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R2006-77 AUTHORIZING REDEVLOPMENT AGREEMENT Olde Towne Redevelopment
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R2006-77 AUTHORIZING REDEVLOPMENT AGREEMENT Olde Towne Redevelopment
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11/3/2015 8:54:01 AM
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Resolution/Ordinance
Res Ord Num
R2006-77
Res Ord Title
AUTHORIZING REDEVELOPMENT AGREEMENT FOR PROPERTY LOCATED AT 253 NORTH MAIN STREET - OLDE TOWNE DEVELOPMENT LLC
Approved Date
6/5/2006
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REDEVELOPMENT AGREEMENT <br /> This Redevelopment Agreement(this "Agreement") is entered into this 15`� day <br /> of May, 2006, by and between the CITY OF DECATUR, an Illinois home rule municipal <br /> corporation(the"Municipality"),and Olde Towne Development,LLC (the"Developer"). <br /> PREAMBLE <br />� WHEREAS, the Municipality has the authority to promote health, safety and <br /> welfare, including to prevent the spread of blight and deterioration and inadequate public <br /> facilities by promoting the development of and private investment in industry, business and <br /> housing and enhancing the marketability of property, thereby increasing the tax base of the <br /> Municipality and reducing unemployment;and <br /> WHEREAS, the Municipality has by a series of ordinances (as supplemented <br /> and amended, the "TIF Ordinances") undertalcen a program and plan of redevelopment of a 'I <br /> designated area in the Municipality by the adoption of Tax Increment Financing("TIF") and the <br /> adoption, approval and designation of the "Olde Towne Redevelopment Plan of the City of <br /> Decatur, Illinois" (the "Redevelopment Plan"), Redevelopment Project Area (the "Area") and <br /> Redevelopment Project (the "Redevelopment Project"), all pursuant to the Tax Increment <br /> Allocation Redevelopment Act, Illinois Compiled Statutes, Chapter 65, Section 5/11-74.4-1 et <br /> seq. (as supplemented and amended,the"Act");and <br /> WHEREAS, pursuant to and in furtherance of the Redevelopment Plan, the <br /> Developer proposes to develop certain property within the Area (the "Development Area") as <br /> described in EXHIBIT A,attached hereto and by reference made a part hereof;and <br /> WHEREAS, the Developer's proposed (i) public facilities ("Public Facilities") <br /> and/or (ii) private development ("Private Development") project ((i) and (ii) collectively, the <br /> "Development Project") are consistent with the land uses and the Redevelopment Plan and is <br /> located in the Development Area,wholly within the Area;and <br /> WHEREAS, the Developer has requested that incentives related to the Private <br /> Development be provided by the Municipality from incremental property taaces under Section 11- <br /> 74.4-8 of the Act derived solely from the Development Area (subject to any prior pledge, the <br /> "Incremental Tages"), which incentives aze consistent with those of the Redevelopment Plan, <br /> and aze set forth in EXHIBIT A;and <br /> WHEREAS, consistent with the Redevelopment Plan and Redevelopment <br /> Project the Municipality has the authority under the Act to incur specified redevelopment project <br /> costs (as defined in the Act, "Eligible Redevelopment Project Costs") and to pay and/or <br /> reimburse the Developer for such Eligible Redevelopment Project Costs;and <br /> WHEREAS, the Municipality by the TIF Ordinances has determined that all <br /> Incremental Taaces in the Redevelopment Project Area are to be allocated to and when collected <br /> shall be paid to the City Treasurer for deposit into the Special Tax Allocation Fund for the Area <br /> (including therein a special account with respect to the Development Area, the "Fund") for the <br />
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