R2024-43 Resolution Scheduling Public Hearing to Consider the Redevelopment Plan and Project for the Central TIF Redevelopment Project Area

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Central TIF Redevelopment Plan and Project Area Decatur, Illinois eligibility criteria. Affordable housing may be either in existing or newly constructed buildings. For purposes of this requirement in the TIF Act, `low-income households," "very low-income households,"and"affordable housing"have the definitions set forth in the Illinois Affordable Housing Act. Description of Redevelopment Project Costs Costs that may be reimbursed are defined as "redevelopment project costs"in the Act and may be amended from time to time.Itemized below is the statutory listing of`�redevelop- ment project costs"currently permitted by the Act: 1. Costs of studies, surveys, development of plans, and specifications,implementation and administration of the redevelopment plan including but not limited to staff and professional service costs for architectural, engineering, legal, financial, planning or other services, provided however that no charges for professional services may be based on a percentage of the tax increment collected; except that on and after No- vember 1,1999(the effective date of Public Act 91-478),no contracts for professional services, excluding architectural and engineering services,may be entered into if the terms of the contract extend beyond a period of 3 years. In addition,"redevelopment project costs"shall not include lobbying expenses. After consultation with the municipality,each tax increment consultant or advisor to a mu- nicipality that plans to designate or has designated a redevelopment project area shall inform the municipality in writing of any contracts that the consultant or advisor has entered into with entities or individuals that have received, or are receiving, pay- ments financed by tax increment revenues produced by the redevelopment project area with respect to which the consultant or advisor has performed, or will be per- forming, service for the municipality. This requirement shall be satisfied by the con- sultant or advisor before the commencement of services for the municipality and thereafter whenever any other contracts with those individuals or entities are exe- cuted by the consultant or advisor; (i) After J my 1, 1999,annual administrative costs shall not include general overhead or administrative costs of the municipality that would still have been incurred by the municipality if the municipality had not designated a redevelopment project area or approved a redevelopment plan; (ii) The cost of marketing sites within the redevelopment project area to prospective businesses, developers,and investors; 2. Property assembly costs, including but not limited to acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, site preparation, site improvements that serve as an engineered barrier addressing ground level or below ground environmental contamination, including, but not 23