R2003-169 AUTHORIZING AGREEMENTS

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. � t �� , , • , , , , AN AGREEMENT CONCERNING THE CITY OF DECATUR, ILLINOIS NEAR NORTH REDEVELOPMENT PROJECT AREA WHEREAS, the City of Decatur, Illinois (the "City") has undertaken certain proceedings preliminary to the establishment of the Near North Redevelopment Project Area (the "Redevelopment Project Area") and the approval of the Near North Redevelopment Plan (the "Redevelopment Plan") and related redevelopment project (the "Redevelopment Project"), under the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq., as supplemented and amended, the "TIF AcY'); and WHEREAS, in the process under the TIF Act of establishing the Redevelopment Project Area and approving the Redevelopment P�an and Redevelopment Project, representatives of the City have made certain representations to certain of the taxing districts having the power to levy taxes within the Redevelopment Project Area. � NOW, THEREFORE, THE CITY AND ftichland Communitv Colle�►e (THE ��TAXING DISTRICT") HEREBY REPRESENT, COVENANT AND AGREE, as follows: Section 1. Term. Notwithstanding that the Redevelopment Plan provides that the term of the Redevelopment Project Area, Redevelopment Plan and Redevelopment Project is ', to be 23 years, with the right to receive the 23`d year of incremental property taxes ("Incremental Taxes") by December 31 of the 24`h year, the City covenants and agrees that �i from and after the year that the receipts of Incremental Taxes derived from the Redevelopment ��I Project Area, Redevelopment Plan and Redevelopment Project aggregate $10,400,000 the City shall commence and effect proceedings under the TIF Act to terminate the Redevelopment Project Area, Redevelopment Plan and Redevelopment Project. Section 2. Incremental Taxes / Suralus Declaration. Notwithstanding that the Redevelopment Plan and the TIF Act provide that the City is to receive for deposit into the special tax allocation fund (the "Fund") 100% of the Incremental Taxes, in each year that the Redevelopment Project Area, Redevelopment Plan and Redevelopment Project are in existence, the City covenants and agrees to declare surplus under the TIF Act in each year of receipt of Incremental Taxes, after the first year that at least $100,000 of Incremental Taxes is received in that year, in an amount expressed as a percentage of all Incremental Taxes derived from the Redevelopment Project Area, Redevelopment Plan and Redevelopment Project for distribution to all taxing districts, as follows: