2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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SECTION I m INTRODUCTION CL The proposed Grand Avenue Redevelopment Project Area (the "Area") is an are that consists of cu a portion of Decatur, Illinois which is currently an area of mixed uses includin residential and M declining or abandoned commercial businesses. The Area is set forth on the atta hed Exhibit A- 1, entitled Boundary Map. X The Area consists of older; commercial and residential buildings which are in need of repair. 04 Over 95% of the buildings exceed 35 years of age and they exhibit deterioration and depreciation of physical maintenance. The Area is in a state of physical decline. Thks is evident in deficiencies in physical facilities and infrastructure needs as well as structureselow minimum code. In addition, there is evidence of a lack of coirununity planning and a g�neral failure of reinvestment in the Area evidenced by a below normal growth in the Equalized ssessed Value. The City anticipates the use of tax increment financing, as wet[ as other econo is development resources, if available, to address the decline of the Area and induce the investment of private capital. The Area; on the whole, has not been subject to growth and devel{�pment through investment by private enterprise and is not likely to do so without the adoption bf this proposed Redevelopment Plan. The private project that is anticipated for the Area includes the demolition of e�isting structures and the constriction of a new supermarket and C store and other activities eligible under the Act. Incentives to attract private development may include assistance for land cquisition, site preparation including demolition, interest subsidies and other activities permitted by the Act. The Illinois General Assembly adopted the Illinois Tax Increment AllocationRedevelopment Act to provide a tool for the elimination of blighting characteristics and by fost4ring the growth in the real property tax base through private and public reinvestment. The At sets forth the requirements and procedures for establishing a Redevelopment Project Area and a Redevelopment Plan. This Redevelopment Plan documents the qualifications oled the Area. The purpose of the Redevelopment Plan is to provide an instrument that can t u to guide the correction of area problems. This Redevelopment Plan identifies those actioties, sources of funds, procedures and various other necessary requirements in order to impleinett tax increment pursuant to the State law. SECTION II CITY RENEWAL EFFORTS The City Council of the City of Decatur has realized that the Area was evide Ging significant signs of decline through the lack of physical maintenance, the deterioration of thretail base and the failure to see any kind of significant reinvestment in the area. The City has leen approached by a private developer who is interested in developing a new shopping center in the Area which would reverse the trend of lack of investment and which would arrest the exist el cc of blighting factors that exist in the Area. 1