R2013-35 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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i which plans and drawings CAN include but are not limited to the limits of the work to be I done, the location of buildings and all auxiliary structures, ingress and egress, loading areas,parking, if any,proposed signage,landscaping and one or more elevations showing the Exterior Architectural Appearance of the Project. "Preliminary Site Plan" means the site layout for the Project including parking, if any, buildings, ingress and egress, pedestrian and vehicular circulation, utilities, grading, storm water detention, landscaping and service areas, and all proposed dedications and easements. "Project" means the shopping center and related facilities to be developed and constructed by the Redeveloper as more fully on described on Exhibit 1 attached hereto and made a part hereof. "Project Revenues" means for a calendar year an amount equal to the sales tax transferred by the State of Illinois Department of Revenue to the City that have been collected from retailers located in the Project in that year. "Project Site" means the real property to be utilized for the Project as more fully shown on Exhibit_1_attached hereto and made a part hereof. "Public Investment" means the rebate of Project Revenues and Real Estate Tax Increment in the manner provided in Article IV of this Agreement. "Real Estate Tax Increment" means the ad valorem real property taxes levied and received by the City on the Equalized Assessed Value of the Project, the Project Site and any other structures or buildings on the Project Site less the Initial Equalized Assessed Value for the Redevelopment Area as determined pursuant to the Act. "Redevelopment Area" means the City of Decatur/Grand Avenue TIF Redevelopment Project Area as adopted by the City in 2013. "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 the Redevelopment Plan 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 July,2013, and 3