2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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.• sector in the Area. In fact, the opposite appears to be occurring since 1he only building Cn permits issued for the Area relate to interior improvements to part of the Warehouse.. 0 CL G. Analysis of New Development in the City of Decatur and Sur ounding Areas MNew development within the metro area has been occurring at the nort end of Decatur and in Forsyth in proximity to the intersection of I-72 and U.S. Route 51. In addition, .. new development has occurred in the southeast part of Decatur and in N ount Zion. New odevelopment is also occurring in the City's Central Business Distri t and plans are o underway for significant development of the City's lakefront. None of hese areas are in close proximity to the Area. Thus, no new development trends art moving in the direction of the Area. H. Receptivity of the Marketplace to Development in the Area Discussions took place with individuals who were knowledgeable about the potential for development in the Area. The clear indication was that this Area has not and would not develop without public assistance from the City with the existing lack of maintenance and investment, and the economics required for any new project to be developed. The evidence of lack of investment in the area, both by existing property owners and potential private sector entities clearly demonstrate that the P Area has not been subject ect t investment and J would not be subject to investment without the assistance provided by the City pursuant to its Home Rule powers and the Act. Absent participation and assistance by the City, private investment will not t ke place in the Redevelopment Area as a whole. The incidence of blighting factors is likely to ncrease, and the health, safety, and welfare of the public will be impaired. The long term best nterests of local taxing bodies will be best served by the adoption of this Plan. SECTION VII FINDINGS OF NEED FOR TAX INCREMENT FINANCING It was determined that the Area, as a whole, is a blighted area. The Act requires that no redevelopment plan be adopted without meeting additional requirements. Thee are addressed below: A. Area on the Whole, not Subject to Growth As set forth in Section VI above, the Area on the whole has not been subject to growth and investment. 22