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Whereas, that said School District property has a potential commercial use which if <br /> developed on a long-term basis for this purpose will create a considerable increase in the <br /> assessed valuation for real estate tax purposes, which increase will benefit both the School <br /> District and the City; and will also increase the sales tax revenue realized by the City of Decatur; <br /> and, <br /> Whereas, that in recognition of the benefit to both the City and School District, the City <br /> Council and Board of Education are considering, and believe it to be in the best interests of the <br /> residents of each, the transfer of title in the school property to the City in consideration of the <br /> payment to the School District of the sum of Five Million Dollars ($5,000,000.00) to be paid to <br /> the District as the parties mutually agree. <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS: <br /> Section 1. That the City of Decatur and the Board of Education for District 61 do hereby <br /> express their intent to cooperate in promoting and accomplishing the objective of each as <br /> described herein; and with this expression of intent propose to undertake the steps that each must <br /> take to advance its objectives as stated herein. <br /> PRESENTED and ADOPTED this l Oth day of September, 2002. <br /> T RR . , <br /> ATTEST: _____.._ <br /> � � <br /> ..-G��� i . ��� <br /> CITY CLERK <br />