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DEVELOPMENT AGREEMENT <br /> FOR <br /> NEAR NORTH IMPACT AREA <br /> This Development Agreement(the"Agreement")is entered into as of � ,2002 <br /> (the"Effective Date")by and among the Decatur Housing Authority("DHA"),the City of Decatur <br /> (the "City"), and East Lake Management & Development Corp., an Illinois corporation ("East <br /> Lake" or"Developer") (collectively, the"Parties"). <br /> RECITALS <br /> A. Longview Place is a public housing proj ect consisting of 386 units of public housing <br /> situated on the north side of Decatur, Illinois on the land more specifically described on Exhibit A <br /> (the"Existing Site"). To the extent that later agreements or documents between the Parties conflict <br /> with descriptions in Exhibit A,the later documents shall prevail. <br /> B. Pursuant to a HOPE VI Application(the "Application") submitted by DHA to the <br /> United States Department of Housing and Urban Development("HUD"),HUD has awarded to DHA <br /> a HOPE VI Grant in the original amount of $34,863,615 and known as HOPE VI Grant No. <br /> IL06URD012R199 (the "HOPE VI Grant"). The HOPE VI Grant is evidenced by a HOPE VI <br /> Implementation Grant Agreement effective June 5, 2000 (the"HOPE VI Grant Agreement"). <br /> C. Pursuant to the HOPE VI Grant Agreement,DHA will develop and submit for HUD <br /> approval a revitalization plan (the "Revitalization Plan") which will provide for demolishing the <br /> existing buildings of Longview Place, the acquisition of land from the City and for creating a well- <br /> designed,well-constructed,mixed-income community,which maintains affordability over a period of <br /> years,and which encourages the development of commercial and civic facilities. The Revitalization <br /> Plan will contemplate the redevelopment of the entire Existing Site together with those adjacent <br /> neighborhoods located in an area roughly bounded by Grand Avenue on the north,Water Street on the <br /> west, Wabash Street on the south, and Martin Luther King Jr. Drive and railroad tracks on the east <br /> (the "Near North Impact Area" or "Impact Area"). For the purposes of any future material <br /> amendments to the Revitalization Plan,DHA intends to consult with the Working Group, as such is <br /> defined in Section 1.5.1 hereof,prior to submission of such amendments to HUD for approval. <br /> D. DHA has determined that it can best implement the Revitalization Plan,and meet the <br /> needs of the low income families which it has been created to serve and of the residents of the Impact <br /> Area, by engaging a developer to develop, market, sell, or own and manage the redevelopment <br /> contemplated in the Revitalization Plan. DHA has also determined that it can best implement the <br /> Revitalization Plan in phases, and has decided to first develop a portion of the Impact Area legally <br /> described on Exhibit A-1 (the"Phase I Site"). <br /> E. DHA conducted a competitive selection procedure for a developer for the Phase I <br /> Site,including the development of up to 300 rental units,utilizing a Request for Qualifications dated <br /> July 5,Z001 (the"RFQ"),to which East Lake responded by proposal(the"Proposal")dated August <br /> Decatur Housing Authority Near North Impact Area Development Agreement <br /> Page 1 <br />