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. ' ' , , <br /> � r , � <br /> ' � � ' EXHIBIT 1 <br /> " CITY: DECATUR, ILLINOIS <br /> DEVELOPER: AIRPORT PLAZA JOINT VENTURE <br /> PROJECT: COMMERCIAL/RESIDENTIAL DEVELOPMENT <br /> A. Narrative Description of Project <br /> Developer will develop and construct, at its expense, public streets, intersection <br /> signalization, sewer lines, water lines and such other public infrastructure as required <br /> to develop the premises. Projects may include: <br /> 1. Theater and Motel built in 1997-1998 - Phase I <br /> 2. Upscale restaurant to be built 1997-1998 - Phase I <br /> 3. Restaurant and a drug store to be built 1997-1998 - Phase I <br /> 4. Residential development on otherwise unusable east half of parcel <br /> anticipated 1999-2000 - Phase II <br /> 5. Unknown future retail (80,000 sq. feet) anticipated for 1999 - Phase I <br /> B. Timetable <br /> 1. Commence Construction: Phase 1 - Spring 1997 <br /> 2. Complete Construction: Phase 1 - Winter 1997-1998 <br /> C. Summary of Project <br /> 1. Construction by Developer <br /> a. Estimated Tota1 Project Costs $20,000,000 <br /> b. Estimated Eligible Project Costs - Phase I&II $4,820,000 <br /> 2. Estimated Incremental Increase <br /> a. Real Estate Tax - Phase I $276,702 <br /> b. Municipal Sa1es Tax $116,699 <br /> 1 <br />