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- , � <br />� <br /> _ � � <br />_ _y, ' i r <br /> _ - � ,µ <br /> � � ' � (1) An Ordinance Adopting and Approving the <br /> - � �edevelopment Plan and Approving the Redevelopment Plan and Redevelopment Project; <br /> - . (2) An Ordinance Designating the Redevelopment Project <br /> Area; and <br /> (3) An Ordinance Adopting Tax Increment Allocarion <br /> Financing for the Redevelopment Project Area. <br /> (4) An Ordinance authorizing Municipal Sa1es Tax to <br /> be dedicated to the Special Tax Allocation Fund . <br /> This Agreement is specifically contingent on these aforementioned <br /> Ordinances being approved. Should the City not approve these ordinances or should they <br /> accept a separate proposal for the development of this land by May 1, 1997, this <br /> • agreement sha11 be null and void. <br /> E. Within the Redevelopment Project Area located on the southeast side of the <br /> City is a partly improved, partly vacant tract of land consisting of appro�amately 38 acres <br /> and currently owned by East Side Realty (the "Developer's Site") which includes land <br /> suitable for commercial and residential development and which tract qualifies as a <br /> blighted and/or conservarion area, the legal description of which is attached hereto as <br /> Exhibit 2. <br /> F. The Developer has entered into a contract to purchase said tract and plans <br /> to develop this site, subject to certain contingencies including the crearion of a <br /> Redevelopment Project Area under the Act. <br /> G. The Developer's proposed project is consistent with the land uses and the <br /> comprehensive plan of the City as adopted, as well as those uses required under the Act; <br /> H. The City has the authority under the Act to incur Redevelopment Project <br /> Costs ("Eligible Project Costs") and also to reimburse Developer for such costs. <br /> I. This development could create approximately 450 new jobs in the City of <br /> Decatur and the Macon County area, thus reducing unemployment in this labor surplus <br /> municipality; <br /> J. The City has determined that this Project requires the incentives requested <br /> as set forth in Exhibit 1 and that said Project will as a part of the Plan promote the health, <br /> safety and welfare of the City and its citizens by attracting private investment and <br /> provide much needed employment for its citizens and to further the growth of the City, <br /> facilitate the redevelopment of the entire Redevelopment Project Area, increase the <br /> 2 <br />