2013-102 APPROVING THE 3RD AMENDMENT TO THE DECATUR SOUTHEAST PLAZA TIF DISTRICT REDEVELOPMENT PLAN AND PROJECTS

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ORDINANCE NO. 2013_102 AN ORDINANCE OF THE CITY OF DECATUR,ILLINOIS APPROVING THE THIRD AMENDMENT TO THE DECATUR SOUTHEAST PLAZA TIF DISTRICT REDEVELOPMENT PLAN AND PROJECTS WHEREAS, the City of Decatur, Illinois (the City ) is a municipal corporation established pursuant to the Municipal Code of the State of Illinois and has jurisdiction over matters pertaining to its government and affairs;and WHEREAS, the City, pursuant to the Tax Increment Allocation Redevelop ent Act, 65 ILCS 5/11-74.4-1 et. seq. (the "Act"), adopted the Decatur Southeast Plaza TIF District R development Plan and Projects (the "Redevelopment Plan"), designated the Southeast Plaza Redevelopment Project Area (the"Area")and adopted tax increment financing on May 5, 1997; and WHEREAS, the City, pursuant to the Act, adopted the First Amendment to he Redevelopment Plan on August 2,2006 and adopted the Second Amendment to the Redevelopment PI n on May 7,2007; and WHEREAS, the City Council desires to increase the redevelopment pr ject costs in the Redevelopment Plan,as amended,to allow an adjustment for inflation for the years 2007 through 2012 as provided by Section 5/11-74.4-5(c)of the Act. NOW, THEREFORE, IT IS HEREBY ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF DECATUR,ILLINOIS THAT: SECTION ONE: The City Council of the City of Decatur hereby makes the fo lowing findings: a. The redevelopment project costs contained in the Budget to the Redevelopment Plan, as amended,do not take into consideration the effect of inflation. b. Section 5/11-74.4-5(c) of the Act allows the City to increase the total estimated redevelopment project costs set out in the Redevelopment Plan, as amended,by no more than 5% after adjustment for inflation from the date the plan, as amended, was adopted without further public hearing and related notices and procedures including the convening of a joint review board as set forth in Section 11-74.4-6 of this Act. c. A schedule of the revised estimated redevelopment project costs is attached hereto as Exhibit A and made a part hereof. d. Section 5/11-74.4-5(c) of the Act further requires that the City shall give notice of any such change by mail to each affected taxing district and registrant on the interested parties registry, provided for under Section 11-74.4-4.2, and by publication in a newspaper of general circulation within the affected taxing district with such notice and publication each occurring not later than 10 days following the adoption by ordinance of such change. SECTION TWO: From and after the effective date of this Ordinance, the pro er officers,agents and employees of the City are hereby authorized, empowered and directed to do all such acts, including the sending of appropriate notices and publication as required by the Act, and to execute all such documents as may be necessary to carry out the intent and accomplish the purposes of 1his Ordinance.