R2005-151 AUTHORIZING REDEVELOPMENT AGREEMENT Olde Towne TIF

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� � ' �� ; � 88PG3 � i REDEVELOPMENT AGREEMENT This Redevelopment Agreement (this "Agreement") is entered into this 17`� da.y of October, 2005, by and between the CITY OF DECATUR, an Illinois home rule municipal corporation (the"Municipality"), andOlde 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 deterioration 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 area in the Municipality by the adoption of Tax Increment Financing ("TIF") 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 "Redevelopment Project"), all pursuant to the Tax Increment Allocation Redevelopment Act, Illinois Compiled Statutes, Chapter 65, Section 5/11-74.4-1 et seq. (as supplemented and amended, th�`Act"); and WHEREAS, pursuant to and in furtherance of the Redevelopment Plan, the Developer proposes to develop certain property within the Area (the"Development Area") as described in EXHIBTT � 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 ("Private Development") proje�t ((i) and (u) collectively, the "Development Project") are consistent with the land uses and the Redevelopment Plan and is located in the Development Area, wholly within the Area; and WHEREAS, the Developer ha.s requested that incentives related to the Private Development be provided by the Municipality from incremental property taxes under Section 11-74.4-8 of the Act derived solely from the Development Area (subject to any prior pledge, the"Incremental Tazes"), which incentives are consistent with those of the Redevelopment Plan, and are set forth£�IIBIT A; and WHEREAS, consistent with the Redevelopment Plan and Redevelopment Project the Municipality has the authority under the Act to incur specified redevelopment project costs (as defineri 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 deterrnined that all Incremental Taxes in the Redevelopment Project Area are to be allocated to and when collected shall be paid to the City Treasurer far deposit into the Special Tax Allocation Fund for the Area(including therein a special account