2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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P7 V7 tD m projects are anticipated, what the estimated budget is and what the estimated life of the TIF to District will be. Notice of the availability of the plan and the date and time of public hearing must be sent to all property owners within the proposed TIF District as well asl other interested parties. In addition, a Joint Review Board ("JRB") consisting of representativ s of the school district, county, municipality, junior college district and certain other taxing bodies as welt as a `t public member is convened to review the proposed plan. Prior to the adoptioni of the plan and •• the TIF District, the JRB makes a recommendation to the municipality. If a maj' rity of the JRB 0 members opposes the plan. its adoption requires a super-majority vote for approvI. 0 CQ If the TIF District contains over seventy-five (75) or more inhabited residenial units or the redevelopment plan would result in the displacement of over ten (10) or more inhabited residential units, a housing impact study must be prepared and incorpor ted within the redevelopment plan. This study must characterize the types of residential nits that exist, whether they are vacant or occupied, the racial and ethnic composition of the esidential units and the locations available for relocation of the likely displaced residents. Finally, a detailed annual report of activities and the financial status of the TIF District must be filed with the State Comptroller and with members of the JRB. This wi�I indicate how successfully the municipality is in utilizing TIF. The maximum life of a TIF District is 23 years. However, it can be shorter if he municipality determines that a shorter period is more appropriate. The municipality has the a�ility throughout the life of the TIF District to terminate the District at any time, subject to any contractual obligations that may exist. Pursuant to the Act, the term "Redevelopment Project" means any pub is and private development project in furtherance of the objectives of a redevelopment plan. The term "Redevelopment Project Area" means an area designated by the municipality, hich is not less in the aggregate than 1-1/2 acres and in respect to which the municipality has ma e a finding that there exist conditions which cause the area to be classified as an industrial park c nscrvation area or a blighted area or a conservation area, or a combination of both blihted areas and conservation areas. A "Redevelopment Plan" means the comprehensive program of the municipality for development or redevelopment intended by the payment oii redevelopment project costs to reduce or eliminate those conditions the existence of whi h qualified the redevelopment project area as a blighted area or conservation area or combin tion thereof or industrial park conservation area, and thereby to enhance the tax bases of thej taxing districts which extend into the redevelopment project area. To ensure that the exercise of these powers; granted by the Act, is properd in the public interest, the Act specifies certain requirements which must be met before aMunicipality can proceed with implementing a Redevelopment Plan. One of these requirem nts is that the municipality must demonstrate that a redevelopment project area qualifies. With certain exceptions, this is generally either as a blighted area or as a conservatiot, area or as a combination of both blighted areas and conservation areas within the definiti ns for each set forth in the Act. In the present case, the Area qualifies as a combination of a b4hted area and a conservation area. The statutory definition of a conservation area is as follows: 4