R2015-139 RECEIVING AND FILING PROPOSED REDEVELOPMENT AGREEMENT Firstech, Inc.

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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM Memo No. 15-55 December 21, 2015 TO: Honorable Mayor Julie Moore Wolfe and City Council FROM: Tim Gleason, City Manager Billy Tyus, Assistant City Manager Patrick Hoban, Economic Development Officer SUBJECT: Receive and File Redevelopment Agreement—FirsTech SUMMARY RECOMMENDATION: Staff recommends that the attached redevelopment agreement between the City of Decatur and FirsTech, Inc. to redevelop the 5 parcels South of Central Park be received and placed on file. The agreement is scheduled for final action at the January 19th, 2016 City Council meeting. BACKGROUND: Developer will remodel at its own expense the office buildings South of Central Park. The subject properties are 130 N Water, 253-265 South Park & 254 E Main. The proposed project will involve the demolition of the old drive through and buildings on E Main, interior and exterior remodel of the buildings on S Park and the construction of a new drive through at Busey Bank representing an investment of more than $3,350,000 million. It is expected that the construction of this facility will begin in the first quarter of 2016. The project is expected to retain thirty five full-time equivalent employees. We believe that this project will be a great addition to the Downtown's redevelopment and retain benefits to retailers and restaurants in the area. FirsTech Inc. is managed by Howard Mooney and affiliated with Busey Bank. As Council has requested Staff is being aggressive in our Incentive Packages to increase Development in Decatur. We believe this project will strengthen Decatur's Downtown economy and further the beautification council started with our $14,000,000 Streetscape Project. STAFF REFERENCE: Additional questions can be forwarded to Tim Gleason at 217-424-2801 (tgleason@decaturil.gov), Billy Tyus at 217-424-2727 (btyus@decaturil.gov) or Patrick Hoban at 217- 424-2778 (phoban@decaturil.gov) BUDGET/TIME IMPLICATIONS: All reimbursements will be made based on incremental property taxes generated to the City of Decatur. 5 years of graduated Property tax abatement is also pending via the Enterprise Zone program.