R2011-140 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

Home Browse Search

windows, doors, light fixtures, signs and appurtenant elements, visible from public streets and thoroughfares. "Final Site Plan" means the final plan for the Project or any Phase thereof which sets forth the limits of the work to be done,the building locations, ingress and egress, loading areas, parking, if any, landscaping, signage and adjoining streets including one or more elevations or sketches showing the exterior features and designs of all the buildings or structures. "Preliminary Plans" means plans and drawings, including a Preliminary Site Plan for the Project attached hereto as Exhibit 1 which are preliminary to the Construction Plans, which plans and drawings include but are not limited to the limits of the work to be 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 or any phase thereof. "Preliminary Site Plan" means the site layout for the Project or any phase thereof 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 Jackson Ford Auto Dealership and related facilities to be developed and constructed including property acquisition costs by the Redeveloper as more fully described on Exhibit 1 and 2 attached hereto and made a part hereof. "Public Investment" means the rebate of Sales Tax Increment and Real Estate Tax Increment actually received by the City 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 2010 Equalized Assessed Value of $319,453 for the Redevelopment Area. "Redevelopment Area" means Redevelopment Project Area set forth and described in Exhibit 3. "Sales Tax Increment" means for a calendar year an amount equal to the Municipal and Home Rule Sales Tax received by the City from the auto dealership located in the Project in that year less the annualized monthly average of Municipal and Home Rule sales tax received by the City from the auto dealership located in the Project Area for the liability period of January 1, 2010 through July 31, 2011 as confirmed by the Illinois Department of Revenue. "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 this Agreement and Applicable Law. City of Decatur/Jackson Ford Redevelopment Agreement 2