R2002-109 REGARDING INTENT TO PROVIDE INFRASTRUCTURE ASSISTANCE

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1 , � � � • , � , � ; � RESOLUTION NO. R2002-109 RESOLUTION REGARDING INTENT TO PROVIDE INFRASTRUCTURE A5SISTANCE -NEAR NORTH REDEVELOPMENT PROJECT AREA- WHEREAS, the Decatur Housing Authority ("DHA") has been awarded a HOPE VI grant from the United States Department of Housing and Urban Development ("HUD") for the rehabilitation and redevelopment of Longview Place and the area immediately adjacent thereto; and, WHEREAS, the City of Decatur ("CITY") will work with DHA in the development of the area adjacent to Longview Place ("the "Near North"), in part by constructing and installing certain items of infrastructure such as streets, sidewalks and water and sewer mains,pursuant to a proposed Master Development Agreement with DHA and Eastlake Management and Development Corporation("EASTLAKE"); and, WHEREAS, the redevelopment of the Near North will result in approximately One Hundred Million Dollars ($100,000,000.00) worth of new residential and commercial development; and, WHEREAS, said redevelopment of the Near North will advance the goals of HUD's Community Development Block Crrant program by eradicating blight and creating new housing opportunities for low and moderate income persons; and, WHEREAS, the CITY has previously expended nearly Six Million Dollars ($6,000,000.00) for property acquisition in the Near North; and, WHEREAS, the CITY is willing to expend additional funds in order to assist the development of the Near North by the construction and installation of infrastructure, as described herein and as set out in the proposed Master Development Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That it is the intent of the Council to comxnit to the expenditure of up to Ten Million Three Hundred Thirty Nine Thousand Two Hundred and Eighteen Dollars ($10,339,218.00) for the construction and installation of infrastructure for the purpose of the redevelopment of the Near North in conjunction with DHA and EASTLAKE as part of the HOPE VI project described above.