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

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EXECUTION COPY Authorities,that now or hereafter during the term of this Agreement may be applicable to the City, the Redeveloper, and/or the Project, and the construction, maintenance, use and operation thereof, including those relating to employees, zoning, building, health, safety, Hazardous Materials, and accessibility of public facilities. "Public Investment" means the rebate Real Estate Tax Increment in the manner provided in Article IV of this Agreement. "Real Estate Tax Increment" means the ad valorem real property taxes levied and received by the City on the Equalized Assessed Value of the Project, the Project Site and any other structures or buildings on the Project Site less the Initial Equalized Assessed Value for the Redevelopment Area as determined pursuant to the Act. "Redevelopment Area" means the Central TIF Redevelopment Project Area as adopted by the City's corporate authorities on May 6,2024. "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 PROJECTS 2.1 Development of the Projects. The Redeveloper will utilize its best efforts to develop the Projects in a manner that is compatible with the Redevelopment Plan and Applicable Law. 2.2 Construction Plans.The Redeveloper shall submit to the City no later than forty- five (45) days prior to the commencement of construction, the construction plans for the Projects (the "Construction Plans"). The City shall, within thirty (30) days from receipt, approve or disapprove the Construction Plans for the Projects, after reviewing said plans for compliance with Applicable Law, including but not limited to the life safety and zoning regulations, and conformance with the Preliminary Plans and Final Site Plans. If the City disapproves the Construction Plans, the Redeveloper shall submit revised plans within a reasonable time from the date of rejection. Upon resubmission, the City shall review and approve or disapprove such revised plans within ten(10)days of submittal. This process shall repeat until the plans are approved by the City. 2.3 Amended Construction Plans. Prior to completion of the 148 E. Main Project and 112 N. Merchant Project, if the Redeveloper desires to make any substantial change in the Construction Plans which significantly affects the appearance, function, or structural integrity of the 148 E. Main Project or 112 N. Merchant Project, the Redeveloper shall submit the proposed change to the City for its approval. If the Construction Plans, as modified by the proposed change, conform to the requirements of the Redevelopment Plan and this Agreement, meet -4-