R2006-72 PLACING ON FILE REDEVELOPMENT AGREEMENT

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REDEVELOPMENT AGREEMENT This Redevelopment Agreement(this "Agreement") is entered into this 15�'day of May, 2006, by and between the CITY OF DECATUR, an Illinois home rule municipal corporation(the"Municipality"),and Olde Towne Development,LLC(the"Developer"). PREAMBLE WHEREAS, the Municipality has the authority to promote health, safety and welfare, including to prevent the spread of blight and deteriora.tion and inadequate public facilities by promoting the development of and private investment in industry, business and housing and enhancing the marketability of property, thereby increasing the tax base of the Municipality and reducing unemployment;and WHEREAS, the Municipality has by a series of ordinances (as supplemented and amended, the "TIF Ordinances'� undertaken a program and plan of redevelopment of a designated azea in the Municipality by the adoption of Tax Increment Financing("TIT") and the adoption, approval and designation of the "Olde Towne Redevelopment Plan of the City of Decatur, Illinois" (the "Redevelopment Plan"), Redevelopment Project Area (the "Area") and Redevelopment Project (the "Redevelapment Project"), a11 pursuant to the Tax Increment Allocation Redevelopment Act, Illinois Compiled Statutes, Chapter 65, Section 5/11-74.41 et seq. (as supplemented and amended,the"Act");and WHEREAS, pursuant to and in fiutherance of the Redevelopment Plan, the Developer proposes to develop certain property within the Area (the "Development Area") as described in EXHIBIT A,attached hereto and by reference made a part hereof;and WHEREAS, the Developer's proposed (i) public facilities ("Public Facilities") and/or (ii) private development (KPrivate Development") project ((i) and (ii) collectively, the "Development Project") aze consistent with the land uses and the Redevelopment Plan and is located in the Development Area,wholly withiri the Area;and WHEREAS, the Developer has requested that incentives related to the Private Development be provided by the Municipality from incremental property taxes under Section 11- , 74.48 of the Act derived solely from the Development Area (subject to any rior led e, the , « . P P g Incremental Taxes"), which incentives are consistent with those of the Redevelo ment Plan P � and are set forth in EXHIBIT A;and , WHEREAS, consistent with the Redevelopment Plan and Redevelo ment P Project the Municipality has the authority under the Act to incur specified redevelopment project costs (as defined in the Act, "Eligible Redevelopment Project Costs") and to pay and/or reimburse the Developer for such Eligible Redevelopment Project Costs;and WHEREAS, the Municipality by the TIF Ordinances has determined that all Incremental Taxes in the Redevelopment Project Area are to be allocated to and when collected shall be paid to the City Treasurer for deposit into the Special Tax Allocation Fund for the Area (including therein a special account with respect to the Development Area, the "Fund") for the