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THIS CITY OF D�CATUR/i'INES SHOPPING CENTER REDEVELOPMENT
<br /> AGREEM�NT(the"Agceement") is entered into as of the 30th day of November,2009, by and between
<br /> the City of Decatur, Illiuois, a municipal cocporation, (hereinafter ceferred to as the "City") and Niemacm
<br /> 1-Ioldin�s,LLC,an Illinois Iimited liability compa�iy(hereinafter referred to as tl�e"Redeveloper").
<br /> RECITALS
<br /> WHEItEAS, the City is considering adopting a pi•ogram for the redevelopment of a
<br /> redevelopment area known as the City of Decatur/Pines Shopping Center Tax Increment Redevelopment
<br /> Project Area located at the Pines Shopping Center, 2200 E. Williatn Steeet, Decatur, Illinois (the
<br /> "Redevelopment Area") in the City, p�irsuant to 65 ILCS 5/11-74.4-1, et seq of the Illinois Revised
<br /> Statutes,the"Tax Increment Allocation Redevelopment Act° (hereinafter referred to as the"Act");
<br /> WHCREAS, the City is considerii�g, pllYsuant to the ��rovisions of the Act, adopting a plan
<br /> kuowu as the City of Decatur/Pines Sllopping Center Tax Increment Redevelopment Plan (hereinafter
<br /> referred to as fhe "Redevelopment Plan") pertaining to the redevelopment of the Redevelopment Area,
<br /> substantially in the form of the docurnent entitled City of Decafiur/Pines Shopping Center Tax Inereinent
<br /> Redevelopment Plan dated November 30, 2009, a copy of whicl� 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 lncrement Financing for the Redevelopment Area pursuant to the Act,
<br /> it should provide assistance to the Redeveloper, i�icluding the reimbursement of propeity acquisition costs
<br /> ("Public Investment"), in tl�e 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 g�•ocery store and
<br /> otlier cetail 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 constih�te an "economic
<br /> incentive agreement" under Section 8-11-20 ofthe Illinois Municipal Code;
<br /> WH�R�AS, in order to eliminate the blighting conditions within the Project Site, to help aiti�est
<br /> and prevent blighting conditions atttside the Project Site, to enhance the quality of life in the City, to
<br /> p�•ovide ai� eeonomic stimulus to the area of the City within which the Project Site is located in orde�•to
<br /> attract other private development which wiIl enhance the tax base of the City and to further the objectives
<br /> � of the Redevelopment Plait, the City pucsua�rt to its Hoine Rule Powers undec Acticle 7 of tlie
<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 Redevetopmant Area pursuant
<br /> to the Act, to provide to the Redeveloper, PubIic Tnvestment to help alleviate certain private costs of the
<br /> Redeveloper;
<br /> WHEREAS, without the assistance of the City as set fo�•Ch in this Agreement, the Redeveloper
<br /> would not undertake the Project;
<br /> WHEREAS, die construction cost of tlie Project (including land acq�iisition and soft costs) is
<br /> estimated to be Eight Million Four Hundred Six Tl�ousand Six Hundred Forty-Six ($ 8,406,646.00}
<br /> Dollars as more fully shown on Exhibit 2 attached hereto and mada a part hereof;
<br /> WHER�AS, the City believes, subject to tlie adoption of Tax Increment Financing foc the
<br /> Redevelopment Area pursuant to the Act, it is necessary to redevelop the Redevelopment Area in oi•der to
<br /> acrest 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 surrouziding area of the City; and
<br /> City of Decatur/Pines Shopping Center Redevelopment Agreement 1
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