R2000-257 AUTHORIZING EXECUTION OF AGREEMENT Olde Towne RD Development

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1 . , � , , REDEVELOPMENT AGREEMENT � T is Redevelopment Agreement (this "Agreement") is entered into this � i da of �Q��- 20�� b and between the CITY OF DECATUR an Illinois home rul Y � —� Y � e municipal corporation (the "Municipality"), and RD DEVELOPMENT L.L.G (the "Developer"). PREAMBLE , WHEREAS, the Municipality has 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 property, thereby increasing the tax base of the Municipality and reducing unemployment; and WHEREAS, the Municipality has by a series of ordinances (as supplemented and amended, the "TIF Ordinances") undertaken a program and plan of redevelopment of a designated area in the Municipality 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 "Area") and Redevelopment Project (the "Redevelopment Project"), 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, pursuant to and in furtherance of the Redevelopment Plan, the Developer proposes to develop certain property within the Area (the "Development Area") as described in EXHIBIT A, attached hereto and by reference made a part hereof; and WHEREAS, the Developer's proposed (i) public facilities ("Public Facilities") and/or (ii) private development ("Private Development") project (i) and (ii) collectively, the "Development Project") are consistent with the land uses and the Redevelopment Plan and is located in the Development Area, wholly within the Area; and WHEREAS, the Developer has requested that incentives related to the Private Development be provided by the Municipality from incremental property taxes under Section 11-74.4-8 of the Act derived solely from the Development Project, (the "Incremental Taxes"), which incentives are consistent with those of the Redevelopment Plan, and are set forth in EXHIBIT A; and WHEREAS, in consideration of the execution of this Agreement and in reliance upon the inducements provided herein, the Developer is prepared to proceed with its redevelopment project as set forth in Exhibit 1; and