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y <br /> SINGLE-FAMILY RESIDENTIAL <br /> REDEVELOPMENT INCENTIVE PROGRAM AGREEMENT <br /> 570 WEST PRAIRIE AVENUE <br /> THIS AGREEMENT made and entered into this 18t" dav of February, 2010 by and <br /> between the City of Decatur, Illinois, a municipal corporation, hereinafter "City", and, K• L� <br /> Artman, hereinafter "Developer". <br /> I. Responsibilities of the Developer <br /> In consideration of the obligations undertaken by the City in this Agreement, the <br /> Developer agrees to be obligated as follows: <br /> A. A�reement. <br /> (1) Sco�e Of Work. Developer agrees to perform the work necessary to <br /> complete the Project, herinafter referred to as the "Project", located at 570 West Prairie in <br /> substantial compliance with the established design guidelines as well as the Project Cost <br /> Worksheet and any floor plans, site plans, elevations, and other specifications attached hereto <br /> and incorporated by reference herein as Exhibit"A": <br /> (2) Change In Scope. The Developer may request City approval of changes in <br /> the work required for the Project. The Assistant City Manager for Development Services shall <br /> be notified of each such change in wark being performed. A change shall be approved if the <br /> change does not increase the total number of residential units (1), does not reduce the total <br /> project cost $37,415.00, and does not render the Project ineligible for any funding criteria met by <br /> the scope of the Project as described herein. In no event may the total grant funds paid exceed <br /> the total grant amount. Approval shall be requested prior to construction based on changes in the <br /> scope of wark. <br /> B. Completion date. Developer agrees to complete the Project in accordance with <br /> Exhibit A within one (1) year of the signing of this agreement. <br /> C. Escrow. <br /> (1) Escrow Agent. The parties shall designate Busev Bank the Escrow Agent, <br /> and execute the instructions for the Escrow Agent in accordance with this Agreement and the <br /> Escrow Agent's standard requirements in the industry. The City shall deposit the grant funds ' <br /> with the Escrow Agent within 30 days of the execution of this Agreement. If the Developer �, <br />