R2016-04 AUTHORIZING REDEVELOPMENT AGREEMENT FIRSTECH

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• �: ��.� ��m ��; THIS REDEVELOPMENT AGREEMENT ("Agreement") is entered into as of the day of January, 2016, between the City of Decatur, Illinois, a municipa) corporation (hereinafter referred to as the "C�"), FirsTech, Inc., an Illinois corporation (hereinafter referred to as "FirsTech") and Busey Bank, an Illinois banking corporation (hereinafter referred to as "Busv Bank" and together with FirsTech, the "Redeveloper"). RECITALS WHEREAS, the City has by a series of ordinauces (as supplemented and amended, the "TIF Ordinances") undertaken a program and plan of redevelopment of a designated area in the City by the adoption of Tax Increment Financing ("TIF") and the adoption, approval and designation of the "Olde Towne Redevelopment Plan of the City of Decatur, Illinois"(the"Redevelopment Plan"), Redevelopment Project Area (the"Redevelopment Area") and Redevelopment Project(the "Redevelopment Proiect"), all pursuant to the Tax Increment Allocation Redevelopment Act, Illinois Compiled Statutes, Chapter 65, Section 5/11-74.4-1 et seq. (as supplemented and amended, the"Act"); and WHEREAS, the City lias the authority to promote health, safety and welfare, including to prevent the spread of blight and deterioration and inadequate public facilities by promoting the development of and private investment in industry, business and housing and enhancing the marketability of prope�rty, thereby increasing the tax base of the City and reducing unemployment; and WHEREAS, pursuant to and in furtherance of the Redevelopment Plan, the Redeveloper proposes to develop certain property within the Redevelopment Area(the "Project Site") as described in EXHIBIT 1, attached hereto and by reference made a part hereof; and WHEREAS, the Redeveloper's proposed private development ("Private Development") project is consistent with the land uses and the Redevelopment Plan and is located on the Project Site, wholly within the Redevelopment Area; and WHEREAS,the Redeveloper has requested that incentives related to the Private Development be provided by the City from incremental property taxes under Section 11-74.4-8 of the Act derived solely from the Project (the "Incremental Taxes"), which incentives are consistent with those of the Redevelopment Plan,and are set forth in EXHIBIT 3; and WHEREAS, in order to eliminate the blighting conditions within the Project Area, to help airest and prevent blighting conditions outside the Project Site in the Redevelopment Area, to enhance the quality of life in the City, to provide an economic stimulus to the area of the City within which the Project Site is located in order to attract other private development which will enhance the tax base of the City and to further the objectives of the Redevelopment Plan, the City pursuant to its Home Rule Powers under Article 7 of the Constitution of the State of Illinois and the powers granted to the City pursuant to the Act, and Section 8-11-20 intends to provide to the Redeveloper Public Investment to help alleviate certain private costs of the Redeveloper in the form of reimbursement for certain eligible project costs for the renovation of office space and bank drive up facilities as described in EXHIBIT 3; and WHEREAS, the construction cost of the Project (including renovation and soft costs) is estimated to be Three Million, Three Hundred Fifty Thousand Dollars ($3,350,000) as more fully shown on EXHIBIT 2 attached l�ereto and made a part hereof; and CITY OF DECATUR/FirsTech Red.Agreement 1 Page 101 of 161