2014-30 APPROVING AND AUTHORIZING EXECUTION OF 3RD AMENDMENT TO TIF DEVELOPMENT AGREEMENT

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THIRD AMENDMENT TO A TIF REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF DECATUR AND AIRPORT PLAZA JOINT VENTURE,LLC DECATUR SOUTHEAST PLAZA TIF DISTRICT THIS AGREEMENT is entered into this Th day of July,2014,by the City of Dec Atur ("City"),an Illinois Home-Rule Municipal Corporation, Macon County, Illinois, and Airport Plaza Joint Venture,LLC ("Developer"). PREAMBLE WHEREAS, the City has the authority to promote the health, safety, and welfare of the City and its citizens and to prevent the spread of blight and deterioration and inadequate public facilities by promoting the development of private investment property thereby increasing the tax base of the City and providing employment for its citizens; WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 I CS 5/11-74.4.4 et seq., as amended (the "Act"), the City has the authority to provide incentiv s to owners or prospective owners of real property to develop, redevelop, and rehabilitate such property by reimbursing the owner for certain costs from resulting increases in real estate tax revenues; WHEREAS, on May 5, 1997 recognizing the need to foster the development expansion and revitalization of certain properties which are vacant, underutilized or obsolete 01 a combination thereof, the City approved a Tax Increment Redevelopment Plan and Projects, designated a Redevelopment Project Area and adopted Tax Increment Financing (TIF) for the Decatur Southeast Plaza TIF District (the "TIF District's as provided under the Act; WHEREAS, on April 9, 1997, the City entered into a TIF Redevelopment Agreern ent with Airport Plaza Joint Venture, LLC for the Redevelopment Project Area (the "Area") to purchase land and develop the site for commercial and residential development (the"Project"); WHEREAS, on May 5, 1997, the City approved an Ordinance Amending arid Ratifying the Redevelopment Agreement for the Project ("First Amendment"); WHEREAS, on July 17, 2000, the City approved a Resolution Authorizing the Execution of a "Second Amendment" to the Redevelopment Agreement; WHEREAS, the City now desires to further amend the terms of the Redevelopment Agreement ("Third Amendment'; WHEREAS, the City has the authority under the Act to incur Redevelopmetit Project Costs ("Eligible Project Costs") and to reimburse the Developer for such costs; WHEREAS, pursuant to the "Expenses for Economic Development Act", 65 ILCS 5/8-1-2.5, the City has the authority to appropriate and expend funds for economic development purposes, 1