2013-39 ADOPTING TAX INCREMENT FINANCING FOR THE GRAND AVENUE REDEVELOPMENT PROJECT AREA

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t� u] ORDINANCE NO. 2013-39 m OL AN ORDINANCE OF THE CITY OF DECATUR,ILLINOIS ADOPTING TAX AJ INCREMENT FINANCING FOR THE GRAND AVENUE REDEVELOPMENT 9 MPROJECT AREA Y WHEREAS, the City of Decatur, Illinois (the "City") is a muni pal corporation oestablished pursuant to the Municipal Code of the State of Illinois and has urisdiction over matters pertaining to its government and affairs; WHEREAS,the City desires to adopt tax increment financing pursuant�o the Tax Increment Allocation Redevelopment Act, appearing as 65 ILCS 5/11-74.4-1 et.,seq., hereinafter referred to as the "Act"; and WHEREAS,the City has adopted the Grand Avenue TIF Tax Increment Redevelopment Plan and Project, and designated the Grand Avenue Redevelopment Project Area pursuant to the provisions of the Act, and has otherwise complied with all other conditions precedent required by the Act. NOW, THEREFORE, IT IS HEREBY ORDAINED BY THE MA OR AND CITY COUNCIL OF THE CITY OF DECATUR,ILLINOIS THAT: SECTION ONE: Tax increment financing is hereby adopted in respect tD the Grand Avenue TIF Tax Increment Redevelopment Plan and Project approved and adopted pursuant to Ordinance Not 013-3 7 in the City of Decatur, Illinois in respect to the Grand venue Redevelopment Project Area, described in EXHIBIT A, which is attached heretand incorporated herein. I SECTION TWO: Pursuant to the Act, after the total equalized assessed evaluation of taxable real property in the Grand Avenue Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Grand Avenue Redevelopment Project Area, the ad valorem taxes, if any, arising from the levies upon real property in 1he Grand Avenue Redevelopment Project Area by taxing districts and the rates determined in the manner provided in the Act each year after the effective date of this Ordinance until the Redevelopment Project costs and obligations issued in respect thereto have been paid shall be di�ided as follows: a. That portion of taxes levied upon each taxable lot, block, tract or par el of real property which is attributable to the lower of the current equalized a sessed value or the initial equalized assessed value of each such taxable lot, block, tr ct or parcel of real property in the redevelopment project area shall be allocated to and when collected shall be paid by the county collector to the respective affec ed taxing districts in the manner required by law in the absence of the adoptior of tax increment allocation financing. I