R2013-42 AUTHORIZING GRAND AVENUE TIF REDEVELOPMENT AGREEMENT

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Book: 4362 Page: 144 THIS CITY OF DECATUR/GRAND AVENUE TIF REDEVELOPMENT AGREEMENT (the "Agreement") is entered into as of the day ofi , 2013, by and between the City of Decatur, Illinois, a municipal corporation, (hereinafkr referred to as the "City") and Niemann Holdings, LLC, an Illinois limited liability company (hereinafter referred to as the 'Redeveloper"). RECITALS WHEREAS, the City is considering adopting a program for the redevelopment of a redevelopment area known as the City of Decatur/Grand Avenue TIF Tax Increment Redevelopment Area (the 'Redevelopment Area") in the City, pursuant to 65 ILCS 5/11-74.4-1, et seq of the Illinois Revised Statutes, the "Tax Increment Allocation Redevelopment Act" (hereinafter referred to as the "Act"); WHEREAS, the City is considering, pursuant to the provisions of the Act, adopting a plan known as the City of Decatur/Grand Avenue TIF Tax Increment Redevelopment Plan and Project (hereinafter referred to as the 'Redevelopment Plan") pertaining to the redevelopment of the Redevelopment Area, substantially in the form of the document entitled City of Decatur, Illinois Grand Avenue TIF, dated December 4, 2012, a copy of which is available for inspection in the office of thei l h C ty Clerk rk o f the City; WHEREAS, the City anticipates that, in order to achieve the objectives of the Redevelopment Plan, subject to the adoption of Tax Increment Financing for the Redevelopment Area pursuant to the Act, it should provide assistance to the Redeveloper, including the reimbursement of property acquisition costs, in the development of a shopping center containing approximately 38,000 square feet consisting of a new County Market grocery store and other retail uses located on Exhibit 1 attached hereto and made a part hereof(the "Project"); WHEREAS, the City and the Redeveloper intend this Agreement to constitute an "economic incentive agreement" under Section 8-11-20 of the Illinois Municipal Code; WHEREAS, in order to eliminate the blighting conditions within the Project Site,to help arrest and prevent blighting conditions outside the Project Site in the Redevelopment Area, to enhance the quality of life in the City, to provide an economic stimulus to the area of the City within which the Project Site is located in order to attract other private development which will enhance the tax base of the City and to further the objectives of the Redevelopment Plan, the City pursuant to its Home Rule Powers under Article 7 of the Constitution of the State of Illinois and the powers granted to the City pursuant to the Act, and Section 8-11-20 intends, subject to the adoption of Tax Increment Financing for the Redevelopment Area pursuant to the Act, to provide to the Redeveloper, Public Investment to help alleviate certain private costs of the Redeveloper; WHEREAS, without the assistance of the City as set forth in this Agreement, the Redeveloper would not undertake the Project; WHEREAS, the construction cost of the Project (including land acquisition and soft costs) is estimated to be Eleven Million, One Hundred Twenty Thousand ($11,120,000 ) Dollars as more fully shown on Exhibit 2 attached hereto and made a part hereof; City of Decatur/Grand Avenue TIF Project 1