2013-60 ADOPTING TAX INCREMENT FINANCING FOR THE SOUTHSIDE REDEVELOPMENT PROJECT AREA

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Book : 4321 Page : 864 ORDINANCE NO.2013-60 AN ORDINANCE OF THE CITY OF DECATUR, ILLINOIS ADO TING TAX INCREMENT FINANCING FOR THE SOUTHSIDE REDEVELOPM NT PROJECT AREA WHEREAS, the City of Decatur, Illinois (the "City") is a mu icipal corporation established pursuant to the Municipal Code of the State of Illinois and ha jurisdiction over matters pertaining to its government and affairs; WHEREAS, the City desires to adopt tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, appearing as 65 ILCS 5/11-74.4-1 c t. seq., hereinafter referred to as the "Act"; and WHEREAS,the City has adopted the Southside TIF Tax Increment Redevelopment Plan and Project, and designated the Southside Redevelopment Project Area pursua t to the provisions of the Act, and has otherwise complied with all other conditions prc cedent required by the Act. NOW, THEREFORE, IT IS HEREBY ORDAINED BY THEMAYOR AND CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS THAT: SECTION ONE: Tax increment financing is hereby adopted in respec to the Southside TIF Tax Increment Redevelopment Plan and Project approved and adopted pursuant to Ordinance No 8 1 k:5;9 in the City of Decatur, Illinois in respect to the Southside Redevelopment Project Area, described in EXHIBIT A, which is attached hereto and incorporated herein. SECTION TWO: Pursuant to the Act, after the total equalized assessed valuation of taxable real property in the Southside Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Southside Redevelopment Project Area,the ad valorem taxes, if any, arising from the levies upon real property in the Southside Redevelopment Project Area by taxing districts and the rates determined in the manner provided in the Act each year after the effective date of this Ordinance until the Redevelopment Project costs and obligations issued in respect thereto have been paid shall be divided as follows: a. That portion of taxes levied upon each taxable lot, block, tract or p rcel of real property which is attributable to the lower of the current equalized assessed value or the initial equalized assessed value of each such taxable lot, block, -.ract or parcel of real property in the redevelopment project area shall be allocated tc and when collected shall be paid by the county collector to the respective aff cted taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing.