R2010-167 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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T� t ► v "Sales Tax" means all taxes distributed to the City but excluding any sales tax imposed for the benefit of the State of Illinois, and attributable to the Redevelopment Project pursuant to the Home Rule Municipal Retailers' Occupation Tax Act, 65 ILCS 5/8-1 1-1 et. seq., the Home Rule Municipal Service Occupation Tax Act, 65 ILCS 5/8-11-5 and Chapter 51.1 and Chapter 51.2 of the City Code of the City of Decatur and the municipal portion of the Retailers Occupation Tax Act, 35 ILCS 120 et. seq. and the Service Occupation Tax Act, 35 ILCS 115/1 et. seq.. "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 now vacant Circuit City store located in the Project. "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. 2.2 Progress Reports. During the development process, the Redeveloper shall submit monthly reports to the City commencing on the first day of September 2010, and on the first day of each month thereafter until Substantial Completion of the Project which will provide the City with information concerning costs of the Project, leasing and sales activities, design of the Project, financing efforts and other matters relevant to the development and construction of the Project 2.3 Preliminary Plans. The Preliminary Plans for the Project are deemed approved upon execution of this Agreement. 2.4 Changes in Plans. Any substantial deviation from the Preliminary Plans will require City approval. 2.5 Final Site Plan. No later than the submission of the Construction Plans,the Redeveloper shall submit to the City a Final Site Plan for that phase if applicable. The City shall review the Final Site Plan for the purpose of determining compliance with the Preliminary Plans,this Redevelopment Agreement and Applicable Law. 2.6 Construction Plans. The Redeveloper shall submit to the City no later than forty-five (45) days prior to the commencement of construction the construction plans for each Phase of the Project (the "Construction Plans"). The City shall, within thirty (30) days from receipt, approve or disapprove the Construction Plans for that Phase, after reviewing said plans for compliance with Applicable Law, including but not limited to the life safety and zoning regulations, and confortnance with the Preliminary Plans and Final Site Plan. If the City disapproves the Construction Plans, the Redeveloper shall submit revised plans within a reasonable time from the date o.f rejection. Upon resubmission,the City shall review and approve or disapprove such revised plans within ten (10) days of submittal. This process shall repeat until the plans are approved by the City. City of Decatur/Slumberland Redevelopment Agreement 6