Laserfiche WebLink
. ri��� : v7�1 �'��e : ��� <br /> RF.11�:VEI�UPMENT A(G[2E�;17ENT i <br /> CITY UF DECATUFt <br /> And <br /> IP PLA7,A, LLC <br /> THIS A(,R�:F:�'[F�NT �including Exhibits) is entered into this 6th day af November, <br /> 2O06, by the City of Ce�.atur (the "City"), an lllinois Municip�l Corp�ration, Macon County, and <br /> IP Plaza, LLC; an Iliinc�i:� limited liability company (the "Developer"). <br /> RECITALS � <br /> A. The Cit�- Council has heretofore determined that in o er to promote anc� protect <br /> the health, saiei�, morals �nd �velfare of the public, adverse econo ic c�vnditio��s in thc City <br /> mtast be r�versed arld de,-elo}�ment and redevelopment of the Cit`� mu�t be undertaken; anc�ihat it <br /> is r�ecessary to encourage priv�te investment that will expand the C�t}�'s empioyn�e;lt ba.s� anc� <br /> tr.hance the tax ba�t uf� the City and other taxing districts blv sucil de��e!oprnenx anzi <br /> rede��elopn�ent a� st:� f;��h ir. ihe 'Tax Increincnt Allocation ��dev�l��pment Act, as �m�3qt�k t'fi5 <br /> ILC'S �;'I i��"r'a.�-1 et ,sec�t.: i�rid <br /> I <br /> f3. Th� C"ii�� ?:;is l�eretc�fui �;val�iate� vari�us 'av�fi.�lly ava']al�lc; �ro�ran�s t� �.t�vi��� <br /> s�.ic`t� �t�s�,ta��.ce ar�c� has determiried that the use of tax inere,1i�en± alioc tiori financing pursu��nt ti� <br /> the Iax l,�crem�nt ,All��cati�,n Redevelopment Act (ES ILCS %11-74.�4-1 c:1 s•ec�.), (as <br /> s�z�ple;i�en�cd an�i ar;iencie�, the "Acf') is necessary tn acl:itve the r�deveio7rr�eni goals t�*the <br /> C itti� �L�r t�Ic ���c��lc�sed ar�;;:�; an�i_ � <br /> I <br /> C. nur>u��nt tc� ll�f. Act, the ('.it}� has the authority ��� provi¢le �ncentives related to tn� <br /> c�e��elc�pi��ent, redevel�pm�X.t and rehabilitation uf property� �vithirj the Eastgate Con�mons <br /> 1?�u���elopment Pruject f'�.-�a (the "Kedevelopment Project Area"jl by payin� (iricldsding l�y <br /> eni�c:,r.c�ment of a Ttk� N�7te) or reimbursing the De��eloper for ce ain costs out ��f �ertain <br /> i�e5ulting increas�s in f•eal c�tatc taY revenue� �the "In�rementa Yroperty 'Taxes'') and <br /> municipal sales tax re;��nue� (tJle "i�lunicipal Saies 7'ax inc�remenf' ; an� i; is the ir�tent uf ihe <br /> C'ity to tncourag� ec�r,omi� development which will incredse the t� - base of the City, which <br /> i�.�creased t�xts will ��� u�.ec.�1, in part, to finance incezltives to assis ctevelopnient within the <br /> EZedevelopnient Project Are.a; and <br /> D. Reco�iii�ing, il�e need to faster the rede��elupmLnt c�i�c-v�'tain properiies within the <br /> R�development Projert ,a�ea, the Citv un �(c�vember 5, 2i)Oh adoptedl tl-�e followina r�i�dinances <br /> relatin� to the RedeveicFpn�ent Project .�"�rea: ! <br /> �7 ) C)it.f�ll�A='�C�; NO. �l}Ofi-98, r1N C)iZDi?vA� �CF ADOP'fI?�1G AND <br /> ,-1.P1'kZOV[NCi "1,,�F� i�<��'I'�;A'CE C;OMMONS REU�;`I�:L()YM :L�T YRO.fEC1' A�L.A <br /> �;t:J�:Vl;LO�'A��1`J"I' r1.APd I�UR "I�l-(F CI"I'�' Ul� DL;d.'.AI'ITR, �� ILLI?`dOIS, AND T�1F: <br /> I <br /> �I <br /> , <br /> Page 1 of 32 I <br /> I <br />