2026-20 Ordinance Authorizing Amendment to TIF Redevelopment Agreement by and between the City of Decatur and Merchant Street South, LLC

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ORDINANCE NO. W P 0 ORDINANCE AUTHORIZING AMENDMENT TO TIF REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF DECATUR AND MERCHANT STREET SOUTH,LLC WHEREAS,the City of Decatur previously entered into a Redevelopment Agreement with Merchant Street South, LLC in May 2024 for the redevelopment of properties located at 148-160 E. Main Street and 112 N. Merchant Street within the Central TIF Redevelopment Project Area; and, WHEREAS,the original agreement contemplated renovation of the Flora Gems building for commercial and office use; and, WHEREAS,Merchant Street South, LLC has invested approximately$898,865 into the Flora Gems building; and, WHEREAS, due to current market conditions, including declining demand for downtown office and commercial space and increased demand for residential units, the developer has requested to amend the project scope to allow for construction of ten(10) multifamily residential units in lieu of commercial office space; and, WHEREAS,the City finds that the proposed amendment remains consistent with the goals of the Central TIF Redevelopment Project Area, aligns with the City's 2026-2029 Revitalization Plan goals, and supports continued investment and occupancy in the downtown. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That the Amendment to the TIF Redevelopment Agreement between the City of Decatur and Merchant Street South,LLC, attached hereto as Exhibit A and incorporated herein by reference, is hereby received,placed on file and approved. Section 2. That the Mayor and City Clerk be, and they are hereby,authorized and directed to sign, seal and attest said Amendment to Redevelopment Agreement on behalf of the City of Decatur. Section 3. This Ordinance shall be in full force and effect from and after its passage and approval as provided by law. PRESENTED and ADOPTED this 4th day of A . , 026. /fit. .; (.� Jul.i oore Wol e, Mayor A 1.14,1111 Kim Al 7.ff, City Clerk