R2000-109 AUTHORIZING EXECUTION OF AGREEMENT

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05' 18" East, 389.98 feet; thence South 0° 54' 18" East 68.00 feet; thence South 42° 08' 53" East, 60.00 feet; thence North 38° 19' 29" East 34.06 ' feet; thence North 88° 05 31" East 50.49 feet; thence South 42' 04" East, 56.08 feet to a point on the West right of way line of Fairview Avenue; thence South 00° 09' 28" West, 316.82 feet along said right of way line, thence North 89° 50' 32" West 35.03 feet; thence South 00° 09' 28" West, 233.93 feet to the point of beginning, ("Fairview Plaza"); and, WHEREAS, the City, by Ordinance Nos. 2000-36, 2000-37, 2000-38, 2000-39, 2000-40, has established the Olde Towne Redevelopment Project Area ("Olde Towne") and adopted tax increment financing therefor, as set out at 65 ILCS 5/11-74.4-1 et seq., and the Main St. Building is located within the Olde Towne area; and, WHEREAS, the City, by Ordinance No. 82-122 as amended, has established an Enterprise Zone, as set out at 20 ILCS 655/1 et seq., and Fairview Plaza is I�cated in said Enterprise Zone; and, WHEREAS, REID wishes to substantially redevelop and improve both Fairview Plaza and the Main St. Building, thereby contributing to the economic development of the City and increasing the tax base thereof, and the City is willing to enter into an economic incentive agreement with REID to assure that said redevelopment and improvements occur; and, WHEREAS, the redevelopment and improvement of the Main Street Building are consistent with the land use and Redevelopment Plan approved by the City in the establishment of the Olde Towne Redevelopment Project Area. NOW, THEREFORE, for and in consideration of the terms and conditions hereof, the City and REID agree as follows: 1. The purchase of Fairview Plaza by REID is a condition precedent to all of the duties and obiigations of either party to tinis agreement, and the failure by REID to obtain legal title thereto on or before October 15, 2000 shall cause this agreement to be null and void. 2. REID shall improve and redevelop both Fairview Plaza and the Main St. Building, in full compliance with all applicable codes and ordinances of the City, and in accordance with the plans and specifications therefor attached hereto as Exhibit A. Amendments to Exhibit A must be approved in writing by the City Manager. 3. (a) On September 1, 2001, and every September 1 thereafter until terminated by the terms hereof, the City shall pay to REID a sum that, when added to Enterprise Zone benefits, as herein defined, shall equal One Hundred Fifty Thousand Dollars ($150,000.00). "Enterprise Zone benefits", for the purposes of this Agreement, shall 2