R95-77 AUTHORIZING AGREEMENT - BACHRACH CLOTHING, INC.

Home Browse Search

` ., � . .. � �. L ; `r � � REDEVELOPMENT AGREEMENT THIS REDEVELOPMENT AGREEMENT ("Agreement") , is made and entered into as of the 18thday of Ju1y , 1995, by and between the CITY OF DECATUR, ILLINOIS, a unit of local government located in Macon County, Illinois (the "City") and BACHRACH CLOTHING, INC. , an Illinois Corporation, (hereinafter referred to as the "Developer") . The term "Developer" as used herein shall include any nominee or assignee or any successors in title to all or any part of the Subject Property (as defined below) permitted under the terms of this Agreement. RECITALS A. Pursuant to the terms of the City of Decatur Tax Increment Redevelopment Plan and Project (hereinafter referred to as the "Redevelopment Plan", and as set forth in Exhibit 3) adopted by the City Council on September 17, 1990, the City has designated a certain area within its municipal limits for redevelopment and revitalization. The site proposed for the redevelopment and revitalization (hereinafter referred to as the "Redevelopment Project Area") , consists of approximately 150 acres, and is legally described on Exhibit 1 which is attached hereto and made a part hereof. B. The City Council of the City, after due and careful consideration, has concluded that the initial development of the approximately 100 acres within the Redevelopment Project Area (the "Subject Property") , which is depicted on the "Project-Map, Phases I and II, " Exhibit 2 hereto, as provided in this Agreement, and in the Redevelopment Plan, will further the growth of the City, facilitate the ' redevelopment of the Redevelopment Project Area, improve the environment of the City, increase the assessed valuation of the real estate situated within the City, foster increased economic activity within the City, enable the City to control the development of the Redevelopment Project Area, and otherwise be in the best interests of the City. C. Pursuant to the foregoing, reimbursable planning and construction expenditures have been made by Developer. NOW, THEREFORE, in consideration of the premises set forth above, and the mutual agreements hereinafter set forth below, it is hereby agreed by and between the parties hereto as follows: l. Incorporation of Recitals. The representations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated into and made a part of this Agreement as though they were fully set forth in this Paragraph 1.