First Amendment to Redevelopment Plan

FIRST AMENDMENT TO REDEVELOPMENT PLAN

WHEREAS, the Mayor and City Council of the City of Cartersville, Georgia, by resolution adopted on October 14, 2014 (the “City Resolution”, determined that a portion of the City of Cartersville, Georgia (the “City”) (the “East Main Street TAD #1 Urban Redevelopment Area”) be established as a “redevelopment area” pursuant to O.C.G.A. §36-44-1, et seq. (the “Redevelopment Powers Law”); and

WHEREAS, pursuant to the City Resolution, a redevelopment plan (attached as an exhibit to the City Resolution) (the “Redevelopment Plan”) was adopted and approved for the East Main Street TAD #1 Urban Redevelopment Area (the “East Main Street TAD”); and

WHEREAS, pursuant to the City Resolution, the City designated itself as redevelopment agency for purposes of implementing the Redevelopment Plan for the East Main Street TAD #1 Urban Redevelopment Area; and

WHEREAS, the City and Cherokee Main Street III, LLC (the “Developer”) entered into a Development Agreement, dated as of May 21, 2015 (the “Development Agreement”) regarding the development of the East Main Street TAD as a shopping center comprised of retail shops and restaurants (the “Main Street Project”) in two tranches; and

WHEREAS, the City and the Developer propose entering into a First Amendment to Development Agreement (the “First Amendment to Development Agreement”) to provide that the second phase of the Main Street Project (the “Phase II”) shall be developed for multi-family housing instead of a shopping center; and

WHEREAS, the Redevelopment Powers Law requires the preparation of a “School System Impact Analysis” for tax allocation districts that include in the tax allocation increment ad valorem taxes levied by a board of education; and

WHEREAS, the City has caused to be prepared a “School System Impact Analysis” for the proposed Phase II development; and

WHEREAS, the City desires to hereby amend the Redevelopment Plan to provide that the East Main Street TAD may also be redeveloped as multi-family housing and to include the School System Impact Analysis; and

WHEREAS, the Redevelopment Powers Law requires a public hearing prior to approval of an amendment to a redevelopment plan; and

WHEREAS, the Mayor and City Council have caused a public hearing to be held on __________, 2021 in regards to the proposed amendments to the Redevelopment Plan as described below;

NOW THEREFORE, the Redevelopment Plan is hereby amended by adding the following:

1. The description of the authorized redevelopments for the East Main Street TAD are hereby amended to include the redevelopment of multi-family housing as an authorized purpose in connection with Phase II of the East Main Street TAD.

2. The School System Impact Analysis attached hereto as Exhibit A is hereby included as part of the Redevelopment Plan.

Except as set forth in this First Amendment to Redevelopment Plan, all terms and provisions of the Redevelopment Plan are hereby ratified; the Redevelopment Plan is unaffected and shall continue in full force and effect in accordance with its terms.