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

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• Fourth Amendment to Decatur Southeast PlaZa TIF District Redevelopment Plan d�I'�Ojects than 10,as measured from the time of creation of the redevelopment project area and the Area does not contain more than 75 inhabited residential units. Commitment to Fair Employment The City of Decatur will comply with fair employment practices and an Affirma 've Action Plan in the implementation of this Fourth Amendment to the Redevelopment Plan an Projects. Provisions for Amending the Southeast Plaza TIFDisttict Redevelopment Plan The Southeast Plaza Redevelopment Plan may be further amended in accord nce with the Tax Increment Allocation Redevelopment Act and other applicable City Ordinance . Term of the Southeast Plaza TIF District Redevelopment Plan and Ptojects The Redevelopment Plan and District shall be completed no later than Decemb r 31 of the year in which the payment to the City Treasurer is made with respect to ad valorem taxe levied in the 23`d calendar year after the year in which the ordinance approving the Redevelopme t Plan is adopted. The City intends to utilize the incremental revenues generated in the 23`d year o the TIF District and received by the City the following year for those projects designated and nticipated in the Redevelopment Plan which shall be reimbursed to the Developer. Nature and Term of Obligations The City may issue revenue bonds,notes or other obligations to fund private eh*ible project costs which would be limited to the remaining term of the TIF District. The repayment of debt service of these obligations would be limited to the increments generated as permitted b�the Act or other pledged funds authorized by the City.The City may also issue bonds or other obligations to fund public infrastructure or other eligible project costs.Such obligations would not exceed the remaining term of the TIF District. The terms and conditions of the existing TIF Developer Note($4,882,000 Taxable Subordinate Lien Promissory Note) dated August 30,2001 shall be extended to and shall apply to eligible project costs provided for in the Plan as amended by this Fourth Amendment. CONCLUSION The City of Decatur has determined that in order to promote the health,safety,mor s,and welfare of the public, blighted conditions need to be eradicated, conservation measures in tituted, and that redevelopment within the proposed amended Area to the Decatur Southeast Plaza T F District should be undertaken. In order to remove and alleviate adverse conditions,it is necessary to urther encourage private investment and restore and enhance the tax base of the taxing districts by th development or redevelopment of the Redevelopment Project Area and by the adjustment of eligible project costs by the CPI. The Decatur City Council hereby concludes that it is in the best interest of the City and that the citizens of Decatur will benefit by the adoption of this Fourth Amendment to the Sou east Plaza Tax Increment Financing District Redevelopment Plan and Projects. Decatur Southeast Plaza TIF District/ Fourth Amendment Page 5 of 9