R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC

Home Browse Search

. + �. .: , �K � 1 ? 4PG106 ��, 4 �.'710841 REDEVELOPMEN'��,�� , �� T}�Y Tl�At MACON COUHTY SS T�IS�t S�RUMENT Y�AS CITY OF DEC�RDED AT ��-�� I A„�JOb JUI. 2b A � 29 r, L L�, Q� �� IP PL , LLC �S.C'�=�.�-r l �RECOFtDER �'�---�---- THIS AGREEMENT (including Exhibits) is entered into this 3rd day of July, 2006, by the City of Decatur ("City"), an Illinois Municipal Corporation, Macon County, and IP Plaza, LLC, ("the "Developer"). RECITALS A. The City Council has heretofore determined that in order to promote and protect the health, safety, morals and welfare of the public, adverse economic conditions in the City must be reversed and development and redevelopment of the City must be undertaken; and that it is necessary to encourage private investment that will expand the City's employment base and enhance the tax base of the City and other taxing districts by such development and redevelopment as set forth in section 4-2 of the Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seQ).; and B. The City has heretofore evaluated various lawfully available programs to provide such assistance and has determined that the use of tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seQ.) is � necessary to achieve the redevelopment goals of the City for the proposed area; and C. Pursuant to the Tax Increment Allocation Redevelopment Act 65 ILCS 5/11-74.4- 1 et seQ., as amended (the "Act"), the City has the authority to provide incentives to owners ar prospective owners of real property to develop, redevelop and rehabilitate property by reimbursing the owner for certain costs out of the resulting increases in real estate tax revenues and municipal sales tax revenues, ("Tax Increment"); and it is the intent of the City to encourage economic development which will increase the tax base of the City, which increased taxes will be used, in part, to finance incentives to assist development within the Tax Increment Financing District; and D. By October 1, 2006, recognizing the need to foster the development of certain properties, the City will consider the following ordinances relating to the area described on Exhibit 2. (1) An Ordinance Adopting and Approving the Redevelopment Plan and Approving the Redevelopment Plan and Redevelopment Project; (2) An Ordinance Designating the Redevelopment Project Area; and Page 1 of 29