2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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N ttl cc .. 6. The Area, as a whole, has not been subject to growth and deN elopment through investment by private enterprise and would not reasonably be anticipated to be developed m (a without the adoption of the Redevelopment Plan. ,4 SECTION V MBASIS FOR ELIGIBILITY OF THE AREA AND FINDINGS Y A. Introduction 0 0 A redevelopment project area, according to the Tax Increment Allocation Redevelopment Act 65 ILCS 5/11-74.4-1 et se q.),q.), is that area designated by a municipality (city, village, or incorporated town) in which the finding is made that there exist conditions which cause the area to be classified as a blighted area, conservation area, combination of blighted and conservation areas, or an industrial park conservation area. In this case, the Area qualifie as a conservation area. The criteria and the individual factors that were utilized in conducting th evaluation of the physical conditions in the Area are outlined under the individual headings thatfollow: B. Investigation and Analysis of Blighting Factors In determining whether or not the proposed Area meets the eligibility re uirements of the "Illinois Tax Increment Allocation Redevelopment Act" as found in the 11 inois Statutes, 65 ILCS 5/11-74.4-1 et seq., various methods of research and field surveys wee utilized. These included 1. Contacts with local individuals knowledgeable as to area cond tions and history, age of buildings and site improvements, methods of constriction, real estate matters and related items, as well as examination of informat on related to site development issues, throughout the area. This includes information provided by individuals who are generally knowledgeable about the area. 2. Research of City files and records pertaining to trend lines of property values in the Area and building permits issued. 3. On-site field examination of the proposed redevelopment project area conditions by as previously noted. 4. Use of the statutory definitions and guidelines to determine area eligibility. 5. Adherence to basic findings of need as established by the Illinois General Assembly in establishing tax increment financing which became effective on January 10, 1977. These are: i. There exists in many Illinois municipalities areas that a e conservation or blighted areas, within the meaning of the TIF statute. 12