2014-66 ESTABLISHING THE DECATUR MACON COUNTY ENTERPRISE ZONE

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Book: 4410 Page: 858 WHEREAS, the City Council of Decatur, the County Board of Macon County, the Village Board of Mt. Zion, The Village Board of Forsyth and the Village Board of Long Creek find and c ncur that the region meets the qualifications established in Section 4 of the Act; and, WHEREAS, the Designating Units of Government find that the Enterprise Z ne as described in Addendum "A" is contiguous as defined in the Act; and, WHEREAS, the five Designating Units of Government find that the Enterprise Zone as described in Addendum "A" shall comprise no more than 15 square miles of land, exclusive of waterways and lakes, as allowed by the Act; and, WHEREAS, certain parts of the Zone lie within the boundaries of the City of Decatur; WHEREAS, the City Council of Decatur desires to designate an area within its jurisdiction as an enterprise zone as outlined in the attached Addendum "A", subject to the certification of the Zone by the Department in accordance with the Act; and WHEREAS,the name of the Enterprise Zone shall be the Decatur Macon County Enterprise Zone. NOW BE IT THEREFORE ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: SECTION 1—TERM. The term of the Zone will be for 15 years commencing on January 1, 2016 and ending at midnight on December 31, 2030 or until such time as the Zone has expired, been decertified by the Department or repealed by the General Assembly or ordinance of the participating governmental entities,whichever is sooner. After the 13th year,the zone is subject to review by the state Enterprise Zone Board for an additional 10-year designation beginning on the expiration date of the enterprise zone. During the review process, the Istate Enterprise Zone Board shall consider the costs incurred by the State and units of local government as a result of tax benefits received by the enterprise zone before granting the extension. Upon approval of the state Enterprise Zone Board, the Zone may further be in effect for an additional 10 years beginning January 1, 2031. SECTION 2— PROPERTY TAX ABATEMENT. Commencing on or after January 1, 2016, taxes on real property levied by the CITY OF DECATUR shall be abated on property located within the boundary of the Enterprise Zone as certified by the Department and upon which new improvements have been constructed as follows. In no event shall any abatement of taxes on any parcel exceed the amount attributable to the construction of the improvements or the renovation or rehabilitation of existing improvements on such parcel. A. DEFINITIONS 1) "Memorandum of Understanding" or "MOU" as defined herein is the written agreement between the Decatur Macon County Enterprise Zone Administrator, on behalf of the Taxing Bodies Page 2 of 11