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. , <br /> . . <br /> .�i � <br /> AGREEMENT <br /> The City of Decatur, Illinois ("City"), a municipal corporation, and Airport Plaza Joint I� <br /> Venture ("Airport Plaza"), do hereby agree to further amend that Redevelopment Agreement <br /> between the parties hereto dated April 9, 1997 ("Redevelopment Agreement"), as approved by <br /> Ordinance No. 97-19, and as amended and ratified by Ordinance No. 97-36, as follows: <br /> 1. By modifying and amending paragraph N, so that as so modified and amended, said <br /> paragraph N shall provide as follows: <br /> N. To facilitate the development of the Property, and subject to and in <br /> accordance with the terms of this Agreement and the limitations hereinafter <br /> stated, the City has agreed to reimburse Developer for all eligible Redevelopment <br /> Project Costs (as defined in the Act) that Developer incurs in connection with the <br /> acquisition, redevelopment (including without limitation, demolition, site <br /> preparation, installation of utilities, construction of public improvements, etc.), <br /> financing and use of the property due to the extremely high cost of developing <br /> this site which would otherwise not be possible to develop in a cost-effective <br /> manner. A preliminary description and estimate of these costs are contained on <br /> Exhibit 3. These payments are subject only to funds being available in the <br /> Special Tax Allocation Fund for Reimbursement. SUCH REIMBURSEMENT <br /> OBLIGATION SHALL BE A LIMITED OBLIGATION OF THE CITY <br /> PAYABLE ONLY FROM TAX INCREMENT AVAILABLE FOR SUCH <br /> PURPOSE UNDER THE PROVISIONS OF THIS AGREEMENT. <br /> 2. By deleting paragraph 3 of Article IV and amending paragraph 2 thereof, such that <br /> said paragraph 2, as amended, shall provide as follows: <br /> ARTICLE IV <br /> 2. One-hundred percent (100%) of the incremental increases shall be <br /> placed in the Fund beginning in the first year a real estate or municipal sales tax <br /> increment is generated and shall be used for reimbursement to Developer for <br /> payment of eligible redevelopment project costs incurred by Developer in Phase I <br /> and Phase II of the Project until such time as all such eligible project costs are <br /> reimbursed, subject to those limitations provided by law. REIMBURSEMENT <br /> SHALL BE LIMITED TO THOSE FUNDS IN THE SOUTHEAST PLAZA <br /> SPECIAL TAX ALLOCATION FUND. <br /> 3. By deleting paragraph 10 (A) and(B) of ARTICLE V from said Agreement. <br /> 1 <br />