R2026-06 A Resolution to Induce the Redevelopment Located at 250 North Water Street, Commonly Referred to as the Citizens-Barnes Building

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RESOLUTION NO. R2026 --0(p A RESOLUTION TO INDUCE THE REDEVELOPMENT LOCATED AT 250 NORTH WATER STREET,COMMONLY REFERRED TO AS THE CITIZENS-BARNES BUILDING WHEREAS, the City of Decatur, Macon County, Illinois, is a duly organized and validly existing home-rule municipality of the State of Illinois pursuant to the 1970 Illinois Constitution and the Illinois Municipal Code, as from time to time amended(65 ILCS 5/1-1-1, et seq.); and, WHEREAS, pursuant to its powers and in accordance with the requirements of the Tax Increment Allocation Redevelopment Act of the State of Illinois, 65 ILCS 5/11-74.4-1, et seq., as from time to time amended(the"TIE Act"),the Mayor and City Council,pursuant to Ordinance Nos. 2024-60, 2024-61 and 2024-62 respectively, adopted on May 8, 2024, approved a redevelopment plan and project setting forth a plan for the development, redevelopment and revitalization of a redevelopment project area; designated a redevelopment project area known as the Central TIF Redevelopment Project Area(the "Redevelopment Project Area"); and adopted tax increment allocation financing for the Redevelopment Project Area; and, WHEREAS,the property located at 250 North Water Street, known as the Citizens-Barnes Building, and currently held by the Best-4-Best Land Trust, is located in the Redevelopment Project Area and has been identified as a priority site for redevelopment within the City; and, WHEREAS, Decatur Management Services, LLC, an Illinois limited liability company, proposes to rehabilitate and redevelop the Citizens-Barnes Building into a boutique hotel to be known as The Treasury; and, WHEREAS, the City of Decatur is authorized under Illinois law to support redevelopment activities that promote economic development,historic reuse,tourism,job creation, and increased investment within the community; and, WHEREAS, Decatur Management Services, LLC has requested that the City consider providing financial assistance or other redevelopment incentives allowed by law, including but not limited to Tax Increment Financing eligible project costs, infrastructure support, and other redevelopment tools; and, WHEREAS, the City Council finds it to be in the best interest of the City to express its preliminary intent to consider such incentives and to authorize the preparation of a Redevelopment Agreement for further review.