2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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,1 40 W 6. The Area, as a whole, has not been subject to growth and development through m investment by private enterprise and would not reasonably be anticipated ko be developed CL without the adoption of the Redevelopment Plan. tt1 SECTION V 4 BASIS FOR ELIGIBILITY OF THE AREA AND FINDINGS 21 -x A. Introduction 0 0 A redevelopment project area, according to the Tax Increment Allocation Red velopment Act (65 ILCS 5i11-74.4-1 et seq.), is that area designated by a municipality (0ity, village, or incorporated town) in which the finding is made that there exist conditions which cause the area to be classified as a blighted area, conservation area, combination of blighted a d conservation areas, or an industrial park conservation area. In this case, the Area qualifies a a conservation area. The criteria and the individual factors that were utilized in conducting the valuation of the physical conditions in the Area are outlined under the individual headings that follow: i B. Investigation and Analysis of BIighting Factors In determining whether or not the proposed Area meets the eligibility requ rements of the "Illinois Tax Increment Allocation Redevelopment Act" as found in the Illin is Statutes. 65 ILCS 5/11-74.4-1 et seq., various methods of research and field surveys were !utilized. These included 1. Contacts with local individuals knowledgeable as to area conditi ns and history, age of buildings and site improvements, methods of construction, real estate matters and related items, as well as examination of informatio related to site development issues, throughout the area. This includes information provided by individuals who are generally knowledgeable about the area. 2. Research of City files and records pertaining to trend lines of prperty values in the Area and building permits issued. 3. On-site field examination of the proposed redevelopment project] area conditions by as previously noted. 4. Use of the statutory definitions and guidelines to determine area e igibility. 5. Adherence to basic findings of need as established by the Illinois General Assembly in establishing tax increment financing which becarie effective on January 10- 1977. These are: i. There exists in many Illinois municipalities areas that are conservation or blighted areas, within the meaning of the TIF statute. 12