Laserfiche WebLink
Central TIF Redevelopment Plan and Project Area Decatur, Illinois <br /> The City may consider the use of tax increment financing, as well as other economic <br /> development resources as available,to facilitate private investment within the Area.It is <br /> the intent of the City to induce the investment of significant private capital in the Area, <br /> which will serve to redevelop aging, deteriorated properties and infrastructure that will <br /> likely enhance the tax base of the community. Furthermore, in accordance with Section <br /> 11-74.4-3(n)(5) of the Tax Increment Allocation Redevelopment Act (generally referred <br /> to as the `TIF Act'), a housing impact study need not be performed since the <br /> redevelopment plan will not result in the displacement of more than nine (9) inhabited <br /> residential units.If,at some time in the future,a redevelopment project is proposed that <br /> will result in the displacement of more than nine(9) inhabited residential units,the City <br /> will prepare, or cause to be prepared,the requisite housing impact study pursuant to the <br /> Act. <br /> The TIF Act sets forth the requirements and procedures for establishing a Redevelopment <br /> Project Area and a Redevelopment Plan.The following sections of this report present the <br /> findings of eligibility and the Redevelopment Plan and Project for the Area, as well as <br /> other findings,evidence,and documentation required by the Act. <br /> 3 <br />