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

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Fourth Azuendinent to Decatur Southeast Plaza TIF District Redevelopment Plan &Pr ects than 10,as measured from the time of creation of the redevelopment project area nd 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 Affirmative Action Plan in the implementation of this Fourth Amendment to the Redevelopment Plan and Projects. Provisions forAmending the Southeast Plaza TIFDistrict Redevelopment Plan The Southeast Plaza Redevelopment Plan may be further amended in accordance with the Tax Increment Allocation Redevelopment Act and other applicable City Ordinances Term of the Southeast Plaza TIFDistrict Redevelopment Plan and Projects The Redevelopment Plan and District shall be completed no later than Decembel 31 of the year in which the payment to the City Treasurer is made with respect to ad valorem taxes levied in the 23' calendar year after the year in which the ordinance approving the Redevelopmen Plan is adopted. The City intends to utilize the incremental revenues generated in the 23 d year of 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 eligible 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 exc ed the remaining term of the TIF District. The terms and conditions of the existing TIF Developer Note($4,882,000 Taxable ubordinateLien Promissory Note) dated August 30,2001 shall be extended to and shall apply to ll 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,morals,and welfare of the public, blighted conditions need to be eradicated, conservation measures instituted, and that redevelopment within the proposed amended Area to the Decatur Southeast Plaza TIF District should be undertaken. In order to remove and alleviate adverse conditions,it is necessary to f arther encourage private investment and restore and enhance the tax base of the taxing districts by the development or redevelopment of the Redevelopment Project Area and by the adjustment of eligiblc 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 Southeast Plaza Tax Increment Financing District Redevelopment Plan and Projects. Decatur Southeast Plaza TIF District/ Fourth Amendment Page 5 of 9