R2002-217 AUTHORIZING EXECUTION OF AGREEMENT

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AGREEMENT WHEREAS, the CITY OF DECATUR, ILLINOIS ("CITY"), a municipal corporation, is a home rule unit of government and may exercise any power and perform any function pertaining to its government and affairs; and, WHEREAS, the BOARD OF EDUCATION OF DECATUR SCHOOL DISTRICT NO. 61 , IN MACON COUNTY, ILLINOIS ("BOARD"), a body politic, owns the real property which is the subject of this Agreement; and, WHEREAS, for the past several years the school population in the Decatur School District has been decreasing, and projections indicate that the school population shall continue to decrease for the foreseeable future; and, WHEREAS, the BOARD recently closed Durfee Elementary School and has determined to close Washington Elementary School in the very near future, both closings due to the cost of repair of said facilities and the decreasing school population; and, WHEREAS, the BOARD believes that due to the decrease in the school population and the need to integrate students with special needs into the regular school environment, the subject property and school facilities thereon will no longer be needed as educational facilities by or during the year 2004; and, WHEREAS, the CITY COUNCIL of the CITY wishes to stimulate commercial growth and remove economic stagnation so as to improve the lives of the citizens of the CITY; and, WHEREAS, accordingly, the COUNCIL has determined that is in the best interest of the City of Decatur and the citizens thereof that said property not remain vacant and that it be developed commercially so as to increase the tax base of, and employment opportunities in, the CITY, and improve the quality of life for said citizens; and, WHEREAS, the proceeds of the purchase of this property by the CITY will be helpful to the BOARD in the construction of a new school and the rehabilitation of several existing schools, as deemed necessary by the BOARD; and, WHEREAS, pursuant to Section 10 of Article VII of the Constitution of the State of Illinois and the provisions of the Illinois Intergovernmental Cooperation Act (5 ILCS 220/1 et seq.), the CITY and the BOARD are authorized and empowered to combine their powers and authority through agreements pertaining to their government and affairs, including the granting of financial assistance for school purposes to school districts lying within the CITY as set out at 30 ILCS 115/3. NOW, THEREFORE, the CITY and the BOARD agree as follows: 1. THE BOARD OF EDUCATION OF DECATUR SCHOOL DISTRICT NO. 61 IN MACON COUNTY, ILLINOIS ("BOARD"), agrees to sell and THE CITY OF DECATUR, ILLINOIS ("CITY"), agrees to purchase at the price of Five Million Dollars ($5,000,000.00) �