2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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M M co Z outside the Area has exceeded the rate of increase of the Eq ialized Assessed of Value of the Area. In addition, in four(4) of the five (5) years from 2007 to 2011, 10 CL the rate of growth of the Consumer Price Index has exceeded th rate of increase of the Equalized Assessed Value of the Area. Therefore, the statutory criteria "4 have been met. (1J M 4 D. Analysis of Conditions in the Area—Vacant Parcels 0 There are no parcels that will qualify as vacant. 0 E. Conclusion of Investigation of Blighting Factors for the Area Overall there are seven blighting factors concerning the improved parcel that exist in the Area that are reasonably distributed throughout the Area and exists to a meaningful extent as reflected on Exhibit B-1, entitled Blighting/ Factors For Improved and Vacant Parcels. They are Deterioration, Obsolescence, Vacancy, Below Minimum Code, Inadequate utilities, Lack of Community Planning and Declining AV. The Area therefore qualifies as a Blighted Area pursuant to the Act. SECTION VI THE "BUT FOR" TEST "The TIF Act's purpose is to eradicate blighted conditions and prevent new oneE from occurring. The intent of the Act is to redevelop blighted areas so as to prevent the further deterioration of the tax bases of these areas and to remove the threat to the health, safety, morals and welfare of the public which blighted conditions present." Canton v. Crouch, 79 Ill 2d at 369. Pursuant to Section 3 of the Act, this Redevelopment Plan cannot be adopted pu suant to the Act unless it is found that the Area has not been subject to growth and develop ent by private enterprise and would not reasonably be anticipated to be developed without the adoption of this Redevelopment Plan. In addition, this Plan must include evidence indicating t lat the Area, on the whole, has not been subject to growth and development by private enterprise. In reviewing the facts and circumstances involving the Area, it was determin d that the Area meets the statutory requirements of the "But For" test based on the following c iscussion of the relevant blighting factors as well as other information provided by the City anc knowledgeable individuals who are familiar with the Area and its lack of development opportunities. In addition, the lack of substantial renovation or updating by the current owners of the Area has contributed to the lack of development opportunities in the Area. Finally, the proposed redeveloper of the project which will redevelop the majority of the parcels wit in the Area has indicated that the implementation of Tax Increment Financing and other in ucements is an essential component of its plan for redevelopment. The presence of the blighting factors, the lack of investments by current ownership and the unwillingness of a proposed redeveloper to proceed all demonstrate the need for Tax Increment Financing. 20