R2010-200 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

Home Browse Search

, � R REYNOLDS DEVELOPMENT LLC REDEVELOPMENT AGREEMENT This Redevelopment Agreement (this "Agreement") is entered into this day of October, 2010, by and between the CITY OF DECATUR, an Illinois home rule municipal corporation(the "Municipality"), and Reynolds Development, LLC (the "Developer"). PREAMBLE WHEREAS, the Municipality is a home rule unit of government, pursuant to Section 6 of Article VII of the Constitution of the State of Illinois, and as such has the authority to promote health, safety and welfare, including to prevent the spread of blight and deterioration and inadequate public facilities by promoting the development of and private investment in industry, business and housing and enhancing the marketability of Premises and is authorized to enter into economic incentive agreements pertaining to its government and affairs, including the economic development of its tax base thereby reducing unemployment; and WHEREAS, the Municipality has by a series of ordinances (as supplemented and amended, the "TIF Ordinances") undertaken a program and plan of redevelopment of a designated area in the Municipality by the adoption of T� Increment Financing ("TIF") and the adoption, approval and designation of the "Olde Towne Redevelopment Plan of the City of Decatur, Illinois" (the "Redevelopment Plan"), Redevelopment Project Area (the "Area") and Redevelopment Project (the "Redevelopment Project"), all pursuant to the T� Increment Allocation Redevelopment Act, Illinois Compiled Statutes, Chapter 65, Section 5/11-74.4-1 et seq. (as supplemented and amended,the "Act"); and WHEREAS, pursuant to and in furtherance of the Redevelopment Plan, the Developer proposes to develop certain property within the Area (the "Development Area") as described in EXHIBIT A attached hereto and by reference made a part hereof; and WHEREAS, the Developer's proposed (i) public facilities ("Public Facilities") and/or (ii) private development ("Private Development") project ((i) and (ii) collectively, the "Development Project") are consistent with the land uses and the Redevelopment Plan and is located in the Development Area, wholly within the Area; and WHEREAS, the Developer has requested that incentives related to the Private Development be provided by the Municipality from the resulting real estate t� revenues and municipal sales t� revenues derived solely from the Development Project within the Development Area (the "Incremental Taxes"), which incentives are consistent with those of the