82-12 AUTHORIZING THE FINANCING OF THE RENOVATION, RECONSTRUCTION AND EQUIPPING OF CERTAIN SHOPPING CENTER FACILITIES; AUTHORIZING ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)

Home Browse Search

� Ordinance No. 79-70 being herein referred to as the "Enabling Ordinance") ; and WHEREAS, pursuant to the Enablin� Ordinance the City is authorized to issue its revenue bonds for the purpose of financing, in whole or in part, the costs of any "economic development pro�ect", as defined in the Enabling Ordinance for the purpose of creating or retaining employment oppor- tunities in the City of Decatur, Illinois; and WHEREAS, as a result of negotiations between the City and the Brettwood Village Associates, an Illinois lim�.ted partnership (hereinafter sometimes referred to as the "Partnership " ) , of which Draper and Kramer, Incorporated is one of the general partners, the Partnership acquired a leasehold estate in and to an existing shopping center located in the City and known as Brettwood Village Shopping Center (the "Shopping Center" ) and has or will enter into certain contracts and agreements providing for the renovation, reconstruction and equipping of the existing buildings (excluding, however, the store building leased to and occupied by the Great Atlantic & Pacific Tea Company, Inc. ) , parking lots and related facilities (the "Pro�ect" ) , either directly or as sole beneficiary of that certain land trust agreement dated June 15, 1981 and known as Trust No. 104086 (herein referred to as the "Land Trust" ) under which LaSalle National Bank, Chicago, Illinois, is acting as -2-