2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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V7 A study was commissioned by Jack B. Teplitz & Associates to take a look at t e conditions that rn existed in the Area and to see what could take place to begin to renew the Area ncluding needed CL Ci special consideration in order to promote development to enhance the tax base and to eliminate blighting conditions. S MThis Redevelopment Alan is a result of that investigation and calls for the utilization of the tools provided by the Tax Increment Allocation Redevelopment Act. c SECTION III TAX INCREMENT FINANCING Tax Increment Financing is a tool of great flexibility that allows a municipality to address some of the problems of urban decline. It is permitted pursuant to the "Tax Increment Allocation Redevelopment Act", 65 ILCS 5/11-74.4-1 et seq (the "Act"). With the reducti n in federal and state funding, it provides one of the few mechanisms where a municipality c n make a major effort to revitalize older parts of the community. When used properly i can create an opportunity to focus on what the municipality thinks is important for the area�in question and what steps need to be taken to tum an area around. The solutions can b4 unique to that municipality. Tax increment financing is a technique intended to be used by municipalitie to address and eradicate problems which cause areas to qualify for tax increment financing. The Illinois General Assembly, in adopting the Tax Increment Allocation Redevelopment Act; made the following findings: • It is hereby found and declared that there exist in many municipalities within this State blighted conservation and industrial park conservation areas, as deflned�hercin; that the conservation areas are rapidly deteriorating and declining and may soonecome blighted areas if their decline is not checked; that the stable economic and physi�al development of the blighted areas, conservation areas and industrial park conse vation areas is endangered by the presence of blighting factors as manifested by rogressive and advanced deterioration of structures, by the overuse of housing and oth r facilities_ by a lack of physical maintenance of existing structures, by obsolete and inadequate community facilities and a lack of sound community planning, by o solete platting, diversity of ownership, excessive tax and special assessment delinquencies, by the growth of a large surplus of workers who lack the skills to meet exis ing or potential employment opportunities or by a combination of these factors; • It is hereby found and declared that in order to promote and protect t e health, safety, morals, and welfare of the public, that blighted conditions need to b eradicated and conservation measures instituted, and that redevelopment of such area be undertaken; that to remove and alleviate adverse conditions it is necessary to e courage private investment and restore and enhance the tax base of the taxing districts n such areas by the development or redevelopment of project areas. The eradication of b ighted areas and 2 i