R2009-236 AUTHORIZING REDEVELOPMENT AGREEMENT Pines Shopping Center

Home Browse Search

.� I`� � „ b. Commencing in the year following the year in which substantial completion of � the Project or the first phase thereof has occurred and continuing until and � including the year 2037, the Redeveloper shall receive no later than January 15��' u. of each year the following: � r+� (i) For the first thirteen (13) calendar years, an amount equal to Seventy- � Five (75%) Percent of the Project Revenues far the previous calendar year actually received by the City; "�' » For the next twelve 12 calendar ears an amount e ual to Twen Five o (��) ( ) Y , q h�- � (25%) Percent of the Project Revenues far the previous calendar year actually received by the City. (iii) The total amount to be paid pursuant to subsections (i) and (ii) above shall not eaceed the amount of One Million ($1,000,000)Dollars. c. The obligation for the annual reimbursement of Project Costs shall terminate upon the distribution of that portion of Project Revenues set aside for reimbursement of Project Costs from Project Revenues received by the City in the calendar year 2037. 4.2 Adjustment of Public Investment. Upon completion of the Project, the Redeveloper shall submit to the City a Final Project Cost Analysis of all costs connected with the construction of such building and if the actual cost is less than ninety (90%) percent of the Project Cost Analysis, at the time of the adoption of the Redevelopment Agreement, then the maximum amount of Project Revenue to be paid to the Redeveloper shall be reduced by one (1%) percent for each percent that the actual costs are below ninety (90%)percent ofthe projected costs; ARTICLE V: PROJECT REVENUE FINDINGS 5.1 Economic Incentive Agreement. In connection with the Project Revenues under the Agreement, the Agreement is determined to constitute an "economic incentive agreement" under Section 8-11-20 of the Illinois Municipal Code, and the City Council makes related findings, as follows: 5.2 Findings. Project Site is not vacant and has development thereon and: a. the buildings on the Project Site do not, at the time of the adoption of this Agreement, any longer comply with current building codes; b. the buildings on the Project Site,have remained less than significantly unoccupied or underutilized for a period of at least one year; c. the Project, as set forth in this Agreement, is expected to create or retain job opportunities within the City; d. the Project will serve to further the development of adjacent areas; e. without this Agreement's economic incentive features, the Project will not have been possible; City of Decatur/Pines Shopping Center Redevelopment Agreement 7