2014-29 APPROVING THE 4TH AMENDMENT TO THE REDEVELOPMENT PLAN AND PROJECTS

Home Browse Search

Fourth Amendment to Decatur Southeast Playa TIF District Redevelopment Plan&I lroiects REDEVELOPMENT GOALS AND OBJECTIVES As set forth in the original Redevelopment Plan, the major focus of this Tax Inrement Financing District is commercial and residential development as well as the public infrastruct re improvements that are required to make such developments possible and to improve the overall quality of life for the residents of the City of Decatur. Specific long-range goals for the Decatur Southeast Plaza TIF District, as amended,are as follows: 1. To further preserve, enhance and expedite commercial redevelopment ithin the existing Decatur Southeast Plaza TIF District. 2. To expand the retail/commercial business presence in a manner which will pealto a broader consumer market and consequently expand the local economy. 3. To extend and maintain infrastructure within the Redevelopment Project At a,including water and sanitary sewer lines, storm drains roadways and bridges. 4. To diversify employment and decrease unemployment by creating new job . 5. To promote stabilization and growth of the existing employment base and opulation. 6. To protect lands suitable for residential and commercial use for possible fu re development through the use of zoning and other delegated powers. PLANNING PROCESS AND CALENDAR The process to amend a TIF District is initiated by the municipality. This process i cludes:preparing an Amendment to the Redevelopment Plan and Projects;establishing a date,place an time fora Public Hearing; sending notification of the Public Hearing to all taxing districts,registrants f the IPR and the Illinois Department of Commerce and Economic Opportunity(DCEO)with an invit tion to attend and provide comments; convening a Joint Review Board consisting of a representativ selected by each community college district,local elementary school district,high school district or eacl localcommunity unit school district,park district,library district,county,a representative of the munici ality and a public member;publishing a notice twice before the Public Hearing in a newspaper of gen ral circulation in the community;mailing of the notice of the Public Hearing to all taxpayers in the Atea;mailing of the notice of the Public Hearing to residential addresses within 750 feet of the TIF Distict;and adopting an Ordinance Approving the Amendment to the Redevelopment Plan and Projects. Jacob&Klein,Ltd.and The Economic Development Group,Ltd.provide professio al services to the Developer of the Southeast Plaza TIF District. As such, the Developer has reque ted that Jacob & Klein,Ltd. and The Economic Development Group,Ltd. assist in amending the TI District. Upon reviewing the proposed Fourth Amendment to the Decatur Southeast Plaza TIF{District Plan and Projects and accepting the projects herein, the City Council may move forward wi the process of amending the tax increment financing district.A proposed Timeline for certain activities relating to the Fourth Amendment to the Decatur Southeast Plaza TIF District is as follows: Submit Draft Amendment to City Clerk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . April 10,2014 Adopt Ordinance to Set Date for Public Hearing. . . . . . . . . . . . . . . . . . . . . . . . . . April 21,2014 Certified Mailing to Taxing Districts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . April 24,2014 Certified Mailing to Taxpayers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 2,2014 Joint Review Board Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 14,2014 Decatur Southeast Plaza TIF District/ Fourth Amendment Page 2 of 9