R2026-17 Resolution Approving a Development Agreement by and between the City of Decatur, Illinois and Broadwing Energy, LLC

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RESOLUTION NO. 2026 - 17 RESOLUTION APPROVING A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF DECATUR,ILLINOIS AND BROADWING ENERGY,LLC WHEREAS, the City of Decatur, Illinois(the"City"), is a home-rule unit of local government organized under the laws of the State of Illinois and is authorized to enter into economic incentive agreements in order to encourage the development or redevelopment of land within the corporate limits of the City; and, WHEREAS, the City has identified certain areas within its municipal boundaries where private development or redevelopment would significantly improve its tax base and the tax base of all the affected taxing districts; and, WHEREAS, Houston-based Broadwing Energy, LLC, a Delaware limited liability company (the "Developer") develops and invests in high-impact power and industrial energy transition projects and technologies targeting near-zero carbon emissions; and, WHEREAS, Broadwing, owned by Developer, is a new, gas-fired, low-carbon power generation project in Decatur, Illinois (the"Project"); and, WHEREAS,the Project will be located at 2903 N Brush College Rd. (PIN: 04-13-06-200- 003)(the"Property"); and, WHEREAS,the Property is vacant and has remained vacant for at least one year; and, WHEREAS, the Developer has entered into an Agreement to purchase 2903 N Brush College Rd. (PIN: 04-13-06-200-003) from the current private owner; and WHEREAS, the Project is expected to create job opportunities within the City and serve to the further development of adjacent areas as well as the City; and, WHEREAS,without the terms set forth in the Development Agreement,this Project would not be possible; and, WHEREAS, Developer meets high standards of creditworthiness and financial strength; and, WHEREAS,the Project will enhance the tax base of the City; and, WHEREAS,the Mayor and City Council of the City have determined that it is in the best interests of the City and the health, safety and welfare of its residents, for the City to support the Project as set forth in the attached Development Agreement marked as Exhibit 1.