2024-63 Ordinance Authorizing a TIF Redevelopment Agreement between the City of Decatur and Merchant Street South, LLC

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EXECUTION COPY best efforts to construct the Projects subject to the terms, covenants, building and use restrictions, and other conditions in the Redevelopment Plan and this Agreement. 7.2 Non-discrimination. The Redeveloper shall not discriminate in violation of any applicable federal, state or local laws or regulations upon the basis of race, color, religion, sex, age, or national origin or other applicable factors in the sale, lease or rental, or in the use or occupancy of the Projects or any part thereof. 7.3 Property Taxes. Redeveloper acknowledges that the City in executing this Agreement has relied upon its reasonable expectation that the construction and operation of the Projects will increase the amount of real property taxes with respect to the Projects. The Redeveloper covenants that in the event it applies for, seeks, or authorizes any exemption from the imposition of general real property taxes on either the 148 E. Main Property or 112 N. Merchant Property, and, as a result thereof, the property taxes are not or will not be paid with respect to the 148 E. Main Property or 112 N. Merchant Property, the City, no less than sixty (60) days after written notice to the Redeveloper, shall be entitled to rescind the Public Investment set forth in Article IV of this Agreement. Notwithstanding the above, if, within sixty (60) days following the receipt of the written notice from the City to the Redeveloper, the Redeveloper takes such action as is necessary to void such exemption from the imposition of general real property taxes on either the 148 E. Main Property or 112 N. Merchant Property, the City's right to rescind, pursuant to this provision, the any remaining Public Investment set forth in Article IV of this Agreement shall be null and void. Nothing herein shall be construed so as to prevent the City from enforcing any other rights it may have pursuant to this Agreement. Also, nothing herein shall be construed so as to prevent the Redeveloper from otherwise contesting the assessment or collection of any real property taxes under procedures set forth in the laws of the State of Illinois or any political subdivision thereof, provided that the Redeveloper gives the City fifteen (15) days prior written notice of its intent to contest the assessment or collection of real property taxes; provided, however, that the Redeveloper covenants and agrees that nothing contained herein shall relieve the Redeveloper from complying with all laws, rules and regulations of the State of Illinois and any political subdivision thereof pertaining to the levy and collection of said general real estate taxes. This Section 7.3 shall be an obligation of the Redeveloper only up to the date of its fee simple conveyance of the 148 E. Main Property or 112 N. Merchant Property in accordance with the Article IX of this Agreement. 7.4 Duration of Covenants. It is intended and agreed that the covenants provided in Sections 7.1 and 7.3 of this Agreement shall remain in effect until the earlier of(i) termination of the Redevelopment Plan, or (ii) December 31, 2047 and that the covenants provided in Sections 7.2 hereof shall remain effective without any time limitation; provided, that all such covenants shall be binding on the Redeveloper as to the 148 E. Main Property and 112 N. Merchant Property only for such period as the Redeveloper maintains a direct interest in either the 148 E. Main Property -9-