2021-49 Ordinance Dissolving the Special Tax Allocation Fund and Terminating the Southeast Plaza Redevelopment Project Area Within the City of Decatur, Macon County, Illinois

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ORDINANCE No. .)c"'Ji —LI ORDINANCE DISSOLVING THE SPECIAL TAX ALLOCATION FUND AND TERMINATING THE SOUTHEAST PLAZA REDEVELOPMENT PROJECT AREA WITHIN THE CITY OF DECATUR, MACON COUNTY, ILLINOIS WHEREAS, City of Decatur, Macon County, Illinois (hereinafter the "City"), in accordance with, and pursuant to, the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1, et seq.), as supplemented and amended (hereinafter referred to as the "TIF Act'), including by the power and authority of the City as a home rule unit under Section 6 of Article VII of the 1970 Constitution of the State of Illinois, the City Council of the City (hereinafter the "Corporate Authorities") adopted a series of ordinances (Ordinance Nos. 97-14 on March 31, 1997; 97-32, 97-33, 97-34, 97-35, and 97-36) on May 5, 1997, and as amended by Ordinances, 2000-108, 2014-108, and Resolutions (collectively referred to as the "TIF Ordinances & Resolutions"); and WHEREAS, in accordance with, pursuant to, and under the TIF Act and the TIF Ordinances, the City designated the Southeast Plaza TIF District, and entered into a Redevelopment Agreement and amendments (hereinafter the "Redevelopment Plan"), including the redevelopment projects described in said Redevelopment Plan, and established a Special Tax Allocation Fund(the "Fund") in connection therewith; and WHEREAS, the Redevelopment Plan and the associated Southeast Plaza TIF District, as amended, expires on December 31, 2021, which is the December 31"of the year in which the tax increment revenue was paid to the City from ad valorem taxes that were levied in the 23rd Calendar year(2020)after the year in which the Ordinance approving the Redevelopment Plan was adopted (1997); and WHEREAS, the City will,pursuant to its obligations under the Section 8 of the TIF Act, notify affected taxing districts of the proposed termination of the Redevelopment Plan and Southeast Plaza Redevelopment Area thereunder; and WHEREAS, the difference between the 2020 total equalized assessed value of the property located within the Southeast Plaza TIF District and the frozen value is commonly known as the "recovered TIF value"; and WHEREAS, all redevelopment project costs have been,or will be paid prior to December 31, 2021; and WHEREAS, as a result of the expiration of the Southeast Plaza TIF District, all taxing bodies whose boundaries include the Southeast Plaza TIF District will have the opportunity to impose their 2021 property tax levy (taxes payable in 2022) upon the recovered TIF value from the Southeast Plaza TIF District;