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� • . <br /> ECONOMIC AND URBAN DEVELOPMENT MEMQRANDUM <br /> Memo No. 06-263 <br /> November 1, 2006 <br /> TO: Honarable Mayor Paul Osborne and City Council <br /> FROM: Steve Ga City Manager <br /> Dane C. r , Assistant City Manage�� <br /> Greg C. o e, Economic Development Coordinat � <br /> SUBJECT: Adopting Eastgate Commons Redevelopment Proje�t, Plan and Tax <br /> Increment Financing <br /> SUMMARY RECOMMENDATION: Staff recommends ap�roving the ordinances <br /> designating, approving and adopting the Eastgate Commons Rede�elopment Project, Plan <br /> and Tax Increment Financing for the Plan. Staff also recomm�nds deleting the small <br /> triangular shaped parcel in the southeast corner of the Project Are�, since the parcel is not <br /> currently annexed into the City. <br /> BACKGROUND: The Eastgate Redevelopment Project �,and Plan is for the <br /> redevelopment of the former K-Mart shopping center located at tlhe corner of US Route <br /> 36 and IL Route 121 and will be adjacent to the current Southeast�laza TIF to the south. <br /> A Redevelopment Agreement with IP Plaza was approved by the �ity Council on July 3, <br /> 2006 to provide for the redevelopment of the former K-Mart j store. The proposed <br /> Eastgate Commons TIF will provide for the financial facility to r�imburse the developer <br /> for TIF eligible expenses in order to renovate the site. <br /> INPUT FROM OTHER SOURCES: N/A <br /> POTENTIAL OBJECTION: N/A <br /> STAFF REFERENCE: Any additional questions may be forwa�ded to Greg Crowe at <br /> 424-2725 or at gccrowe(a�decaturnet.or�. <br /> BUDGET/TIME IMPLICATIONS: N/A <br />