R2013-42 AUTHORIZING GRAND AVENUE TIF REDEVELOPMENT AGREEMENT

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Book: 4362 Page: 151 (c) The obligation for the annual reimbursement of Project Costs from both Real Estate Tax Increment and Project Revenues shall terminate upon the receipt by the Redeveloper of an amount equal to Two Million, Five Hundred Thousand Dollars ($2,500,000) as reimbursement for eligible Project Costs incurred or upon the expiration of this agreement, whichever occurs first. 4.2 Adjustment of Public Investment. Upon completion of the Project, the Redeveloper shall submit to the City a Final Project Cost Analysis of all costs connected with the construction of such building and if the actual cost is less than ninety (90%) percent of the Project Cost Analysis, at the time of the adoption of the Redevelopment Agreement, then the maximum amount of Project Revenue to be paid to the Redeveloper shall be reduced by one (1%) percent for each percent that the actual costs are below 90%of the projected costs. ARTICLE V: PROJECT REVENUE FINDINGS 5.1 Economic Incentive Agreement. In connection with the Project Revenues under the Agreement, the Agreement is determined to constitute an "economic incentive agreement" under Section 8-11-20 of the Illinois Municipal Code and the City's Home Rule powers, and the City Council makes related findings, as follows: 5.2 Findings. Project Site is not vacant and has development thereon and: (A) the buildings on the Project Site do not, at the time of the adoption of this Agreement, any longer comply with current building codes; (B) the Project, as set forth in this Agreement, is expected to create or retain job opportunities within the City; (C) that the Project will serve to further the development of adjacent areas; (D) that without this Agreement's economic incentive features, the Project will not have been possible; (E) that the Redeveloper who is a party to this Agreement, meets high standards of creditworthiness and financial strength as demonstrated by: specific evidence of equity financing for not less than 10% of the total project costs or by a letter from a lender having more than Ten Million ($10,000,000) Dollars in assets; (F) that the Project, will strengthen the commercial sector of the City; (G) that the Project, will enhance the tax base of the City; and (H) that this Agreement's economic incentive agreement feature is made in the best interest of the City. City of Decatur/Grand Avenue TIF Project 8