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y <br /> DEVELOPMENT SERVICES DEPARTMENT <br /> MEMORANDUM <br /> December 11, 2013 <br /> TO: Honorable Mayor Michael T. McElroy and City Council <br /> FROM: Ryan McCrady, City Manager <br /> Billy Tyus, Assistant City Manager <br /> Patrick Hoban, Economic Development Officer <br /> SUBJECT: Amendment to the Southeast Plaza TIF Redevelopment Plan <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the 3rd Southeast Plaza <br /> Redevelopment Plan Amendment. <br /> BACKGROUND: The Southeast Plaza Redevelopment Plan was approved in May of 1997 in order <br /> to create a Tax Increment Finance District to spur the development of what, at the time, was a vacant, <br /> wooded and blighted area. The TIF District was created to facilitate new retail development including <br /> what is now the Hawthorne Suites hotel, The Strand movie theater and a numb r of area restaurants, <br /> with reimbursement provided to the developer on a reimbursement basis for eligible costs as work is <br /> performed and tax increment generated. <br /> A list of estimated eligible reimbursable expenses was included in the 1997 Redevelopment Plan. The <br /> plan has been amended on two separate occasions since the TIF was created six een years ago both to <br /> add property to the development area and to increase the amount of eligible costs in various categories <br /> (water main and sewer construction, engineering, signalization, etc.) to cover inflationary cost <br /> increases. This amendment would increase the estimated eligible reimbursable expenses by five <br /> percent along with cost of living increases as is allowed by Illinois statute. <br /> INPUT FROM OTHER SOURCES: None <br /> POTENTIAL OBJECTION: None <br /> STAFF REFERENCE: Any additional questions may be forwarded to Billy Tyus at 424-2727 or <br /> btyus@decaturil.gov or Patrick Hoban at 424-2778 or phoban@decaturil.gov. <br /> BUDGET/TIME IMPLICATIONS: None <br />