2024-180 An Ordinance Dissolving the Special Tax Allocation Fund and Terminating the Designation of the City of Decatur Olde Towne Tax Increment Redevelopment Project Area within the City of Decatur, Macon County, Illinois

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ORDINANCE NO. AN ORDINANCE DISSOLVING THE SPECIAL TAX ALLOCATION FUND AND TERMINATING THE DESIGNATION OF THE CITY OF DECATUR OLDE TOWNE TAX INCREMENT REDEVELOPMENT PROJECT AREA WITHIN THE CITY OF DECATUR,MACON COUNTY, ILLINOIS WHEREAS, in accordance with and pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.), as supplemented and amended (the "TIF Act"), including by the power and authority of the City of Decatur, Macon County, Illinois(the "City"),the City Council of the City(the"Corporate Authorities") adopted a series of ordinances (Ordinance No. 2000-36, 2000-37, and 2000-38 on May 15, 2000) as subsequently amended from time-to-time, including Ordinance No. 2000-39, 2000-59, 2000-84, and 2024-59 (collectively, the "TIF Ordinances"); and WHEREAS,under and pursuant to the TIF Act and the TIF Ordinances, the City designated the Olde Towne Tax Increment Redevelopment Project Area (the "Redevelopment Project Area"), approved the related redevelopment plan, including the redevelopment projects described in the Redevelopment Plan (collectively, the "Redevelopment Projects"), and established a special tax allocation fund(the"Fund") in connection therewith; and WHEREAS, on 10/29/2024, the City notified affected taxing districts of the pending termination of the Redevelopment Project Area, as a redevelopment project area, in accordance with the provisions of Section 11-74.4-8 of the TIF Act; and WHEREAS,all redevelopment project costs have been or will be paid,all obligations relating thereto have been or will be paid and retired prior to December 31, 2024; and WHEREAS, in accordance with the provisions of Section 11-74.4-8 of the Act, the City desires to dissolve the special tax allocation fund relating to the Redevelopment Project Area and to terminate the designation of the Redevelopment Project Area as a redevelopment project area. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, MACON COUNTY,ILLINOIS, as follows: Section 1. Incorporation of Recitals. The foregoing recitals are incorporated into this Ordinance as the findings of the Corporate Authorities. Section 2. Dissolution of Fund. The City Treasurer shall perform the final closing of the books and records of the Fund for the Redevelopment Project Area no later than December 31, 2024 and thereupon said Redevelopment Project Area is dissolved. Section 3. Termination of Redevelopment Proiect Area. The designation of the Redevelopment Project Area as a redevelopment project area is hereby terminated as of December 31, 2024.