCE NO. <br /> ORDINANCE AUTHORIZING A TIF REDEVELOPMENT AGREEMENT BETWEEN <br /> THE CITY OF DECATUR AND MERCHANT STREET SOUTH LLC <br /> WHEREAS,the City is a home rule unit of government,pursuant to Section 6 of Article VII <br /> of the Constitution of the State of Illinois, and as such has the authority to promote health, safety <br /> and welfare, including to prevent the spread of blight and deterioration and inadequate facilities <br /> by promoting private development through economic incentive agreements pertaining to its <br /> government and affairs, including the economic development of the City and the expansion of its <br /> tax base; and <br /> WHEREAS, the specefic properties of this Redevelopment Agreement needs redevelopment <br /> and improvements to update the appearance and functionality of these old underutilized <br /> downtown buildings that are contained within the Central TIF Project Area; and <br /> WHEREAS, the property developer, Merchant Street South, LLC desires to invest more <br /> than a million of dollars to improve two older downtown buildings,upon the terms and <br /> conditions provided with the attached Redevelopment Agreement; and <br /> WHEREAS,the City Council of the City of Decatur,after due consideration,has concluded <br /> that this RDA will serve the best interests of the City. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br /> OF DECATUR,ILLINOIS: <br /> Section 1. That the Redevelopment Agreement presented to the City Council between the City <br /> of Decatur and Merchant Street South,LLC be received and approved as presented in the attached <br /> Exhibit A. <br /> Section Z. That the City Manager, or their designee, is authorized to execute the <br /> Redevelopment Agreement, as attached heretofore as Exhibit A. <br /> Section 3. That City staff is hereby authorized to provide the reimbursement allowed for in <br /> this agreement pursuant to the terms and conditions contained there in. <br /> PRESENTED AND ADOPTED this 6th day of <br /> Julie Moore Viol e,May <br /> ATTEST: <br /> Kim Althoff, City Clerk <br />