R2005-49 AUTHORIZING DEVELOPMENT AGREEMENT Near North

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6/21/05 PHASE II AND PHASE III DEVELOPMENT AGREEMENT FOR NEAR NORTH IMPACT AREA This Phase II and Phase III Development Agreement(the"Agreement")is entered into as of ,2005(the"Effective Date")by and among the Decatur Housing Authority("DHA"), the City of Decatur (the "City"), and East Lake Management & Development Corp., an Illinois corporation("East Lake" or "Developer") (collectively,the "Parties"). RECTTALS A. Longview Place was a public housing project consisting of 386 units of public housing situated on the north side of Decatur, Illinois on the land more specifically described on Exhibit A (the "Eaisting Site"). To the extent that later agreements or documents between the Parties conflict with descriptions in Exhibit A,the later documents shall prevail. B. Pursuant to a HOPE VI Application(the "Application") submitted by DHA to the United States Department of Housing and Urban Development("HUD"),HUD has awazded to DHA a HOPE VI Grant in the original amount of Thirty Four Million Eight Hundred Sixty-Three Thousand Six Hundred Fifteen Dollars ($34,863,615) and known as HOPE VI Grant No. IL06URD012R199 (the "HOPE VI Grant"). The HOPE VI Grant is evidenced by a HOPE VI Implementation Grant Agreement effective June 5, 2000(the "HOPE VI Grant Agreement"). C. Pursuant to the HOPE VI Grant Agreement,DHA developed and submitted for HUD approval a revitalization plan (the "Revitalization Plan") which provides for demolishing the existing buildings of Longview Place,assembling the Existing Site with land owned by the City and creating a well-designed,well-constructed,mixed-income community(known as Wabash Crossing), which maintains affordability over a period of years, and which encourages the development of commercial and civic facilities. The Revitalization Plan contemplates the redevelopment of the entire Existing Site together with those adjacent neighborhoods located in an azea roughly bounded by Grand Avenue on the north,Water Street on the west, Wabash Street on the south, and Martin Luther King Jr. Drive and raikoad tracks on the east(the "Near North Impact Area" or"Impact Area"). HIJD approved the Revita.lization Plan. For the purposes of any future material amendments to the Revitalization Plan, DHA in collaboration with the City will consult with the Working Group,as such is defined in Section 1.5.1 hereof,prior to submission of such amendments to HUD for approval. D. The first phase as described in Exhibit A-1 of the Revitalization Plan closed on September 5, 2003 and is being undertaken by Developer pursuant to a separate Development Agreement. E. DHA by working with the City has determined that it can best implement the Revitalization Plan,and meet the needs of the low income faznilies which it has been created to serve and of the residents of the Impact Area,engaging a developer to develop,market, sell, or own and manage the redevelopment contemplated in the Revitalization Plan. The City has determined that 1 INDY 1566592v.2