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ORDINANCE NO. d <br /> ORDINANCE ADOPTING TAX INCREMENT FINANCING(TIF) <br /> FOR THE CENTRAL TIF REDEVELOPMENT PROJECT AREA <br /> WHEREAS,the City of Decatur,Illinois desires to adopt tax increment financing pursuant to <br /> the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., as amended, <br /> hereinafter referred to as the "TIF Act". <br /> WHEREAS, the City of Decatur has adopted a Tax Increment Redevelopment Plan and <br /> Project,designated the Central TIF Redevelopment Project Area pursuant to the provisions of the TIF <br /> Act, and has otherwise complied with all other conditions precedent required by the TIF Act. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF <br /> DECATUR,ILLINOIS,that: <br /> 1. Tax increment financing is hereby adopted in respect to the Tax Increment <br /> Redevelopment Plan and Project for the Central TIF Redevelopment Project Area(the <br /> "Area") approved and adopted pursuant to Ordinance No. dM--(o0 of the City of <br /> Decatur,which said the Area was designated pursuant to Ordinance No. —(pl <br /> and the boundaries thereof being legally described therein. <br /> 2. After the total equalized assessed valuation (EAV) of taxable real property in the <br /> Central TIF Redevelopment Project Area exceeds the total initial equalized assessed <br /> value of all taxable real property in the Central TIF Redevelopment Project Area,the <br /> ad valorem taxes, if any, arising from the levies upon taxable real property in the <br /> Central TIF Redevelopment Project Area by taxing districts and the rates determined <br /> in the manner provided in paragraph(c)of Section 11-74.4-9 of the TIF Act each year <br /> after the effective date of this Ordinance until the redevelopment project costs and all <br /> municipal obligations issued in respect thereto have been paid shall be divided as <br /> follows: <br /> a. That portion of taxes levied upon each taxable lot, block, tract, or parcel of <br /> real property which is attributable to the lower of the current equalized <br /> assessed value or the initial equalized assessed value of each such taxable lot, <br /> block, tract, or parcel of real property in the Central TIF Redevelopment <br /> Project Area shall be allocated to and when collected shall be paid by the <br /> County Collector to the respective affected taxing districts in the manner <br /> required by law in the absence of the adoption of tax increment allocation <br /> financing. <br /> b. That portion, if any, of such taxes which is attributable to the increase in the <br /> current equalized assessed valuation of each lot,block,tract,or parcel of real <br /> property in Central TIF Redevelopment Project Area over and above the initial <br /> equalized assessed value of each property in the Central TIF Redevelopment <br /> Project Area shall be allocated to and when collected shall be paid to the <br />