2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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S NOW, THEREFORE, IT IS HEREBY ORDAINED BY THE MA OR AND CITY d COUNCIL OF THE CITY OF DECATUR,ILLINOIS THAT: m 16 0. SECTION ONE: The City Council of the City of Decatur hereby makes the following V4 findings: iU M 4 a. The area constituting the proposed Southside Redevelopment Project Area in the City so of Decatur, Illinois, is described in EXHIBIT A, which is attached hereto and .c incorporated herein. 0 0 W b. There exist conditions which cause the area proposed to be designated as a Redevelopment Project Area to be classified as a 'Blighted Area" a "Conservation Area" as defined in Section 11-74.4-3(a) and (b) of the Act. c. The proposed Redevelopment Project Area on the whole has not been subject to growth and development through investment by private enterprise and would not be reasonably anticipated to be developed without the adoption of tht, Redevelopment Plan. d. The Redevelopment Plan conforms to the Comprehensive Plan for the development of the municipality as whole. e. The parcels of real property in the proposed City of Decatur Southside Redevelopment Project Area are contiguous and only those contiguous parcels of real property and improvements thereon which will be substantially benefited by the proposed redevelopment project improvement are included in the proposed Redevelopment Project Area. f. The estimated time for final completion of the Redevelopment Plan is twenty-three (23) years or December 31, 2036. g. The estimated time for retirement of obligations incurred to finance Redevelopment Project costs is not later than twenty (20)years or December 31, 2033. SECTION TWO: The Redevelopment Plan, which was the subject malter of the hearing held on June 3, 2013, is hereby adopted and approved. A copy of the Redevelopment Plan marked Exhibit "B" is attached to and made a part of this Ordinance. SECTION THREE: From and after the effective date of this Ordir ance, 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 Act, and to execute all such documents as may be necessary to carry out the intent and accomplisl the purposes of this Ordinance.