R2026-69 Resolution Authorizing Execution of a Property Tax Abatement Agreement with NOTIS Development LLC at 136 S Dipper Lane and Waiving of Building Permit Fees

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LEGAL DESCRIPTION: A Part of the Southwest Quarter of the Northeast Quarter of Section 17, Township 16 North Range 2 East of the Third Principal Meridian, described as follows: Beginning at a point 454.7 feet South of the Northwest corner of the Southwest Quarter of the Northeast Quarter of Section 17;thence South 140 feet; thence North 89 degree 55 minutes East, a distance of 208.92 feet; thence North 140 feet; thence South 89 degrees 55 minutes West, a distance of 208.9 feet to the Point of Beginning; and 68.5 feet of even width off the North side of the following described tract: Beginning at a point 386.2 feet South of the Northwest corner of the Southwest Quarter of the Northeast Quarter of Section 17, Township 16 North, Range 2 East of the Third Principal Meridian; thence South 208.5 feet, thence North 89 degrees 55 minutes East, a distance of 208.92 feet; thence North 208.92 feet; thence South 89 degrees 55 minutes West a distance of 208.92 feet to the Point of Beginning, all situated in Macon County, Illinois 3. The City agrees to abate 100% of the City's portion of real estate taxes assessed against the Property for a period of seven(7)years, subject to the conditions set forth herein. 4. The seven(7)year abatement period shall commence on January 1 of the tax year immediately following completion of the Project, as evidenced by the issuance of a Certificate of Occupancy (or equivalent approval)by the City of Decatur. 5. The abatement shall continue for seven (7) consecutive tax years as established and administered by the City. The City shall be responsible for tracking the abatement period and its expiration, and the abatement shall automatically terminate thereafter without further action by either party. 6. The City agrees to waive applicable building permit fees associated with the redevelopment of the Property into residential dwelling units, in an amount not to exceed Fifteen Thousand Dollars ($15,000.00), subject to the Project being completed in substantial accordance with plans approved by the City. 7. Developer agrees to: A. Invest a minimum of One Million Two Hundred Thousand Dollars ($1,200,000) in the purchase, remodeling, rehabilitation, and improvement of the Property to bring the building into service as a residential development. Owner shall provide documentation reasonably acceptable to the City verifying such investment upon request, including but not limited to construction contracts, invoices, or other financial records.