2014-29 APPROVING THE 4TH AMENDMENT TO THE REDEVELOPMENT PLAN AND PROJECTS

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Fourth Amendment to Decatur Southeast PlaZa TIF District Redevelopment Plan&Prgjects INTRODUCTION Pursuant to the Tax Increment Allocation Redevelopment Act 65 ILCS 5/11-74.4-1 et seq,as amended (the "TIF Act"), on May 5, 1997, the City of Decatur adopted a Redevelopment Flan and Projects, designated a Redevelopment Project Area and adopted Tax Increment Financing) for the Decatur Southeast Plaza Tax Increment Financing ("TIF") District. The TIF District w�s established to encourage commercial, retail and residential development on vacant properties loca ed south of U.S. Route 36 and east of Illinois Route 121. Due to incentives provided by tax increment financings, a private Developer, Airport Plaza Joint Venture Partnership,invested over$20 million in the original Redevelopment Project Area which now includes a movie theater,hotel and restaurants.This development created more than 300 new jobs for the Decatur community,increased local sales tax revenues and increased the real estate tax base of the area. On August 21,2006,the City approved a First Amendment the Redevelopment Pla i and Projects in order to include the Developer's Agreement with the Mt.Zion Community Unit School District#3 for the reimbursement of the School's capital costs in accordance with Section 5/11-74.4-3(q)(7)of the TIF Act and other eligible costs in accordance with Sections 5/11-74.4-3(c)(7.5) & (10 the TIF Act; to include the Developer's professional legal and administrative services agreement anc all other eligible redevelopment costs entered into or undertaken by the Developer as set forth in de ailed filings with the City as of that date; to confirm its Redevelopment Agreement with the Develo r and adjust the eligible redevelopment project costs; and,further,to ratify all such agreements,proj�ct and costs. On May 7,2007, the City approved the Second Amendment to the Redevelopment(Plan and Project Area to add 10 acres or property to the Area and to add redevelopment project co is to the Plan to allow for an adjustment for inflation for the years 1997 through 2006, as permitted y Section 5/11- 74.4-5(c) of the TIF Act.The Developer proposed$8 million of additional investment in commercial, retail and residential development within the Amended Area, located adjacent to and south of the original TIF District.This additional development was expected to create 150 additipnal jobs. On December 16, 2013, the City approved a Third Amendment to the Redevel ment Plan and Projects in order to increase the redevelopment project costs in the Plan, as amended, to allow for a further adjustment for inflation for the years 2007 through 2012,pursuant to the TI Act. PURPOSE OF AMENDMENT This Fourth Amendment to the Decatur Southeast Plaza Area Project ment Redevelop 1 ProjA (the"Area")is proposed in order to increase the total estimated redevelopment project costs set out in the Redevelopment Plan by more than 5%after adjustment for inflation from the date the Plan was adopted in order to include costs for future projects over the remaining life of the TIF District and to allow for future adjustments to the line item costs provided for in this Fourth Amendment,provided that the total amount of repayment for eligible redevelopment project costs does not exceed the amount set forth herein or as adjusted pursuant to the Act. 'Pursuant to Section 5/11-74.4-4(b)of the TIF Act,a municipality may make and enter into all contracts with property owners,developers,tenants, overlapping taking bodies,and other necessary or incidental to the implementation and furtherance of its redevelopment plan aid project.On March 31, 1997,the City entered into a Redevelopment Agreement with Airport Plaza Joint Venture("Developer"),which Agreemcntwos subsequently amended on May 5,1997 and July 17,2000, Decatur Southeast Plaza TIF District/Fourth Amendment Page 1 of 9