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This Redevelopment Agreement (hereinafter referred to as the "Agreement") is entered
<br /> into as of the day of , 2011, by and between the City of
<br /> Decatur, Illinois, a municipal corporation, (hereinafter referred to as the "City"), Jackson Ford Inc., an
<br /> Illinois Corporation, and Jackson Family Limited Partnership, an Illinois Limited Partnership
<br /> (collectively referred to herein as "Redeveloper")
<br /> RECITALS
<br /> WHEREAS, the City is a home rule unit of government, pursuant to Section 6 of Article VII of
<br /> the Constitution of the State of Illinois, and as such is authorized and empowered to enter into economic
<br /> incentive agreements pertaining to its government and affairs, including the economic development of the
<br /> City and the expansion of its tax base;
<br /> WHEREAS, the Developer wishes to substantially redevelop and improve the Development
<br /> Area by constructing a new facility, thereby expanding its indoor display area, modernizing the exterior
<br /> fagade and adding soft and hard landscaping more fully described on Exhibit 1 attached hereto and made
<br /> a part hereof(the "Project"); thereby contributing to the economic development of the City and increasing
<br /> the tax base thereof, and the City is willing to enter into an economic incentive agreement with the
<br /> Developer to assure that said redevelopment and improvements occur;
<br /> WHEREAS, without the assistance of the City as set forth in this Agreement, the Redeveloper
<br /> would not undertake the Project;
<br /> WHEREAS, the construction cost of the Project (including land acquisition and soft costs) is
<br /> estimated to be four million, one hundred eighty six thousand, five dollars($4,186,005.00)as more fully
<br /> shown on Exhibit 2 attached hereto and made a part hereof,
<br /> WHEREAS, the Municipality has determined that the Development Project requires the
<br /> incentives requested as set forth in Exhibit 2 and that the Development Project will promote the health,
<br /> safety and welfare of the Municipality and its citizens by attracting private investment to prevent blight
<br /> and deterioration and to provide employment and generally to enhance the economy of the
<br /> Municipality.
<br /> NOW THEREFORE, in consideration of the promises and mutual covenants and obligations of
<br /> the parties contained herein, and other good and valuable consideration, the receipt and sufficiency
<br /> whereof are hereby acknowledged, the parties hereto, intending to be legally bound, hereby covenant and
<br /> agree as follows:
<br /> ARTICLE I: DEFINITIONS
<br /> "Applicable Law" means all laws, statutes, acts,ordinances,rules, regulations,permits, licenses,
<br /> authorizations, directives, orders and requirements of all Governmental Authorities, that now or
<br /> hereafter during the term of this Agreement may be applicable to the City, the Redeveloper,
<br /> and/or the Project, and the construction, maintenance, use and operation thereof, including those
<br /> relating to employees, zoning, building, health, safety, Hazardous Materials, and accessibility of
<br /> public facilities.
<br /> "Exterior Facade" means the architectural character, general composition and general
<br /> arrangements of the exterior of the Project, and the adjacent plazas and pedestrian areas,
<br /> including the kind, color and texture of the building material and the type and character of all
<br /> City of Decatur/Jackson Ford Redevelopment Agreement 1
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