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� � ��o�C : �;���1 rjaae � �EaB <br /> RELAT'ED REUEVF,L(>PN1EN"I' �'IZOJEC"1 ��i)R "1'I�E PR(�;��)SI�I� F.,ASTGATE COIvIMONS <br /> fLF;DEVELOP;�IEN I" PROJEC'T ARF.A; i, <br /> (2) ON.DINANCE NO. 2006-99, AN ORDiNAi CE DESIGNATING THE <br /> Cl"I�Y OF DECAT'UR, ILI,INOIS EASTGATE COMMONS RED �VF,LOPMENT PROJECT <br /> AKF��A; and <br /> (3 j (�RDIN�NCE NO. 2005-100, AN ORDIN�ANCE ADOPTINU TAX <br /> INCRF.MENT FII�TANC"P�IG rOR Tf�E CITY OF DECATUR� ILLINOIS EASTGATE <br /> COMMOI�'S RF,DE4�F,LUPNIEN"f YROJECT ARF,A. ' <br /> ; <br /> E. Within the Rede�elupment Project Area located on th southeast side of the City <br /> i� a partly improved, �artly vacalit tract of land consisting of ap roximately 8.9 acres and <br /> currently owned by Ul�d Tidings Assembly of God (the '`Develop r's Site") which includes <br /> land suitable for commercial development and which tract qual fies as a blighted and�or <br /> conservatian area, the legal description uf which is attached hereto as ;xhibit 2. <br /> I <br /> F. The De��eloper has entered into a contract to purchas� the Developer's �e and <br /> plans to develop this site, subject to certain contingencies incpuding the creation �f a <br /> Red�veJ�pment Project Are� under the Act. � ��. <br /> G. Th� i�e•,�c;o er's rc�os�;d commercial z•ivate cievel� mtnt ro �c,t to�W�her <br /> P P � P fi � F J" ( <br /> wit�t t��c relatc:d pub!ic ar�d pri�ate facilities, improt�ements and c� sts eonstituting Eii;-ib?e <br /> i�tcle,�c!opment Pr��jec� Cost� in �:�:hibiti, collectively, the �`Pr vate Development") is <br /> �c�iis��;tci�� ��ith t13e lanci use� and the comprehensive plan of the Ci y as adopted, as w�l! as <br /> ;li,,s� �ises �inticirated hy� the redeveiopme�nt plan (the "I�edevel�pment Plan'') anci the <br /> r��c::;�•ei:7��n�ent k�roject ith� "Rede��eiopment Yrojeet") for the Redev�lopment Yroject Area; - - <br /> � <br /> I-i, The rit;� has the authority under the Act tc incur �'�qua�lifying rede�relopment <br /> project costs to assist the Pri��ate Development acti��ities u der 1he Act ("Eligible <br /> Redevelopment Project l`:osts") and also to reimburse Deve�lopei• for such Eligible <br /> Recie�elopment Proiect C�;sts. � <br /> I. The City has determined that the Pri��ate Developme rt requires the incentives <br /> re�ueste�i as set forth in Exhibit 1 and that the Pri��ate Develop nt will as a part of the <br /> Redevclopment Plan promote the health, safety and w�elfar� of th City and its citizens by� <br /> attracting private investtnent and provide much needed employment for its citizens and to further <br /> the growth of� the Citv, faci!itate tlie redevelopment af the er.tire Rec�evelopment Project Area, <br /> increase the assessed ��al��a�ion uf the real estate situated �.vrthin th� City, promote increaseci <br /> economic activity within the City. and upgrade public infras�ructure �vithin the Redevelopment <br /> Pruject Area; and <br /> I <br /> J. The City, in order to induce Ueveloper io mal.e the in estmerit described in this <br /> .'�greement is prepared tj� issue one or more redevelopment notes�{each a '`TIF Note," in <br /> sub,tantially the form in ��'.xhibit �+), as described herein. ' <br /> � <br /> �I� <br /> i <br /> Page 2 of 32 <br /> i <br /> I <br />