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

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1 Fourth Arnendiirent to Decatur Southeast P&Za TIF District Redenelopnrent Plan&bliects APPENDIX Tax Increment Financing Terms and Definitions The City of Decatur is amending its Southeast Plaza TIF District utilizing the Tax Increment Allocation Redevelopment Act[65 ILCS 5/11-74.4 et.seq.]. Certain terms are used in the amended Redevelopment Plan which are defined in the Tax Increment Allocation Redevelopment Act. The following terms shall mean: Municipality: An incorporated City,Village or Town in the State of Illinois. Redevelopment Project Area: An area designated by the municipality, which i� not less in the aggregate than P/z acres and in respect to which the municipality has made a finding that there exist conditions which cause the area to be classified as an industrial park conservation area r a blighted area or a conservation area, or a combination of both blighted areas and conservation areas. Redevelopment Plan: The comprehensive program of the municipality for development or redevelopment intended by the payment of redevelopment project costs to reduce or eliminate those conditions the existence of which qualified the redevelopment project area as a "lighted area" or "conservation area" or combination thereof or "industrial park conservation area and thereby to enhance the tax bases of the taxing districts which extend into the redevelopment p oject area. Redevelopment Project: Any public and private development project in furtherance of the objectives of a redevelopment plan. Redevelopment Agreement:Pursuant to Section 5/11-74.4-4(b),a municipality may make and enter into all contracts with property owners, developers, tenants, overlapping taxing bodies, and others necessary or incidental to the implementation and furtherance of its redevelopmentIan and project. Redevelopment Project Costs: Redevelopment Project Costs include the sum tot of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs' incidental to a redevelopment plan and a redevelopment project. Such costs include,without limitation,the following: A. Costs of studies, surveys, development of plans, and specifications, implementation and administration of the redevelopment plan including but not limited to staff and professional service costs for architectural, engineering, legal, financial, planning or other services,p' ovided however that no charges for professional services may be based on a percentage of the tax increment collected; except that on and after the effective date of this amendatory Act of the 91st General Assembly,no contracts for professional services,excluding architectural and engineering services, may be entered into if the terms of the contract extend beyond a period of 3 years. In addition, "redevelopment project costs" shall not include lobbying expenses. After consultation with the municipality,each tax increment consultant or advisor to a municipality that plans to designate or has designated a redevelopment project area shall inform the municipality in writing of any contracts that the consultant or advisor has entered into with entities or individuals that have received,or are receiving, payments financed by tax increment revenues produced by the redev lopment project area with respect to which the consultant or advisor has performed,or will be performing,service for the municipality. This requirement shall be satisfied by the consultant ora visor before the commencement of services for the municipality and thereafter whenever any of er contracts with those individuals or entities are executed by the consultant or advisor; Decatur Southeast Plaza TIF District/ Fourth Amendment Page 7 of 9