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R2001-58 AUTHORIZING AGREEMENT
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R2001-58 AUTHORIZING AGREEMENT
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Last modified
1/22/2016 2:37:47 PM
Creation date
1/22/2016 2:37:46 PM
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Resolution/Ordinance
Res Ord Num
R2001-58
Res Ord Title
AUTHORIZING AGREEMENT - REAL ESTATE INVESTORS OF DECATUR, L.L.C.
Approved Date
4/2/2001
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. , � <br /> AGREEMENT <br /> THIS AGREEMENT made by and between the CITY OF DECATUR, ILLINOIS <br /> ("CITY"), a municipal corporation, and Real Estate Investors of Decatur, L.L.C., an Illinois <br /> Limited Liability Company ("R.E.I.D."). <br /> WHEREAS, R.E.I.D. owns and operates the Holiday Inn located at 4191 US 36 I, <br /> West, in the City of Decatur, and R.E.I.D. also owns additional property in the City I <br /> adjacent thereto, such additional property more particularly described as follows: � <br /> SEE EXHIBIT A ATTACHED HERETO AND �� <br /> HEREBY MADE A PART HEREOF � <br /> (the "Premises"); and, �'I <br /> WHEREAS, R.E.I.D. intends to improve the Holiday Inn by the addition of an , <br /> indoor/outdoor water park, and further intends to develop said adjacent property with �� <br /> various commercial and retail outlets, to compliment the Holiday Inn development; and, � <br /> WHEREAS, such water park and additional development would be in the public <br /> interest by increasing the property tax base and sales tax revenues and improving the <br /> quality of life of its citizens; and, <br /> WHEREAS, in order for said water park and said additional development to be <br /> feasible, it is necessary that public roads (the "Roads"), with water and sanitary sewer <br /> mains therein, be built on the Premises, located as follows: <br /> the first Road - north from West Main Street to U.S. Route 36 (including <br /> the intersections with each), approximately'h mile east <br /> of Wyckles Road and approximately eighteen hundred <br /> (1800) feet in length <br /> the second Road - extending west from the first Road into the Holiday Inn <br /> site, and located approximately three hundred (300) feet <br /> south of U.S. Route 36 and approximately four hundred <br /> thirty (430) feet in length; and, <br /> WHEREAS, R.E.I.D. is willing to construct such Roads, as described herein, if the <br /> CITY will reimburse the cost thereof; and, <br /> WHEREAS, the CITY is willing to reimburse R.E.I.D. for the cost of constructing <br /> said Roads, on the terms and conditions set out herein. <br /> NOW, THEREFORE, for and in consideration of the provisions hereof, the CITY <br /> and R.E.I.D. agree as follows: <br /> 1 <br />
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