2013-58 APPROVING THE SOUTHSIDE TAX INCREMENT REDEVELOPMENT PLAN

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m •o C. Most Recent Equalized Assessed Valuation ai CR to The most recent total equalized assessed valuation for the Area has been estima ed by the City at approximately$702,011 (see Exhibit E). This figure will be verified by the County Clerk. MD. Redevelopment Valuation d .. Contingent on the adoption of this Tax Increment Redevelopment Plan and commitment by the Y City to the Redevelopment Program, it is anticipated that several major private developments 0 o and/or improvements may occur within the Redevelopment Project Area. The private redevelopment investment in this Redevelopment Project Arez is expected to increase the equalized assessed valuation to approximately $7,000,000 upon c mpletion of the potential private projects. E. Source of Funds The primary source of funds to pay for Redevelopment Project Costs associated with implementing the Redevelopment Plan shall be funds collected pursuant w tax increment allocation financing to be adopted by the City. Under such financing, tax increment revenue resulting from increases in the equalized assessed value (EAV) of property, in the Redevelopment Project Area shall be allocated to a special fund each year ( he "Special Tax Allocation Fund"). The assets of the Special Allocation Fund shall be used to pay Redevelopment Project Costs and retire any obligations incurred to finance Redevelopment Project Costs. In order to.expedite the implementation of the Redevelopment Plan and colistruction of the public improvements, the City of Decatur may consider the issuance of bonds or other obligations to pay for certain eligible Redevelopment Project Costs. These obligations may be secured by future revenues to be collected and allocated to the Special Allocatioli Fund. If available, revenues from other economic development funding sources may b utilized. These may include State and Federal Programs, local retail sales tax, as well as hotel/motel tax, sewer and water charges, motor fuel tax, parking charges and applicable revenues from any adjoining Redevelopment Project Areas, and land disposition proceeds from the sale of land in the Redevelopment Project Area, as well as other revenues. The final decision concerning redistribution of yearly increment revenues may be made a part of a bond ordina-ice. F. Nature and Term of Obligation Without excluding other methods of City financing,the principal source of fund ng will be those deposits made into the Special Tax Allocation Fund of monies received from the taxes on the increased value (above the initial equalized assessed value) of real property in he Area. These monies may be used to repay private or public sources for the expenditure o funds made as Redevelopment Project Costs for applicable public or private redevelopment activities noted above, or may be used to amortize Tax Increment Revenue obligations, issued pursuant to this 28