97-36 AMENDING AND RATIFYING A REDEVELOPMENT AGREEMENT

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.� • � ORDINANCE NO. 97-36 � AN ORDINANCE AMENDING AND RATIFYING A REDEVELOPMENT AGREEMENT BETWEEN THE CITY OF DECATUR AND AIRPORT PLAZA JOINT VENTURE WHEREAS, the Mayor and City Council of the City of Decatur on March 31, 1997, adopted Ordinance No. 97-19 approving a Redevelopment Agreement between the City of Decatur and Airport Plaza Joint Venture; and, WHEREAS, the aforementioned Redevelopment Agreement was contingent on a Tax Increment Financing District being put into place by May 1, 1997 as well as no other equal or superior offers being made to develop or redevelop the Redevelopment Project Area through a published Request For Proposals; and, WHEREAS, no other offers were received to redevelop said area. NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. The recitals set forth in the preamble to this Ordinance are hereby incorporated by reference as if fully set forth herein. Section 2. To the extent required by law, the Mayor and City Council by the passage and approval of this Ordinance, do hereby ratify their prior action of march 31, 1997 approving a Redevelopment Agreement between the City of Decatur and Southeast Plaza Joint Venture. Section 3. Said Redevelopment Agreement shall be amended to extend the date for approval of a Tax Increment Financing District to May 19, 1997, or on such earlier date as the Redevelopment Project Area is approved. Section 4. All ordinances and parts of ordinances in conflict herewith are hereby repealed.