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<br /> " THIS CITY OF DECATUR/PINES SHOPPING CENTER REDEVELOPMENT
<br /> mAGREEMENT(the "Agreement") is entered into as of the 30th day of November,2009, by and between
<br /> '� the City of Decatur, Illinois, a municipal corporation, (hereinafter referred to as the "City") and Niemann
<br /> � Holdings,LLC,an Illinois limited liability company(hereinafter referred to as the "Redeveloper").
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<br /> � RECITALS
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<br /> .� WHEREAS, the City is considering adopting a program for the redevelopment of a
<br /> � redevelopment area known as the City of Decatur/Pines Shopping Center Tax Increinent Redevelopment
<br /> � Project Area located at the Pines Shopping Center, 2200 E. William Street, Decatur, Illinois (the
<br /> � "Redevelopment Area") in the City, pursuant to 65 ILCS 5/11-74.4-1, et seg of the Illinois Revised
<br /> Statutes,the "Tax Increment Allocation Redevelopment Act" (hereinafter referred to as the "Act");
<br /> WHEREAS, the City is considering, pursuant to the provisions of the Act, adopting a plan
<br /> known as the City of Decatur/Pines Shopping Center Tax Increment Redevelopment Plan (hereinafter
<br /> referred to as the "Redevelopment Plan") pertaining to the redevelopment of the Redevelopment Area,
<br /> substantially in the form of the document entitled City of Decatur/Pines Shopping Center Tax Increment
<br /> Redevelopment Plan dated November 30, 2009, a copy of which is available for inspection in the office
<br /> of the City Clerk of the City;
<br /> WHEREAS, the City anticipates that, in order to achieve the objectives of the Redevelopment
<br /> Plan, subject to the adoption of Tax Increment Financing for the Redevelopment Area pursuant to the Act,
<br /> it should provide assistance to the Redeveloper, including the reimbursement of property acquisition costs
<br /> ("Public Investment"), in the development of a shopping center containing approximately Forty-One
<br /> Thousand Eight Hundred Eighty (41,880) square feet consisting of a new Save. A. Lot grocery store and
<br /> other retail uses as shown on Exhibit 1 attached hereto and made a part hereof(the "Project");
<br /> WHEREAS, the City and the Redeveloper intend this Agreement to constitute an "economic
<br /> incentive agreement" under Section 8-11-20 of the Illinois Municipal Code;
<br /> WHEREAS, in order to eliminate the blighting conditions within the Project Site, to help arrest
<br /> and prevent blighting conditions outside the Project Site, to enhance the quality of life in the City, to
<br /> provide an economic stimulus to the area of the City within which the Project Site is located in order to
<br /> attract other private development which will enhance the tax base of the City and to further the objectives
<br /> of the Redevelopment Plan, the City pursuant to its Home Rule Powers under Article 7 of the
<br /> Constitution of the State of Illinois and the powers granted to the City pursuant to the Act, and Section 8-
<br /> 11-20 intends, subject to the adoption of Tax Increment Financing for the Redevelopment Area pursuant
<br /> to the Act, to provide to the Redeveloper, Public Investment to help alleviate certain private costs of the
<br /> Redeveloper;
<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 Eight Million Four Hundred Six Thousand Six Hundred Forty-Six ($ 8,406,646.00) ,
<br /> Dollars as more fully shown on E�ibit 2 attached hereto and made a part hereof; �
<br /> WHEREAS, the City believes, subject to the adoption of Tax Increment Financing for the
<br /> Redevelopment Area pursuant to the Act, it is necessary to redevelop the Redevelopment Area in order to
<br /> arrest the economic and physical decline contained there, and to promote a policy of stabilization not only
<br /> in the proposed Redevelopment Area, but also in the surrounding area of the City; and
<br /> City of Decatur/Pines Shopping Center Redevelopment Agreement 1
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