2022-09 An Ordinance Amending the Property Tax Abatement Qualifying Criteria for the Decatur Macon County Enterprise Zone - City of Decatur

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11) Single family residential homes. C. Section 2.F. shall be amended to state the following: That, with the adoption of this Ordinance, taxes on real property levied by the CITY OF DECATUR shall be abated on retail, restaurant, hotel/motel, commercial and certain multi-family residential property developments located within the Zone, with the exception of those projects outlined in "Section 2.A.6." above, upon which new improvements have been constructed subsequent to such approval as follows: D. Section 2.G. shall be amended to state as follows: The above property tax abatement shall be available for eligible retail, restaurant, hotel/motel, commercial; and certain muti-family housing development projects involving real property upon which construction, improvements, renovation or rehabilitation, for which a building permit is required, which results in an increase in the equalized assessed valuation of at least $25,000 has been completed after January 1,2016 and prior to the expiration,termination or decertification of the Decatur Macon County Enterprise Zone. Additionally, "retail/commercial companies" and "retail/commercial property" shall include multi-family properties,with a minimum of ten(10)living units with minimum investment of $50,000/unit and maximum of $250,000/unit (exclusive of site preparation work,utilities,and infrastructure)which construction of development must be completed within 24 months after obtaining necessary building permits.The per unit limits applicable in this Subpart shall be adjusted for inflation annually commencing January 1,2023 based on the Consumer Price Index,United States average on all items and commodity groups, issued by the Bureau of Labor Statistics of the United States. Section 3. Severability. In the event that any section, clause, provision, or part of this Ordinance shall be found and determined to be invalid by a court of competent jurisdiction, all valid parts that are severable from the invalid parts shall remain in full force and effect. Section 4. Effective Date. This Ordinance shall be in effect from the date of and after its passage, approval and recording and upon certification by the Illinois Department of Commerce and Economic Opportunity, according to law. PRESENTED AND ADOPTED this 21St day of March 2022. �V JULI OORE WOLFE, MAY ATTEST: 4 KIM ALTHOFF,"CITY!C�Lk_