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

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Fourth Amendlvew to Decatur Southeast Plaza 77F District Redelvlopnlent Plan &Pr�ects TIF FINANCING SUMMARY The City may use any Real Estate Tax Increment generated within the Decatur Sot theast Plaza TIF District for TIF eligible private and public redevelopment project costs. The City ha 3 also committed municipal sales taxes generated only from the projects located in this TIF District toward such costs. In addition to the redevelopment project costs listed herein,bonds may be issued to I nance a phase of the Project and may include an amount sufficient to pay customary and reasonable c arges associated with the issuance of such obligations as well as to provide for capitalized interest an I reserves as may be reasonably required. Adjustments to the estimated line item costs provided for in the Redevelopment PI a as amended are expected. Adjustments may be made by the Developer to line items within the total either increasing or decreasing line item costs for redevelopment. Each individual project cost and the resulting tax revenues will be evaluated and may be re-allocated by the Developer is each project is considered for payment under provisions of the Act. The totals of line items set forth in this Amendment are not intended to place a (total limit on the described expenditures or intended to preclude payment of other eligible redevelop ent project costs in connection with the redevelopment of the Area,provided the total amount of pa ment for eligible redevelopment project costs shall not exceed the total overall amount set forth here n,as adjusted for annual inflation. The total public and private TIF eligible project costs limit,as amended for the DecaT Southeast Plaza TIF District,include those listed in Exhibit 1. Pursuant to Section 5/11-74.4-5(c) of the Act,the City may further increase the total estimated redevelopment project costs set out in the Redevelopment Plan, as amended, to include adjustments for inflation using the CPI for All Urban Consumers, Chicago- Gary-Kenosha,IL-IN-WI,as the index for calculations. A Summary of the Total Designated&Anticipated Redevelopment Project Costs as Amended by the Fourth Amendment is as follows (see Exhibit 1): Total Estimated Redevelopment Project Costs provided by 3rd Amendment . . . . . . . . $6,770,058 Total Estimated Redevelopment Project Costs added by 4``'Amendment . . . . . . . . . . $4,175,000 TOTAL DESIGNATED &ANTICIPATED REDEVELOPMENT PROJECT COSTS AS AMENDED (4TH AMENDMENT) . . . . . . . . . . . r . . . $10,945,058 OTHER STATUTORY REQUIREMENTS General Land Uses The general uses of the land within the TIF District conform to the existing and r roposed land uses provided for in current zoning and subdivision codes. Certification ofNo Displacement ofRewdential Units The City of Decatur hereby certifies that the Fourth Amendment does not incre se the number of inhabited residential units to be displaced from the redevelopment project area to a total of more Decatur Southeast Plaza TIF District/ Fourth Amendment Page 4 of 9 I