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

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Book : 4321 Mage: 865 b. Except from a tax levied by a township to retire bonds issued to sat sfy court-ordered damages, that portion, if any, of such taxes which is attributable to he increase in the current equalized assessed valuation of each taxable lot, block, trac or parcel of real property in the redevelopment project area over and above the initi 1 equalized assessed value of each property in the project area shall be allocated to and when collected shall be paid to the municipal treasurer who shall deposit said taxes into a special fund called the special tax allocation fund of the municipality for the purpose of paying redevelopment project costs and obligations incurred int e payment thereof. SECTION THREE: From and after the effective date of this Ordinance, the proper officers, agents and employees of the City are hereby authorized, empowered and directed to do all such acts, including the sending of appropriate notices as required by the ,kct, and to execute all such documents as may be necessary to carry out the intent and accompl sh the purposes of this Ordinance. SECTION FOUR: That this Ordinance is adopted pursuant to Ho ne Rule Authority granted the City of Decatur by Article 7, Section 6, of the Illinois Constitution, 1970, and the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.). SECTION FIVE: This Ordinance shall take effect immediately a er its passage and approval. Patrick S. Julie Upon motion by Laegeler , seconded by Moore—Wolfe , by roll call vote with 5 voting aye; 0 voting nay; 1 voting abstaining; and l absent as follows: AYE NAY ABSTAIN ABSENT Councilman Dawson X Councilman Foster X Councilman Laegeler X Councilman McDaniel X Councilwoman Moore-Wolfe X Councilwoman Ray X Mayor McElroy X The foregoing ordinance was approved by the Mayor and City Council of the City of Decatur, Illinois on the 1 st day of July, 2013.