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. . <br /> ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM ' <br /> NO. 00-117 <br /> July 13, 2000 <br /> TO: Honorable Mayor Terry M. Howley and City Council Members <br /> FROM: Steve Garm ity Manager <br /> A. J. Kriege , sistant City Manager <br /> SUBJECT: Annexation A reement with Mary E. Bingaman <br /> Attached to this memorandum is an annexation agreement, which if approved, will provide for the <br /> annexation and development of an appro�mately 10-acre tract located immediately south of <br /> Southeast Plaza, and east of IL Route 121. <br /> Regarding land use, the annexation agreement proposes that the westerly 6 acres be zoned B-2 <br /> Commercial District, and the easterly 3.6 acres be zoned R-6 Multiple Dwelling District. As the <br /> request for these classifications would indicate, the petitioner intends to construct a mixed-use <br /> project with both commercial and multi-family development. The concept is similar in nature and <br /> intent to the Southeast Plaza development located immediately to the north. <br /> Central to the development of the 10-acre parcel is the easterly e�ension and signalization of <br /> Fitzgerald Road. In April of 1997, City Council approved a redevelopment agreement with <br /> Airport Plaza Joint Venture, which through the use of tax increment financing, provided for <br /> assistance in the construction/installation of capital improvements; including the extension and <br /> signalization of Fitzgerald. The reimbursement schedule was to originally coincide with project <br /> phases, and included only the approximately 38 acre Southeast Plaza development. <br /> In order to facilitate the timely development of the new 10 acre tract, Section 6 of the annexation <br /> agreement proposes to amend the original redevelopment agreement by removing the distinction <br /> between phases. Combining the phases will allow the developer to be reimbursed for all eligible <br /> project expenses, as described in the original redevelopment agreement, and will accelerate the <br /> development of the 10-acre tract to the south. Council approval of this annexation agreement, as <br /> well as the corresponding amendments to the redevelopment agreement (as presented later in this <br /> agenda), will enable development of the parcel to begin. <br /> Staff recommends approval of the annexation agreement and will be available to answer <br /> questions. � <br />