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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' � - .. . . �., ..j;M d'--we L.i s� ; i:< f i� �f�� undertaking of the Private De��elopment. SUCH RF1MBlJRSEMEI�T OBLIGATION SHALL BI: A SPECIAL AND I.IMITED OBLIGATION OF THE CITY �AYABLE ONLY FROM �I'HE INCRF,MENTAL PROPER'T�' "fAXES ��VAILABI.,E FOR �UCH PtJRPOSE UNDER �I�HE PROVISIONS OF TkIIS AUREEMEN'T. It, in any year during qhe term of this Agreement, Developer is not reimbursed for all Reimbursable Interest Costs to �vh�ich Developer is entitled to reimbursement as a result of an insufticient amount of Tax Incre ent being available in the Special Tax Allocation Fund for such year, such unreimbursed Reim ursable Interest Costs shall be paid from the Incremental Property Taxes deposited in the Special ax Allocation Fund in the following year (and if necessary, in subsequent years) and the obligat�on te reimburse Developer for previously-unreimbursed Reimbursable Interest Costs shall contin�e in effect and accrue �.�ntil paid or the lerm of the ReJevelopment Project Area. Developer shall ;i rovide the Cit,y writh such evidence of payment arrd calculations of Reimbursable Inter�:st Costs t�a enable the City to clearly dete�-mine the amount to reimburse Developer therefor as herein pr vided. Reimbursement of Reimi�ursable Interest Costs to Developer shall be subject to the limi�tations set forth in Section I 1-74.4-�(q)(11) of the Act and this Agreement. 7. Nlonies aisi�ursed ta reimburse Developer for Eligib e Redevelopment �roject Cc��ts as set forth in parabraph 4 above shall be d�emed applied in the ollowing order: � (aj F'irsi, to pay principal and interest obligation� due on ourstan �"TlF Notes, as and in the manner provided in paragraph 5 above. .��=° (b) Second, to Keirnbursable Interest Costs eligibl for reir�bursement ��nder this Agreement, subiect to the limitations contained in the Act anc� this Agrec�nent: provided, ho�v;.•�er, that ii�in any year during the term of the . greenient the Develc?rer �s not t��i11y� reii��brirsed for all Reimbursable Inieres�, Costs Dev aoper has incurr�ct whic?� are c;ligible iar reirnbursement under the Act, De�eloper sl��ll tirst be deemcu io b� . reimbursed in any subsequei�t year for unreimbursed Reimbur�able Interest Cos�s having . accrued from previous years and shall then be deemed tc,� �}e rein�bursed for eli�ible Reinlhursa.ble lnterest C�asts f�r the then current year. �, (c) "I'rird, to reimburse Devel�per for oth�r Eli�ib�e Redevelopment Project C�sts Deve;lnp�;r incurs the reirnbursement of which has not hen been evidenced by a 'T1F Note or by interest an a loar. for Reimbursable interest Cos�ts. i 8. I1� from ?ime to time, the Developer has �een fully r�imbursed for all Eligible Redei-elopinent Praject �'osts the Developer has incurred to d�ite, the Developer shall nonetheless be entitled to reimbursement of other Eligible Redevel�pment Project Costs the Developer thereatter incurs in that year or any subsequent year, subj ct, however, to the other provisions of this A�;reement and to the Act. 'I 9. Any amounts remaining in the IP Plaza, I_-LC Sp�ec,ial Account of the Fund in any year after f��ll reimbursement or paynlent of all Red�velopment Project Costs ha��ing tl�en b�en irieurred by the Developer stiall, ta the rnax mum ext•�nt permitted by the Act, be retained in the Special 'I'ax Allocation I��und and sha�l he pledged to reimburse � Page 10 of 32 � ��