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` r � <br /> REDEVELOPMENT AGREEMENT <br /> This Redevelopment Agreement (this "Agreement") is entered into this day of <br /> , 2002, by and between the CITY OF DECATUR, an Illinois home rule municipal <br /> corporation(the"Municipality"), and LUCAS 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 <br /> the development of and private investment in industry, business and housing and enhancing the <br /> marketability of property, thereby increasing the tax base of the Municipality and reducing <br /> unemployment; 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 <br /> in 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 <br /> "Redevelopment Plan"), Redevelopment Project Area (the "Area") and Redevelopment Project (the , <br /> "Redevelopment ProjecY'), all pursuant to the Tax Increment Allocation Redevelopment Act, Illinois I <br /> Compiled Statutes, Chapter 65, Section 5/11-74.4-1 et seq. (as supplemented and amended, the "AcY'); ' <br /> and ' <br /> WHEREAS, pursuant to and in furtherance of the Redevelopment Plan, the Developer <br /> proposes to develop certain property within the Area (the "Development Area") as described in <br /> EXHIBIT A, attached hereto and by reference made a part hereof; and <br /> WHEREAS, the Developer's proposed (i) public facilities ("Public Facilities") and/or <br /> (ii) private development ("Private Development") project ((i) and (ii) collectively, the "Development <br /> ProjecY') are consistent with the land uses and the Redevelopment Plan and is located in the <br /> Development Area,wholly within the Area; and <br /> WHEREAS, the Developer has requested that incentives related to the Private <br /> Development be provided by the Municipality from incremental property taxes under Section 11-74.4-8 <br /> of the Act derived solely from the Development Area (subject to any prior pledge, the "Incremental <br /> Taxes"), which incentives are consistent with those of the Redevelopment Plan, and are set forth in <br /> EXHIBIT 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 <br /> Incremental Taxes in the Redevelopment Project Area are to be allocated to and when collected shall be <br /> paid to the City Treasurer for deposit into the Special Tax Allocation Fund for the Area (including <br />