2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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f f co as a A study was commissioned by Jack B. Teplitz & Associates to take a look at tie conditions that fu existed in the Area and to see what could take place to begin to renew the Are including needed special consideration in order to promote development to enhance the tax bas and to eliminate V4 blighting conditions. CU 4 This Redevelopment Plan is a result of that investigation and calls for the utili ation of the tools provided by the Tax Increment Allocation Redevelopment Act. o SECTION III TAX INCREMENT FINANCING Tax Increment Financing is a tool of great flexibility that allows a municipals to address some of the problems of urban decline. It is permitted pursuant to the "Tax Inc ement Allocation Redevelopment Act", 65 ILCS 5/11-74.4-1 et seq (the "Act"). With the reduction in federal and state funding, it provides one of the few mechanisms where a municipality an make a major effort to revitalize older parts of the community. When used properly it can create an opportunity to focus on what the municipality thinks is important for the area in question and what steps need to be taken to turn an area around. The solutions can be unique to that municipality. Tax increment financing is a technique intended to be used by municipaliti s to address and eradicate problems which cause areas to qualify for tax increment financing. The Illinois General Assembly, in adopting the Tax Increment Allocation Redevelopment Act, made the following findings: • It is hereby found and declared that there exist in many municipalitiel within this State blighted conservation and industrial park conservation areas, as defined herein; that the conservation areas are rapidly deteriorating and declining and may sooli become blighted areas if their decline is not checked; that the stable economic and ph y ical development of the blighted areas, conservation areas and industrial park conservation areas is endangered by the presence of blighting factors as manifested b progressive and advanced deterioration of structures, by the overuse of housing and of ler facilities, by a lack of physical maintenance of existing structures, by obsoletc and inadequate community facilities and a lack of sound community planning, by obsolete platting, diversity of ownership, excessive tax and special assessment delinquencies, by the growth of a large surplus of workers who lack the skills to meet existing or potential employment opportunities or by a combination of these factors; • It is hereby found and declared that in order to promote and protect he health, safety, morals, and welfare of the public, that blighted conditions need to e eradicated and conservation measures instituted, and that redevelopment of such areas be undertaken; that to remove and alleviate adverse conditions it is necessary to ncourage private investment and restore and enhance the tax base of the taxing district in such areas by the development or redevelopment of project areas. The eradication of blighted areas and 2