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R89-35 AUTHORIZING AGREEMENT - CROWN TOYOTA
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R89-35 AUTHORIZING AGREEMENT - CROWN TOYOTA
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8/9/2016 4:44:34 PM
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8/9/2016 4:44:34 PM
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Resolution/Ordinance
Res Ord Num
R89-35
Res Ord Title
AUTHORIZING AGREEMENT - CROWN TOYOTA
Approved Date
4/3/1989
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.� . -� � � q - 3s <br /> AGREEMENT <br /> THIS AGREEMENT made this ��` day of April, 1989, by and <br /> between the City of Decatur, Illinois, a municipal corporation <br /> ("City") and Miles Chevrolet, Inc. , an Illinois Corporation, <br /> ("Miles") , <br /> WITNESSETH: <br /> WHEREAS, the City desires to encourage the improvement of <br /> existing structures in that area of the City known as the Central <br /> Business District; and, , <br /> WHEREAS, the City has provided funds for two such �, <br /> development projects in said Central Business District for fiscal i, <br /> year 1988-89; and, 'I <br /> I <br /> WHEREAS, Miles is undertaking an improvement project as I <br /> described above, known as Crown Toyota and located on the <br /> premises described on Exhibit A hereto. <br /> NOW, THEREFORE, for and in consideration of the mutual <br /> promises and obligations made and assumed hereunder, the City and <br /> Miles hereby agree as follows: <br /> 1 . Miles will complete interior and exterior remodeling of <br /> the structure located on the premises described above in <br /> accordance with plans and drawings submitted to and approved, in <br /> writing, by the Director of Community Development of the City. <br /> 2. Upon completion of the renovation as described in <br /> paragraph 1 hereof, the City will reimburse Miles for expenses <br /> incurred in said work; however, in no event shall the City' s <br /> liability hereunder exceed Fifty Thousand Dollars ($50 ,000) . The <br /> City shall reimburse Miles as limited herein, upon presentation <br /> to the City of written evidence of payment of such expenses. <br /> 3 . If the premises shall continue to be operated as sales <br /> and service center for new and used automobiles for five {5) <br /> years from the date hereof, then Miles shall incur no obligation <br /> to the City for repayment of said Fifty Thousand Dollars <br /> ($50 , 000) . If said premises are no longer so used, however, then <br /> Miles shall be obligated to the City for repayment of all or a <br /> portion of said sum as follows: <br /> AMOUNT <br /> DUE CITY CESSATION OF USE <br /> $50 ,000 During lst year after the date hereof <br /> 40 , 000 During 2nd year after the date hereof <br />� <br />
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