2024-59 Ordinance Approving the 2024 Amendment to the City of Decatur Olde Towne TIF Redevelopment Project Area

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ORDINANCE NO. k&� -59 ORDINANCE APPROVING THE 2024 AMENDMENT TO THE CITY OF DECATUR OLDE TOWNE TIF REDEVELOPMENT PROJECT AREA WHEREAS,on May 15, 2000 the City of Decatur, Macon County, Illinois,by Ordinances 2000-36, 2000-37, and 2000-38, adopted the Olde Towne Redevelopment Plan and Project, Tax Increment Financing (TIF), and the designation of the Redevelopment Project Area (commonly referred to as the "Olde Towne TIF"), pursuant to the Tax Increment Allocation Redevelopment Act of the State of Illinois, as amended from time-to-time(65 ILCS 5/11-74.4-1 et. seq.); and WHEREAS,pursuant to the Act,the City has amended the Plan from time-to-time,removing certain properties from the Olde Towne TIF and making other such changes as deemed necessary; and WHEREAS, it is now desirable and for the best interest of the citizens of the City to amend the Olde Towne TIF boundary by removing property and street rights-of-way therefrom in order to establish a new TIF Redevelopment Project Area to be identified as the Central TIF Redevelopment Project Area; and WHEREAS, subsection 11-74.4-5(c) of the Act provides that a redevelopment plan and redevelopment project area may be amended,provided that changes which do not: (1) add additional parcels of property to the proposed redevelopment project area; (2) substantially affect the general land uses proposed in the redevelopment plan; (3) substantially change the nature of the redevelopment project; (4) increase the total estimated redevelopment project costs set out in the re-development plan by more than 5% after adjustment for inflation from the date the plan was adopted; (5) add additional redevelopment project costs to the itemized list of redevelopment project costs set out in the redevelopment plan; or, (6) increase the number of inhabited residential units to be displaced from the redevelopment project area, as measured from the time of creation of the redevelopment project area,to a total of more than 10, may be made without further public hearing, and related notices and procedures including the convening of a joint review board as set forth in Section 11-74.4-6 of the Act, provided that the municipality shall give notice of any such changes by mail to each affected taxing district and registrant on the Interested Parties Registry, as per Section 11-74.4-4.2, and by publication in a