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RESOLUTION NO. R2026 -69 <br /> RESOLUTION AUTHORIZING EXECUTION OF A PROPERTY TAX <br /> ABATEMENT AGREEMENT WITH NOTIS DEVELOPMENT LLC <br /> FOR PROPERTY LOCATED AT 136 S DIPPER LANE <br /> WHEREAS,the City of Decatur, Illinois (the"City") is a home rule unit of government <br /> under the Illinois Constitution; and <br /> WHEREAS,NOTIS Development LLC ("Developer")proposes to develop residential <br /> property located at 136 S Dipper Lane, Decatur, Illinois(the"Property"); and, <br /> WHEREAS,the City desires to encourage residential development and investment within <br /> the community; and, <br /> WHEREAS,the City has negotiated a Property Tax Abatement Agreement with <br /> Developer providing for abatement of the City's portion of property taxes for a period of seven <br /> (7)years,beginning upon completion of the project as evidenced by issuance of a Certificate of <br /> Occupancy;and(ii)waiver of applicable building permit fees associated with redevelopment of <br /> the Property into residential dwelling units, in an amount not to exceed Fifteen Thousand Dollars <br /> ($15,000.00); and, <br /> WHEREAS, the City Council finds that entering into said Agreement is in the best <br /> interests of the City and promotes economic development. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: <br /> Section 1. That the City Manager or Designee is hereby authorized to execute a Property <br /> Tax Abatement Agreement with NOTIS Development LLC. attached hereto. <br /> Section 2.That this resolution shall be in full force and effect immediately upon its passage <br /> and approval. <br /> PRESENTED and ADOPTED this 6th day of April 2026. <br /> (11 , <br /> JULI /1 OORE W FE, MAYO <br /> ATTEST: <br /> '11 ,itzAera <br /> EUBANKS, DEPUTY CITY CLERK <br />