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R2000-109 AUTHORIZING EXECUTION OF AGREEMENT
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R2000-109 AUTHORIZING EXECUTION OF AGREEMENT
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3/30/2016 2:48:46 PM
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Resolution/Ordinance
Res Ord Num
R2000-109
Res Ord Title
AUTHORIZING EXECUTION OF AGREEMENT - REAL ESTATE INVESTORS OF DECATUR, L.L.C.
Approved Date
7/17/2000
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mean the difference in the amount of real property taxes owed and paid by REID for <br /> Fairview Plaza, in the year in which the payment established hereby is due, from the <br /> amount that would otherwise have been owed absent the enterprise zone abatement as <br /> per 35 ILCS 200/18-170. <br /> (b) The liability of the City for payments as provided in subsection (a) hereof is <br /> limited to those revenues received by the City from the Retailer's Occupation taxes (35 <br /> ILCS 120/1 et seq.; 65 ILCS 5/8-11-1 et seq.; hereinafter, jointly referred to as "ROT") <br /> generated by Fairview Plaza retailers not located in Fairview Plaza on the date hereof, <br /> or Fairview Plaza retailers located in free standing buildings not located on said <br /> premises on said date. If such revenues are not sufficient to permit the City to make the <br /> payment to REID due in any year on September 1 thereof, said payment shall be <br /> deferred until ROT revenues are sufficient to make such payment. <br /> (c) The City will not be liable for any payments established hereby in any year in <br /> which Enterprise Zone benefits equal or exceed One Hundred Fifty Thousand Dollars <br /> ($150,000.00), nor will the City be liable for any such payments after such time as <br /> Enterprise Zone Benefits plus said payments equal Seven Hundred Fifty Thousand <br /> Dollars ($750,000.00). <br /> 4. REID shall supply the City with such documentation of ROT payments by <br /> Fairview Plaza retailers as is required by the City Treasurer in order to comply with the <br /> provisions of paragraph 2 hereof. Failure to provide such documentation shall relieve <br /> the City of any liability for such payments until the same is provided. <br /> 5. The City shall reimburse REID for all eligible costs in the rehabilitation and <br /> improvement of the Main Street Building, in accordance with Exhibit A, from the special <br /> tax allocation fund for Olde Towne, as per the provisions of 65 ILCS 5/11-74.4-1 et seq; <br /> provided that, said reimbursement shall be limited to not more than Two Hundred <br /> Thousand Dollars ($200,000.00), and further shall be limited to monies in said special <br /> tax allocation fund. <br /> 6. The City shall release the lien recorded at Book 2732, Page 348 of the <br /> records of the Recor�er's Office of Macon County. <br /> 7. The payment and reimbursement obligations set out at paragraphs two (2) <br /> and four (4) hereof, respectively, are special and limited obligations of the City payable <br /> only from the sources listed in said paragraphs, and neither are an indebtedness of the <br /> City nor a charge against the general credit or taxing authority thereof. <br /> 8. In the development and improvement of Fairview Plaza, in accordance with <br /> Exhibit A hereto, the City agrees that it will assist and cooperate with REID in the <br /> issuance and approval of all necessary permits, zoning changes or amendments, or <br /> variances, to the extent not inconsistent with the express terms and provisions of law or <br /> ordinance; provided that, the Council and all City boards and commissions will exercise <br /> 3 <br />
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