2006-102 APPROVING A REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF DECATUR, ILLINOIS AND IP PLAZA, LLC, IN CONNECTION WITH THE EASTGATE COMMONS REDEVELOPMENT PROJECT AREA

Home Browse Search

�� ; ,Md�.�i� l'u., lllu� is `,,_L. Ly Mery A. I_alon, Rec.urdnr �` � ii - Bo k: 3761 Page: 664 � • keruip� u: 1�19 E1ui.ordiny f'ae: f61.U1 I'ayas kucm� ed: 3h vyr►Q,,,n C_i_ ' —�:a-e==�_s.�sc� 1�19186 Date Recor ed: 12/4/2006 9:07:49 AM �� ORDINANCE NO. 2006-102 I AN ORDINANCE APPROVING A REDEVELOPMEI�T AGREEMENT I BY AND BETWEEN THE CITY OF DECATUR, I LINOIS AND IP ! PLAZA, LLC, IN CONNECTION WITH THE EASTG TE COMMONS REDEVELOPMENT PROJECT AREA � I WHEREAS, IP Plaza, LLC (the "Developer"), has ubmitted a proposal to the II City of Decatur, Illinois (the "Municipality") for redevelopment within the Municipality's Eastgate Commons Redevelopment �Project Area (the "Redevelop�ent Project Area"); and, thereafter, the Municipality and the Developer have engaged in'� negotiations related to a Redevelopment Agreement (including all exhibits and attachments i� connection therewith, the "Redevelopment Agreement") concerning redevelopment incentive� and assistance related to the development and redevelopment of a part of the Redevelopment P�oject Area. � NOW, THEREFORE, BE IT ORDAINED BY THE CIT�' COUINCIL OF THE CITY OF ' 1)FCaTUK, MACON COUNTY, ILLINOIS,as follows: �I � Section 1. Approval. The Redevelopment Agreement, in substantially the form thereof presented before the meeting of the City Council at which this�lordinance is adopteci, shall be and is hereby ratified, confirmed and approved, and the Mayor anc� City Clerk are authorized to erecute and deliver the Redevelopment Agreement for and on behajlf of the Municipality with such changes therein as such officers shall approve; and upon thel execution thereof by the Nlunicipality and the Developer, the appropriate officers, agents, ttorneys, consultants and employees of the Municipality are authorized to take all suppleme tal actions, including the execution and delivery of related supplementa] opinions, certificates, a�greements and instruments I- not inconsistent with the Redevelopment Agreement, desirable or n�cessary to implement and otherwise give full effect to the Redevelopment Agreement. Upon �ull execution thereof, the Redevelopment Agreement shall be attached as an exhibit t� this ordi ance, but any failure to so attach shall not abrogate, diminish or impair the effect of the Redevel pment Agreement as fully executed. � Section 2. Bid Waiver. Pursuant to the Mt�nicipality's power and authority as a home rule unit, bidding requirements, if any, related �o the Rede�elopment Agreement and � I