2024-60 Ordinance Approving the Tax Increment Redevelopment Plan and Project for the Central TIF Redevelopment Project Area

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ORDINANCE NO.ka4—(00 ORDINANCE APPROVING THE TAX INCREMENT REDEVELOPMENT PLAN AND PROJECT FOR THE CENTRAL TIF REDEVELOPMENT PROJECT AREA WHEREAS,the City of Decatur,Illinois desires to implement Tax Increment Financing(TIF) pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., as amended(hereinafter referred to as the "TIF Act")for the proposed Redevelopment Plan and Project (the "Plan") within the municipal boundaries of the City of Decatur and within the Central TIF Redevelopment Project Area (the "Project Area") as described in Exhibit A attached to this Ordinance,which constitutes in the aggregate more than 750 acres; and WHEREAS, the Plan was made available for public inspection at the City Clerk's office on 1/19/2024; and WHEREAS,the City Council did on 2/20/2024 pass Resolution R2024-43,setting 4/16/2024 as the date for the public hearing on the Plan, with the time and place of such hearing identified in said Resolution; and WHEREAS, due notice with respect to the availability of the Plan, which contains an eligibility report, was given by mail on 3/1/2024 pursuant to Section 11-74.4-5 of the TIF Act, said notice being given to all interested parties that have registered with the City concerning the Project Area; and WHEREAS, due notice with respect to the availability of the Plan, which contains an eligibility report, was given by mail on 3/1/2024 pursuant to Section 11-74.4-5 of the TIF Act, said notice being given to all residential addresses that, after a good faith effort, the City determined are located within 750 feet of the boundaries of the Project Area; and WHEREAS, pursuant to Section 11-74.4-5 of the TIF Act, the City Council caused a public hearing to be held relative to the Plan and the designation of the Project Area on 4/16/2024 at the City Council Chambers,Decatur Civic Center; and WHEREAS, due notice with respect to such hearing was given pursuant to Section 11-74.4- 5 and 6 of the TIF Act,said notice being given to taxing districts and to the State of Illinois by certified mail on 3/6/2024;by publication on 3/19/2024 and 4/3/2024;and by certified mail to property owners within the Project Area on 4/1/2024; and WHEREAS, Ordinance No.` was adopted approving the 2024 Amendment to the Olde Towne TIF Redevelopment Project Area, removing parcels and street rights-of-way therefrom in order to establish the new Central TIF Redevelopment Project Area. WHEREAS, the Plan sets forth the factors constituting the need for abatement of conditions within the Project Area that have led to blight or may lead to blight,and the City Council has reviewed testimony concerning such need presented at the public hearing and has reviewed the eligibility report Central TIF Redevelopment Project Area and Plan Decatur, Illinois