2009-76 APPROVING A REDEVELOPMENT AGREEMENT AMENDMENT BY & BETWEEN THE CITY AND IP PLAZA, LLC, IN CONNECTION WITH THE EASTGATE COMMONS REDEVELOPMENT PROJECT AREA

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Book: 4033 page: $8G FIRST AMENDMENT TO REDEVELOPMENT AGREEMENT Dated Date: October 19 , 2009 WHEREAS, the City of Decatur, Illinois (the "City") and IP PLAZA, LLC, an Illinois limited liability company (the "Developer"), entered into a Redevelopment Agreement dated November 6, 2006 (the "Initial Redevelopment Agreement"), which as amended by this First Amendment to Redevelopment Agreement (the "Amendment"), collectively constitute the "Redevelopment Agreement"). . NOW, THEREFORE, THE CITY AND THE DEVELOPER BY THIS AMENDMENT TO THE INITIAL REDEVELOPMENT AGREEMENT HEREBY STATE, REPRESENT, COVENANT AND AGREE, as follows: Section 1. Amendments. The Initial Redevelopment Agreement is hereby amended as provided in this Section 1, as follows: Article IWINCENTIVES, paragraph 1., entitled Phase I Sales Tax Rebate is hereby amended to read, as follows: Phase I Sales Tax Rebate. Subject to the terms and provisions of this Agreement, the City shall account for and annually (on November 1 in each year, having commenced as of November 1, 2007) credit to the IP Plaza, LLC Municipal Sales Tax Increment Account (defined below) for payment over to the Developer: (i) fifty (50) percent of the City's receipts of the Retailers Occupation Tax, and (ii) fifty (50) percent of the Home Rule Food & Beverage Tax, for retailers or restaurants established on the Developer's Site after the effective date of this Agreement ((i) and (ii) constitute the "Municipal Sales Tax Increment"). The Municipal Sales Tax Increment to be so paid over to the Developer in the aggregate shall not exceed $5,650,000 and together with Incremental Property Taxes hereunder shall not exceed the aggregate amount of Eligible Redevelopment Project Costs in Exhibit 3. The City shall establish an "IP Plaza, LLC Municipal Sales Tax Increment Account" to which the Municipal Sales Tax Increment shall be credited. If Eligible Redevelopment Project Costs exceed such $5,650,000.00 amount, Developer may obtain the additional reimbursement from the Incremental Property Taxes derived from the Developer's Site. In connection with the foregoing paragraph, the "fifty (50) percent" reference in (i) and (ii) shall be modified to One Hundred (100%) Percent, if a final court order is not entered in the case of IP Plaza v Stephen Bean