R2023-153 Resolution Providing for a Feasibility Study on the Designation of a Portion of the City of Decatur, Illinois as a Redevelopment Project Area and To Induce Development Interest within Such Area

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WHEREAS, it is the intent of the City to recover these expenditures from proceeds of the TIF program, if established; and WHEREAS, the City wishes to encourage developers and property owners to pursue plans for the redevelopment of the area and make such expenditures as are reasonably necessary in that regard with confidence that said expenditures may be allowable redevelopment project costs under the plan once adopted and subject to a redevelopment agreement between the City and the developer and/or property owner; and WHEREAS, the purpose of the proposed redevelopment plan and project is to generate private investment in the targeted area, thereby eliminating or reducing blighted conditions and provides for the long-term sound growth of the community; and WHEREAS, tax increment allocation financing utilizes the increase in real estate taxes ("tax increment') resulting from the increase in value of properties located in a redevelopment project area to pay for certain redevelopment project costs as provided for in the Act; and WHEREAS, given that none of the purposes of the proposed redevelopment plan or proposed redevelopment project area is not reasonably expected to result in the displacement of residents from ten (10) or more inhabited residential units within the area, the feasibility study is not required to include the preparation of any housing impact study as described in Section 11-74.4-4.1 (b) of the Act. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Decatur, Illinois as follows: 1. That the City Council hereby finds that all of the recitals contained in the preamble to this Resolution are true, correct, and complete, and said recitals are hereby incorporated by reference hereto and made part hereof. 2. That the City Council has examined the proposed area and circumstances and at this time believes that it is reasonable to believe that a tax increment financing plan can be adopted for said area and expenditures of development costs in furtherance of the plan and potential development should be allowable project costs under the plan, provided that this resolution is not a guarantee that any such plan will be adopted, but rather an expression of the intent of the City at this time. 3. The person to contact for additional information about the proposed redevelopment project area and who should receive all comments and suggestions regarding the redevelopment of the area shall be: Scot Wrighton City Manager 1 Gary K Anderson Plaza, Decatur, IL 62523 (217)424-2801 wrighton@decaturil.gov Page 2 of 4