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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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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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10/19/2015 2:47:30 PM
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Resolution/Ordinance
Res Ord Num
2006-102
Res Ord Title
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
Approved Date
11/6/2006
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' � ���� : .=;��� ���� : �,�e <br /> � <br /> I <br /> hereunder to the lleveloper, ���hich payments are conditional upc�n receipt of the foregoing <br /> infi�rmation. I <br /> � <br /> 3. LIMITEllOBLIGAI'ION � <br /> I'he City's obligation hereunder to rebate the Municipal Sal�s Tax Increment and/or to <br /> pay ior Eligible Redevelopment Project Costs is a special and limited'�obligation to be paid solely <br /> from the IP Plaza, LLC Special Account of the Fund and the IP Plaz , LLC Municipal Sales Tax <br /> Account. ln the event of' any erroneous disbursement� of funds fr m, or misappropriation or <br /> misapplication of funds thereafter the City shall restore such funds. <br /> � <br /> Such obligations do not now and shall never constitute an ind btedness uf the City within <br /> ihe meaning �f an}� State of Illinois constitutiona] or statutory provis'on and shall not constitute <br /> or give rise to a pecuniary liability of the City or a charge or lien agai st the City's general credit <br /> �r ta�cing power other than the above accounts, and not otherwise. ' <br /> �� <br /> �. LINIITED LIABILI'I'Y OF CITY T�Q OTHER� FOR DEVELO�E'R'S <br /> E?�PEI�'SES <br /> �, <br /> There siiall be no obli�atiol� by the City to makc: ar�y payT�ien s to an�� person �than <br /> i�e��eloper. nor shall tl�e Cit}� be obligated to make direct paymen s to any ather ec�aetor, <br /> �at�c;ui�tractc�r, meci_��n;c or material man providing services or mat rials to Developer f�r the <br /> Project. 'I,his Sectior� shali not be a ]imitation on the ar�ounts due t the r)eveloper undc�r this <br /> .A�reement �r a limitat:on of the Developer's right to direct paymen s tu be mad� to uthc:rs for <br /> th� 1)c veloper"s berle�it under Article IiI. � <br /> I <br /> 5. COOPERATION OF 'I'HE PARTIES I <br /> "I'he C'ity and the Developer agree to cooperate fully with ea other �vhen reqtiested to <br /> do so. "rhis includes without limitation the City assisting ��• spo sarii�g the Develuper, or <br /> agreeing to jointly apply with the Developer, for an�� granl, award r subsi�y which may be <br /> available as the result of the Developer's or City's activities. T is also includes without <br /> limitation the Developer assisting or sponsoring the City , or agreein to jointly apply w�ith the <br /> Cit}, for any grant award or subsidy which may be available or permi s which ma�� be reyuested <br /> as the result of?he City's or developer's activities. Nozhing in this se tion shall require the City <br /> to pariicipate witYa matchin� funas or contribute funds of any sort in , ssisting the Develo�er to <br /> obtain such grants. ', <br /> � <br /> The City alsu agrees to cooperate with the Develop�r in am ding the Rede�elopment <br /> Plan or Kedevelopment Project if requested by the Developer (and a the Developer's cost and <br /> expensel if, by wa} of eYample and not by way of limitation, the D veloper proposes to incur <br /> l:ligible Redevelopment Project Costs not contemplated by the Act r by the Redevelopment <br /> Plan or Project at the time af adoption of this Agreement. <br /> I <br /> Paae 12 of 32 I� <br /> .. I <br />
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