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AGREEMENT FOR PROPERTY TAX ABATEMENT <br /> This Agreement ("Agreement") is made and entered into by and between the City of <br /> Decatur, Illinois, a Illinois municipal corporation ("City"), and NOTIS Development LLC, an <br /> Illinois limited liability company, with a principal address of 175 Irons Rd, Congerville,IL <br /> 61729 ("Developer"). <br /> RECITALS <br /> A. The City is a municipal corporation as set forth in the Illinois Municipal Code, 65 <br /> ILCS 5/1-1-1, et seq. <br /> B. The City is a home rule unit under Article VII, Section 6(a) of the Illinois <br /> Constitution. <br /> C. The City seeks to encourage residential development and investment within its <br /> jurisdiction to promote economic growth, housing availability, and neighborhood <br /> revitalization. <br /> D. Developer owns and intends to develop certain real property commonly known as 136 <br /> S Dipper Lane, Decatur, Illinois ("Property"). <br /> E. Developer proposes to redevelop the Property through the renovation and adaptive <br /> reuse of the existing former nursing home facility into a multi-unit residential <br /> apartment complex consisting of approximately fourteen(14) dwelling units, together <br /> with related site improvements and amenities (the "Project"). <br /> F. The City is willing to provide a limited incentive in the form of an abatement of the <br /> City's portion of real estate taxes, subject to the terms and conditions set forth herein. <br /> NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants <br /> and agreements hereinafter set forth, and for good and valuable consideration, the receipt, <br /> sufficiency and adequacy of which are hereby acknowledged, the parties agree as follows: <br /> 1. The foregoing recitals are incorporated herein as fully stated as part of this <br /> Agreement. <br /> 2. This Agreement applies to the real property located at: <br /> ADDRESS: 136 S Dipper Lane <br /> PIN: 04-12-17-254-003 <br />