R2014-04 AUTHORIZING CITY OF DECATUR / HARRISON MANAGEMENT GROUP LLC REDEVELOPMENT AGREEMENT

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AAr . CU r%5AL 1_ a� located in the Project in that year less the total amount of Municipal and Home Rule sales to C taxes received by the City from January 1, 2013 through December 31, 2013 as 0. confirmed by the Illinois Department of Revenue from any retailers that are relocated to In the Project from within the limits of the municipality. M 4 "Project Site" means the real property to be utilized for the Project as more fully shown on s. Exhibit 1 attached hereto and made a part hereof. Y 0 "Public Investment" means the rebate of Sales Tax Increment actually received by the City in the manner provided in Article IV of this Agreement. "Redevelopment Area" means the City of Decatur/Lot 2 of Mound Center Project Area. "Substantial Completion or Substantially Complete" means complete construction of the shell and core, with finished interiors of common areas and, as to residential areas of each building, to the point of qualification for the issuance of certificates of occupancy pursuant to codes of the City,except for minor and ancillary alterations or additional work. ARTICLE II: DEVELOPMENT OF THE PROJECT 2.1 Development of the Project. The Redeveloper will utilize its best efforts to develop the Project in a manner that is compatible with this Agreement and Applicable Law. 2.2 Progress Reports. During the development process, the Redeveloper shall submit monthly reports to the City commencing on the first day of January 2013, and on the first day of each month thereafter until Substantial Completion of the Project which will provide the City with information concerning costs of the Project, leasing and sales activities, design of the Project, financing efforts and other matters relevant to the development and construction of the Project 2.3 Changes in Plans. Any substantial deviation from the Preliminary Plans will require City approval. 2.4 Final Site Plan. No later than the submission of the Construction Plans,the Redeveloper shall submit to the City a Final Site Plan for that phase if applicable. The City shall review the Final Site Plan for the purpose of determining compliance with the Preliminary Plans,this Redevelopment Agreement and Applicable Law. 2.5 Construction Plans. The Redeveloper shall submit to the City no later than forty-five (45) days prior to the commencement of construction the construction plans for each Phase of the Project (the "Construction Plans"). The City shall, within thirty (30) days from receipt, approve or disapprove the Construction Plans for that Phase, after reviewing said plans for compliance with Applicable Law, including but not limited to the life safety and zoning regulations, and conformance with the Preliminary Plans and Final Site Plan. If the City disapproves the Construction Plans, the Redeveloper shall submit revised plans within a reasonable time from the date of rejection. Upon resubmission,the City shall review and approve or disapprove such revised plans Within ten (10) days of submittal. This process shall repeat until the plans are approved by the City. City of Decatur/Harrison Management Group LLC Redevelopment Agreement 6