R2013-19 AUTHORIZING SECOND AMENDMENT TO CITY OF DECATUR / PINES SHOPPING CENTER REDEVELOPMENT AGREEMENT

Home Browse Search

0. TMN Revised 2/28/13 AMENDMENT TO CITY OF DECATUR/PINES SHOPPING CENTER REDEVELOPMENT AGREEMENT WHEREAS, the City of Decatur. Illinois, a municipal corporation ("City") and Niemann Holdings, LLC, an Illinois limited liability company ("Redeveloper") entered into a "City of Decatur/Pines Shopping Center Redevelopment Agreement" ("Agreement") dated November 30, 2009 for the redevelopment of a program area known as the City of Decatur/Pines Shopping Center Tax Increment Redevelopment Project Area located at the Pines Shopping Center, 2200 E. William St., Decatur, Illinois. WHEREAS, the City and Redeveloper desire to amend the preamble to the Agreement and Article IV: Public Investment, Section 4.1 (a) and 4.1 (b) to amend payment dates due to changes in state reporting practices, with said sections to read: THIS CITY OF DECATUR/PINES SHOPPING CENTER REDEVELOPMENT AGREEMENT (the "Agreement") is entered into as of the 30th day of November, 2009, by and between the City of Decatur, Illinois, a municipal corporation, (hereinafter referred to as the "City"), Niemann Holdings, LLC, an Illinois limited liability company and Niemann Foods, Inc., an Illinois corporation (hereinafter referred to as the "Redeveloper"). AND: SECTION 4.1 (a) AND (b): (a) Subject to full reimbursement of eligible Project Costs, commencing in the year following the year in which substantial completion of the Project or the first phase thereof has occurred and continuing until and including the year 2034, the Redeveloper shall receive no later than March 15th of each year an amount equal to One Hundred (100%) Percent of the Real Property Tax Increment for the previous calendar year actually received by the City. (b) Commencing in the year following the year in which substantial completion of the Project or the first phase thereof has occurred and continuing until and including the year 2037, the Redeveloper shall receive no later than March 15th of each year the following: (i) For the first thirteen (13) calendar years, an amount equal to Seventy-Five Percent of the Project Revenues for the previous calendar year actually received by the City;