2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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i V SECTION I at INTRODUCTION to CL The proposed Southside Redevelopment Project Area (the "Area") is an area hat consists of a "4 portion of Decatur, Illinois which is currently an area of mixed uses includin warehouse and vacant offices. The Area is set forth on the attached Exhibit A-1, entitled Boundary Map. The Area consists of warehouse and office buildings which are in need of repE ir. The majority pof the buildings exhibit deterioration and depreciation of physical maintenance resulting in a o state of physical decline. This is evident in deficiencies in physical facilities and infrastructure needs as well as structures below minimum code. In addition, there is evidenceDf a high level of vacancy as well as a lack of community planning. Finally, there is a g neral failure of reinvestment in the Area evidenced by a below normal growth in the Equalized Assessed Value. The City anticipates the use of tax increment financing, as well as other economic development resources, if available, to address the decline of the Area and induce the inve tment of private capital. The Area, on the whole, has not been subject to growth and deve opment through investment by private enterprise and is not likely to do so without the adoption of this proposed Redevelopment Plan. One project that is anticipated for the Area includes the renovation of an exist ng vacant office building into a facility to be utilized by the Decatur Police Department. n addition it is contemplated that there will be the rehabilitation of a second vacant office facility as well as other activities eligible under the Act. Incentives to attract private development may include assistance for land acquisition, site preparation including demolition, interest su sidies and other activities permitted by the Act. The Illinois General Assembly adopted the Illinois Tax Increment Allocation Redevelopment Act to provide a tool for the elimination of blighting characteristics and by fost ring the growth in the real property tax base through private and public reinvestment. The Act sets forth the requirements and procedures for establishing a Redevelopment Project Area and a Redevelopment Plan. This Redevelopment Plan documents the qualifications of the Area. The purpose of the Redevelopment Plan is to provide an instrument that can be u ed to guide the correction of area problems. This Redevelopment Plan identifies those activities, sources of funds, procedures and various other necessary requirements in order to implement tax increment pursuant to the State law. SECTION II CITY RENEWAL EFFORTS The City Council of the City of Decatur has realized that the Area was evidencing significant signs of decline through the lack of physical maintenance, the deterioration of the physical structures located there. There has been a failure to see any kind of significant reinvestment in the area. The City has been approached by a private developer who is interested in redeveloping which would reverse the trend of lack of investment and which would arrest the existence of blighting factors that exist in the Area. t