R2009-228 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT

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b. Commencing in the year fotlowing the yea�• iii which substantial completion of the Project or the first pliase thereof has occurred and continuing until and including the year 2037,the Redeveloper shall receive no later than Januaiy I S'�' of each year the following: (i) For the first thit�teen (13) calendar years, an amount equal to Seventy- F'ive (75%) Percent of the Project Revenues for the previous calendar year achially received by the City; (ii} Por the next twelve(12)calendar yeac5,an amount equal to Twenty-Five (25%) Parcent of the Project Revenues for the previous calendar year actually received 6y the City. (iii) The total amount to be paid pursuant to subseetions {i} and (ii) above sliall not exceed the amount of One Million{$1,000,000)Dolla��s. c. The obligation for the annual reimbursement of Project Costs shall terminate upon the distribution of that paition of Project Revenues set aside for ��imbut�sement of Project Costs from Project Revenues received by the City in the calendar year 2037. 4.2 Adjustment of Public Investment. Upon com�letion of the Pcoject, the Redeveloper shall submit to the City a Final Project Cost Analysis of all costs connected witli tl2e constcuction 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 Agreeinent, then the maximum amount of Project Revenue to he paid to the Redevelopec shail be reduced by one (1%} percent foc each percent that the actual costs are below ninety (90°/a)percent of the projected costs; ARTICLE V: PROJECT REVENU�FINDINGS 5.1 Economic Lxcentive Agreement. In connection with the Project Revenues u��der the Agreement, the Agreesne�it is determined to constitute an "ecouomic iucentive agreemenfi" under Section 8-11-20 of the Illinois Municipal Code, and the City Council makes related fndings,as follows: 5.2 Findings. Project Site is t�ot vacant and has development thereon and: a. the buildings on the Project Site do not, at the time of the adoption of this Ag►•eement,any longer comply with current building codes; U. the buildings on tl�e Project Site,have reinained less than significantly unoccupied or undenitilized for a pei•iod of at least one year; c. the ProjecY, as set forth iu this Agreement, is expected to create or retaiu job opportunities within the City; d. the Project will serve to furtlier the development of adjacent a��eas; e. without this Agreement's ecouomic incentive features, the Project wili not have been possible; City of Decatur/Pines Shopping Center Redevelopment Ag��eement 7