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

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it b. Except from a tax levied by a township to retire bonds issued to satisl court-ordered if w h increase of damages, that portion, i any, of such taxes which is attributable to cease to the M current equalized assessed valuation of each taxable lot, block, tract or parcel of real C property in the redevelopment project area over and above the initial equalized assessed value of each property in the project area shall be allocated tQ and when collected shall be paid to the municipal treasurer who shall deposit sad taxes into a special fund called the special tax allocation fund of the municipality�Ior the purpose s of paying redevelopment project costs and obligations incurred in the ipayment p thereof. 0 SECTION THREE: From and after the effective date of this Ordinance, the proper officers, agents and employees of the City are hereby authorized, empowered arid directed to do all such acts, including the sending of appropriate notices as required by the Act, and to execute all such documents as may be necessary to carry out the intent and accomplish the purposes of this Ordinance. SECTION FOUR: That this Ordinance is adopted pursuant to Homed Rule Authority p P Y granted the City of Decatur by Article 7, Section 6, of the Illinois Constitutio , 1970, and the Tax Increment Allocation Redevelopment Act(65 ILCS 5/11-74.4-1 et seq.). SECTION FIVE: This Ordinance shall take effect immediately after its passage and approval. Upon motion by Jerry J. Dawson , seconded byp Laeft call vote with 7 voting aye; 0 voting nay; 0 voting abstaining; and 0 absent as follows: AYE NAY ABSTAIN ABSENT Councilman Dawson X Councilman Foster X Councilman Laegeler X Councilman McDaniel x Councilwoman Moore-Wolfe X Councilwoman Ray X Mayor McElroy X