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� � <br /> _ , � ' , ' , <br /> , -�: � <br /> , f � t <br /> _ _ t � <br /> REDEVELOPMENT AGREEMENT <br /> CITY OF DECATUR <br /> n ' <br /> a d <br /> AIRPORT PLAZA JOINT VENTURE I <br /> THIS AGREEMENT (including Eachibits) is enter�d into this 9th day of �pri1, ' <br /> 1997, by the City of Decatur("City"), an Illinois ]�unicipal Corporation, Macon County, <br /> and Airport Plaza Joint Venture, ("the "Developer"). <br /> RECITALS <br /> A. The City Council has heretofore determined that in order to promote and <br /> protect the health, safety, morals and welfare of the public, adverse economic conditions <br /> in the City must be reversed and development and redevelopment of the City must be <br /> undertaken; and that it is necessary to encourage private investment that will expand the <br /> City's employment base and enhance the tax base of the City and other taxing districts by <br /> such development and redevelopment as set forth in section 4-2 of the Ta�c Increment <br /> Allocation Redevelopment Act, as amended(65 II,CS 5/11-74.4-1 et se .; and <br /> B. The City has heretofore evaluated various lawfully available programs to <br /> provide such assistance and has determined that the use of tax increment allocation <br /> financing pursuant to the Tax Increment Allocation Redevelopment Act, as amended (65 <br /> ILCS 5/11-74.4-1 et se4.) is necessary to achieve the redevelopment goals of the City for <br /> the proposed area; and <br /> C. Pursuant to the Ta�c Increment Allocation Redevelopment Act 65 ILCS <br /> 5/11-74.4-1 et sea., as amended (the "Act"), the City has the authority to provide <br /> incentives to owners or prospective owners of real property to develop, redevelop and <br /> rehabilitate property by reunbursing the owner for certain costs out of the resulting <br /> increases in real estate tax revenues and municipal sales tax revenues, ("Tax Increment"); <br /> and it is the intent of the City to encourage economic development which will increase <br /> the tas�base of the City, which increased taxes will be used, in part, to finance incentives <br /> to assist development withi.n the T� Increment Financing District; and <br /> D. By May 1, 1997, recognizing the need to foster the development of certain <br /> properties, the City will consider the following ordinances relating to the area described <br /> on Exhibit 2. <br /> i <br />