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� y <br /> REDEVELOPMENT AGREEMENT � <br /> This Redevelopment Agrcement (this "Agreement") is entered into this day of <br /> ' , 2004, by and between the CITY OF DECATUR, an Illinois home rule municipal <br /> corporation(the`2Vlunicipality"), andLUCAS PROPERTIES,LLC (the"Developer"). <br /> PREAMBLE <br /> WHEREAS, the Municipality has the authority to promote health, safety and welfare, <br /> including to prevent the spread of blight and deterioration and inadequate public facilities by promoting the <br /> development of and private investment in industry,business and housing and enhancing the marketability of <br /> property,thereby increasing the taa�base of the Municipality and reducing unemployxnent; and <br /> WHEREAS, the Municipality has by a series of ordinances (as supplemented and <br /> amended, the"TIF Ordinances") undertaken a program and plan of redevelopment of a designated area in <br /> the Municipality by the adoption of Tax Increment Financing ("TIF") and the adoption, approval and <br /> designation of the"Olde Towne Redevelopment Plan of the City of Decatur, Illinois"(the"Redevelopment <br /> Plan"), Redevelopment Project Area (the "Area") and Redevelopment Project (the "Redevelopment <br /> Project"), all pursuant to the Tax Increment Allocation Redevelopment Act, Illinois Compiled Statutes, <br /> Chapter 65, Section 5/11-74.4-1 et seq. (as supplemented and amended,the`Act"); and <br /> WHEREAS, pursuant to and in furtherance of the Retlevelopment Plan, the Developer <br /> proposes to develop certain property within the Area (the"Development Area") as described in EXHIBIT <br /> �attached hereto and by reference made a part hereof; and <br /> VV�IEREAS, the Developer's proposed(i)public facilities ("Public Facilities")and/or(ii) <br /> private development ("Private Development") project ((i) and (u) collectively, the "Development <br /> Project") are consistent with the land uses and the Redevelopment Plan and is located in the Development <br /> Area,wholly within the Area; and <br /> WHEREAS, the Developer has requested that incentives related to the Private <br /> Development be provide�i by the Municipality from incremental property taxes under Section 11-74.4-8 of <br /> the Act derived solely from the Development Area (subject to any prior pledge, the"Incremental Tazes"), <br /> which incentives are consistent with those of the Redevelopment Plan,and are set forth��BIT A;and <br /> WHEREAS, consistent with the Redevelopment Plan and Redevelopment Project the <br /> Municipality has the authority under the Act to incur specified redevelopment project costs (as defined in <br /> the Act, "Eligible Redevelopment Project Costs") and to pay and/or reimburse the Developer for such <br /> Eligible Redevelopment Project Costs; and <br /> WHEREAS, the Municipality by the TIF Ordinances has determined that all Incremental <br /> Taxes in the Redevelopment Project Area are to be allocated to and when colle�ted shall be paid to the City <br /> Treasurer for deposit into the Special Tax Allocation Fund for the Area(including therein a special account <br /> with respect to the Development Area, the"�nd") for the purpose of payment of Eligible Redevelopment <br /> Project Costs; or debt service with respect to obligations; and <br />