R2002-73 AUTHORIZING AMENDED AGREEMENT

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• ' .- a ' ' ` �s � ADDENDUM TO CITY OF DECATUR, ILLINOIS (CITY) AND REAL ESTATE INVESTORS OF DECATUR, L.L.C. (REID) DEVELOPER'S AGREEMENT WHEREAS, the City and REID entered into a Developer's Agreement dated the 2°d day of April, 2001; and WHEREAS, said Developer's Agreement is premised upon the City agreeing to reimburse REID for various infrastructure improvements contingent upon REID constructing an indoor water park; and WHEREAS, the indoor water park construction and the infrastructure improvements have both experienced numerous delays due to Illinois Department of Transportation approvals and water park design issues; and WHEREAS, REID is committed to construct the indoor water park contemplated in the Developer's Agreement and the City is desirous of reimbursing REID for infrastructure improvements contingent upon the construction of the indoor water park. NOW, THEREFORE, for and in consideration of the provisions hereof, the City and REID agree to modify the terms of the above-referenced Developer's Agreement, a copy of which is attached hereto pursuant to the following provisions: 1. That subsequent to the approval of the Holiday Harbor Plan Unit Development, the City of Decatur Department of Engineering and Infrastructure and all other City Department and staff Members shall approve the infrastructure design plans with the understanding that time is of the essence to complete the infrastructure improvements this construction season. The infrastructure design and proposed contractor have already been submitted to the City, said designs and contractor shall be approved subject to the normal and ordinary approval process. 2. That the City shall reimburse the Developer for the infrastructure improvements pursuant to the terms of the above-referenced Developer's Agreement. 3. The Developer shall proceed forward with the construction of the indoor water park. If the indoor water park is not substantially completed by January 15, 2005, the Developer shall be obligated to repay to the City the reimbursement amount originally paid by the City to the Developer for the infrastructure improvements. 4. The repayment by the Developer to the City shall be paid in equal monthly installments beginning on February 15, 2005. The monthly installments shall be made on the 15`h day of each month thereafter for 120 months. The repayment amount shall be amortized for over twenty(20) years with a balloon payment on January 15, 2015 for the balance in full. Further, in addition to the principal amount of the reimbursement,the Developer shall pay interest on the reimbursement sum, the interest shall begin to accrue beginning January 15, 2005. The interest rate shall be fixed during the repayment period at twenty(20)bases points above the libor rate published on January 15, 2005.