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<br /> REDEVELOPMENT AGREEMENT /� ���� � �`5
<br /> THIS REDEVELOPMENT AGREEMENT (this "Agreement") is made and entered into as of this
<br /> 2na day of June, 2003, by and between the CITY OF DECATUR, ILLINOIS, a municipal corporation of
<br /> the State of Illinois (the "Municipality"), and DEMIRCO PROPERTIES (300 N. WATER), an Illinois
<br /> L.L.C. (the "Developer"). (All capitalized terms used herein, other than proper nouns, shall have the
<br /> meanings ascribed to them in Article I of this Agreement, except as they may be defined elsewhere in this
<br /> Agreement.) .
<br /> RECITALS
<br /> WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, Chapter 65, Sections
<br /> 5/11-74.4-1 through 5/11-74.4-11 of the Illinois Compiled Statutes, as supplemented and amended (the
<br /> "Act"), the City Council, by Ordinance Nos. 2000-36, 2000-37, 2000-38, 2000-39, and 2000-84 adopted
<br /> and approved on May 15, 2000 and September 18, 2000 (the "Approving Ordinances"), (i) approved a
<br /> redevelopment plan and project titled "Olde Towne Redevelopment Plan of the City of Decatur, Illinois"
<br /> (the "Redevelopment Plan," and includes the related "Redevelopment Project"), (ii) designated as "Olde
<br /> Towne Redevelopment Project Area" a certain portion of the Municipality (�he "Redevelopment Area"),
<br /> and (iii) adopted ta�c increment allocation financing for the Redevelopment Area, all as set forth in the
<br /> Approving Ordinances and in accordance with the requirements of the Act; and
<br /> WHEREAS, in furtherance of the redevelopment of the Redevelopment Area, the Developer
<br /> proposes to undertake the redevelopment of a portion of the Redevelopment Area (the "Proposal")
<br /> constituting approximately 2.5 +/- acres on a portion of those blocks bounded by William, Main, North
<br /> and State Streets, in Decatur, Illinois, to be owned, acquired, or otherwise controlled by the Developer as
<br /> provided in this Agreement (the "Development Property", divided into Phase I and Phase II, as described
<br /> in Exhibit A to this Agreement); and
<br /> WHEREAS, the Developer desires to redevelop the Development Property and make certain
<br /> infrastructure improvements all as set forth in the Redevelopment Plan and in this Agreement; and I
<br /> WHEREAS, pursuant to provisions of the Act, the Municipality is authorized to make and enter I
<br /> into all contracts necessary or incidental to the implementation and furtherance of the Redevelopment '
<br /> Plan; and _ .
<br /> WHEREAS, in accordance with the Redevelopment Plan and the Act, the City Council approved
<br /> and adopted Resolution No. R2003-75 on June 2, 2003, (i) designating Developer as developer of the
<br /> Development Property under the Redevelopment Plan, and (ii) authorizing this Agreement; and
<br /> WHEREAS, the City Council hereby ratifies and affirms its determination that the approval of the
<br /> Redevelopment Plan and the fulfillment generally of this Agreement are in the best interests of the
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