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

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i ' L�1�1 C�}�f : ��f�3�. �'c1 O$ : b�.� I The City shall disburse ai-�y surplus funds fi•,,m the T�und in accordance with the Act upon ter•mination of the Redevelopment Project A�ea. ARTICLE V � PAYMENT OF ELIGIBLE REDEVELOPMENT PR(�,JECT COSTS i 1. Developer shall advance (and in certain cases, has a�lready� advanced) all funds and all costs necessary (i) to acquire the Developer's Site; (ii) to cionstruct certain public and private infrastructure im�rovements; (iii) to astablish the Redevelop�nent Project Area; and (iv) any other cost relatin� to the creation of thE Redevel��pment Praject �1rea or the development of r.he Developer's Site. �s u result the Developer �vill incur substant�al Eligible Redevelopnient Project Costs related ta the Developer's Site and the Phase I1 tract. 2. Detinition of Redevelopment P:oject Costs and Tax In rement .(a) For purposes of this Agreement, "EligibleI Redevelopment Ixroject Costs" shall mean arid include all costs defined as '`redev$lopment project cc�ts" in section 11-74.4-3(q) of the Act (as now or hereafter provided� and which are eligiblc for payment or reimbursement under the Act and the Redeveloprs�ent Plan, includi�.iiot limited to: property assembly costs, site preparation costs, sit� improvement co'��:;t�sts of constructin� puhlic improvements, professional fees, in er�st costs, rehabi;i�ati�n, repair• and reinodeling. certain taYing district's costs, registrat on uf obligations, a;,d ar.�� other costs described in and authorized by the Act and in the R devc;l�pmerit Plai�. (b) �or purposes of this section professional fees shail be detined as those proi�ssional sei•vi��e costs for engineering, arcl-�itectural, 1 gai, n�iarketing, firauncial planning cfr uther service relating to the administration a�d in�plementation of� the . Redevelopment Plari. See 65 II.:CS 5/11-74.-�-3(q)(1}. �I �c� For purposes oi'this Agreement: �i) "Incremental Pr �ert�� Taxes" shall mean - all increases in ad valorem taxes arising from the develop ent of, as applicable, the Developet's Site arid!or upon acquisition by the lle��eloper t e Phase Il tract, and not otherwise. bn de;terinining increases in ad valorem taxes, the ounty shall calculate the then current equaliied assessed valuation of, as applicable, t e Developer's Site and/or the Phase lI tract, as determined by Section 11-74.�-9 of the Act; and (ii) "Municipal Sales Tax IncremenY' shall mean the taxes distributed to the ity-, and attributable to the Redevelopmerrt Project Area pursuant to the Retailers Occupa�ion T'ax _Act 35 IL�S 120 et seg. and 65 ILCS 5!8 11-1 et seq. as described in paragraph 1� of Article IV. (d) Developer expects to incur interest costs on fu I ds Developer borrows in connection v�-ith the undertaking of the Private L�evelopmer�t under Section 11-74.4- 3(q)(11) of the Act (``Reimbursable Interest Costs"). These R imbursable Interest Costs incurred by th� De��loper shall be deemed Eligible Redevelo meiit Project Costs to the � I �� f'age 7 cf 32 � ,I I�i