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Staff is of the opinion that this agreement achieves the following objectives of the Olde <br /> Towne Redevelopment Plan: <br /> 1. Preserves architecturally significant structures within the Downtown Decatur <br /> National Register Historic District; <br /> 2. Provides for the addition of residential dwelling units in the downtown area, , <br /> thereby promoting the concept of a 24-hour downtown environment; <br /> 3. Provides for the adaptive reuse of the property with an emphasis on utilization of <br /> the entire floor area; <br /> 4. Promotes redevelopment of retail / commercial space along North Main Street, <br /> thereby generating additional business activity within the area; and <br /> 5. Generates substantial tax increment to the Olde Towne TIF. <br /> POTENTIAL OBJECTION: Staff is not aware of objectors to this agreement. <br /> INPUT FROM OTHER SOURCES: The proposed project has been reviewed for <br /> consistency with the Olde Towne TIF Redevelopment Plan as stated above. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbra��a;decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: The eligible reimbursable expenses of$300,000 <br /> and capital project expenses of $100,000 would be paid from the Olde Towne <br /> Redevelopment Fund (19) upon the collection of annual property taxes and a request for <br /> reimbursement by the developer. <br />