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

Home Browse Search

The proposed TIF District anticipates: 1) providing TIF incentives to redevelopment projects that likely would not proceed if TIF was unavailable;and 2) providing long-term funding for neighborhood revitalization in the "Neighborhood United" section of the city, along with portions of several other adjacent neighborhoods. Investing in this section of the city's urban core will help keep EAVs from declining(thus helping all local taxing districts that have territory inside the TIF district).A TIF district should be balanced, meaning that improvements in areas of the district that will not generate much increment should be weighed against areas of the district that can be expected to generate net increments—thereby stabilizing the entire district's values when the district expires. The commercial and retail projects the proposed TIF district could assist include:the Barnes-Citizen Building,the Garfield School/Garfield Park/Lexington catalyst project, Fairview Plaza,the Oakwood District,the former Woodrow Wilson School block, one of the former Akorn Pharmaceutical factories (only the West Grand facility), and other selected central business district properties. Several existing non-residential sites need to be redeveloped in the proposed district,or they will continue to deteriorate and eventually need to be demolished. Remodeling, renovation and repurposing of older site and buildings is expensive, and often needed redevelopment projects do not advance because of financial limitations—especially in the current economic environment. The glut of unused office space, and antiquated land and building uses, makes this problem especially acute in Decatur. In many circumstances,TIF can make the difference between a project that advances and one that does not. In June, city staff released a request-for-proposals (RFP) to TIF legal and land use consultants. We received six professional proposals. After a careful review of all the proposals, and interviews with the top candidates, it is recommended that the City Council approve a consulting services agreement with PGAV/Armstrong Teasdale of St. Louis. PGAV will serve as the lead, and they will be assisted by the law firm of Armstrong Teasdale. Decatur has historically outsourced its TIF legal work. PGAV has considerable experience in formulating and managing TIF districts for Downstate Illinois home rule cities like Champaign, Springfield, Urbana, Galesburg, Bloomington and others.They also appeared to bring the highest level of creativity and mixed-use planning experience, and they can meet the city's desired schedule. In addition to approving a resolution for professional services with PGAV, it is also recommended that the City Council adopt an inducement resolution formally setting in motion a 4 to 5 month process leading to final approval of a new tax increment financing district.