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EXECUTION COPY
<br /> WHEREAS, the City and the Redeveloper intend this Agreement to constitute a
<br /> redevelopment agreement under Section 11-74.4-4(b)of the Act, 65 ILCS 5/11-74.4-4(b);
<br /> WHEREAS, in order to eliminate the blighting conditions within the Redevelopment
<br /> Area, to help arrest and prevent blighting conditions outside the Properties in the Redevelopment
<br /> Area, to enhance the quality of life in the City, to provide an economic stimulus to the area of the
<br /> City within which the Projects are located in order to attract other private development which
<br /> will enhance the tax base of the City and to further the objectives of the Redevelopment Plan, the
<br /> City pursuant to its Home Rule Powers under Article 7 of the Constitution of the State of Illinois
<br /> and the powers granted to the City pursuant to the Act, intends, subject to the adoption of Tax
<br /> Increment Financing for the Redevelopment Area pursuant to the Act, to provide to the
<br /> Redeveloper, Public Investment to help alleviate certain private costs of the Redeveloper;
<br /> WHEREAS, without the assistance of the City ("but for this TIF") as set forth in this
<br /> Agreement, the Redeveloper would not undertake the Projects;
<br /> WHEREAS, the construction cost of the 148 E. Main Project is estimated to be One
<br /> Million One Hundred and Seven Thousand Seven Hundred and One ($1,107,701.00) Dollars and
<br /> construction cost of the 112 N. Merchant Project is estimated to be Four Hundred and Seventeen
<br /> Thousand and Three Hundred and Three Dollars ($417,303.00)as more fully shown on Exhibit 2
<br /> attached hereto and made a part hereof,
<br /> WHEREAS, the City believes, subject to the adoption of Tax Increment Financing for
<br /> the Redevelopment Area pursuant to the Act, it is necessary to redevelop the Redevelopment
<br /> Area in order to arrest the economic and physical decline contained there, and to promote a
<br /> policy of stabilization not only in the proposed Redevelopment Area, but also in the surrounding
<br /> area of the City; and
<br /> WHEREAS, the City believes that the Projects, subject to the adoption of Tax Increment
<br /> Financing for the Redevelopment Area pursuant to the Act, pursuant to the proposed
<br /> Redevelopment Plan are in the vital and best interests of the City and the health, safety, morals
<br /> and welfare of its residents, and in accordance with the public purposes and provisions of the
<br /> applicable federal, state and local laws.
<br /> NOW THEREFORE, in consideration of the promises and mutual covenants and
<br /> obligations of the parties contained herein,and other good and valuable consideration,the receipt
<br /> and sufficiency whereof are hereby acknowledged, the parties hereto, intending to be legally
<br /> bound,hereby covenant and agree as follows:
<br /> ARTICLE I: DEFINITIONS
<br /> "Act" means the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et
<br /> seq as it may be amended from time to time.
<br /> "Applicable Law" means all laws, statutes, acts, ordinances, rules, regulations, permits,
<br /> licenses, authorizations, directives, orders and requirements of all Governmental
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