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 SECTION IV - OTHER FINDINGS AND REQUIREMENTS Area, on the Whole, not Subject to Growth and Development The properties in the Area have not been subject to growth and development through investment of private enterprise. Upon examination of equalized assessed valuation (EAV) data for the properties to be added, the lack of investment is evident in the stag- nate EAV values (see Table D: EAV Trends (2017-2022) below). The below evidence presented on assessed valuation shows that the properties in the Area have not been subject to a level of private investment that would result in valuation in- creases. Table D: EAV Trends (2017-2022) EAV Trends (2017-2022) Central TIF Redevelopment Project Area City of Decatur, Illinois EAV EAV Change Percent Annual Percent 2017 2022 Change Change RPA' $ 34,865,344 $ 38,944,034 $ 4,078,690 11.7% 2.2% - ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- CPI2 245.12 292.655 47.5 19.4% 3.6% Balance of City $ 826,671,238 $ 929,925,841 $ 103,254,603 12.5% 2.4% 1 Equalized Assessed Valuation(EAV)of the Redevelopment Proiect Area 2Consumer Price Index for All Urban Consumers.Source: U.S.Bureau of Labor Statistics 3 Total Citv EAV minus Proiect Area EAV Would Not be Developed "but for" TIF The properties in the Area are not reasonably anticipated to be improved without the direct participation of the City to provide funding in the form of financial incentives and infrastructure spending.Without the influence of public funding through tax increment financing, the City would not be able to redevelop and make improvements to the Area, and thus would not be able to attract new residents and businesses to the Area. Assessment of Financial Impact The City and J oint Review Board will monitor the progress of the TIF program and its future impacts on all local taxing bodies. In the event significant adverse impacts are identified that increase demands for facilities or services in the future, the City will 28