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 (iv) the total of such interest payments paid pursuant to this Act may not exceed 30%of the total (a) cost paid or incurred by the redeveloper for the redevelopment project plus (b) redevelopment project costs excluding any property assembly costs and any relocation costs incurred by a municipality pursuant to this Act. 12. Unless explicitly stated herein the cost of construction of new privately-owned buildings shall not be an eligible redevelopment project cost. 13. After November 1, 1999(the effective date of Public Act 91-478),none of the re- development project costs enumerated in this subsection shall be eligible redevel- opment project costs if those costs would provide direct financial support to a retail entity initiating operations in the redevelopment project area while termi- nating operations at another Illinois location within 10 miles of the redevelop- ment project area but outside the boundaries of the redevelopment project area municipality. For purposes of this paragraph,termination means a closing of a retail operation that is directly related to the opening of the same operation or like retail entity owned or operated by more than 50% of the original ownership in a redevelop- ment project area, but it does not mean closing an operation for reasons beyond the control of the retail entity, as documented by the retail entity, subject to a reasonable finding by the municipality that the current location contained inade- quate space,had become economically obsolete,or was no longer a viable location for the retailer or serviceman. 14. No cost shall be a redevelopment project cost in a redevelopment project area if used to demolish, remove, or substantially modify a historic resource, after Au- gust 26, 2008 (the effective date of Public Act 95-934), unless no prudent and feasible alternative exists. "Historic resource"for the purpose of this item (14) means (i) a place or structure that is included or eligible for inclusion on the National Register of Historic Places or (ii) a contributing structure in a district on the National Register of Historic Places. This item (14) does not apply to a place or structure for which demolition, re- moval, or modification is subject to review by the preservation agency of a Certi- fied Local Government designated as such by the National Park Service of the United States Department of the Interior. 26