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

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EXECUTION COPY Applicable Law and do not create a fundamental change in the nature, size or aesthetics of the 148 E. Main Project or 112 N. Merchant Project, the City shall approve the proposed change and notify the Redeveloper in writing of its approval. If the City disapproves of such change, it shall notify the Redeveloper in writing with specificity as to the reasons for the disapproval, in which event the Redeveloper may submit a revised change within a reasonable time thereafter. This process shall repeat until the revised plans are approved by the City or the change is abandoned by the Redeveloper. If such change is not so approved or rejected in writing within ten (10) working days of receipt of the submission to the City from the Redeveloper, such change will be deemed approved. 2.4 Commencement and Completion Requirements. 2.4.1 Commencement.The Redeveloper shall commence construction of the 148 E. Main Project and 112 N. Merchant Project no later than the first day of the third month after issuance of a building permit by the City for the 148 E. Main Project and 112 N.Merchant Project. 2.4.2 Completion. The Redeveloper shall Substantially Complete construction of the 148 E. Main Project and 112 N. Merchant Project within eighteen(18)months after commencement of construction or other mutually agreeable date. 2.5 Certificate of Completion. Promptly after Substantial Completion of construction of the 148 E. Main Project and 112 N. Merchant Project and upon request of the Redeveloper, the City will execute and deliver to the Redeveloper a certificate of completion. Said instrument of certification by the City shall be (and it shall be so provided in the certification itself) a conclusive determination of satisfaction with respect to the obligations of the Redeveloper and its successors and assigns that the construction of the Project has been Substantially Complete in accordance with the provisions of this Agreement and in accordance with the requirements of the City's Municipal Code. 2.6 Form of Certification. The certification provided for in Section 2.5 shall be in such form as will enable it to be recorded in the Office of the Recorder of Deeds, Macon County, Illinois. If the City refuses or fails to provide any certification in accordance with the provisions of this Agreement, the City shall, within fifteen (15) days after written request by the Redeveloper, provide the Redeveloper with a written statement indicating in adequate detail in which respects the Redeveloper has failed to Substantially Complete construction of the 148 E. Main Project or 112 N. Merchant Project in accordance with the provisions of this Agreement, or is otherwise in default, and what measures or steps will be necessary, in the opinion of the City, for the Redeveloper to take or perform in order to obtain such certification. Said certification as provided herein shall not be unreasonably withheld by the City and the Project shall be deemed approved if the City fails to conform to the provisions of Section 2.3 and this Section 2.6. -5-