2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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�0 �0 D. Policies rn The City of Decatur proposes to undertake a Redevelopment Plan and Projecthick consists of M CL planned economic development activities, sound fiscal policies, marketable Ian uses, and other Od private and public activities. Appropriate policies have been or will be developed as required assuring the completion of the Redevelopment Plan and the activities specified. The City has considered alternative means of financing the necessary pub is improvement .X program, as well as providing financial incentives for private investment within the Area. It was determined that tax increment Financing constitutes the most effective me s available for p4 enabling the development of the Area to proceed. This portion of the commun ty, the City as a whole, and all other local taxing bodies, will benefit from the intplem ntation of tit's Redevelopment Plan. E. Redevelopment Project To achieve the objectives proposed in the Plan, various activities will need to bel undertaken_ An essential element of the Redevelopment Plan is a combination of private devel pments, as well as public investments and infrastructure improvements. The Potential Uses are set Forth in Exhibit G along with identified street and other improvements. Cost est mates for these activities are shown in the attached Estimated Project Budget (Exhibit H). I provements and activities necessary to implement the Plan may 'Include the following: 1. Private Redevelopment Activities: 'I New construction of commercial retail facilities will serve t e needs of the general community surrounding the Area. 2. Public Redevelopment Activities: No major public improvements are anticipated for the Area; 1Zowever, public assistance for the categories set forth in the Project Budget is n.ticipated to be needed in order to allow the private redevelopment activities to ogcur. The estimated costs associated with the eligible public redevelopment activities is presented in Exhibit H, entitled Estimated Project Budget. This estimate includes reasonable or necessary costs incurred or estimated to be incurred in the implementation of the Redevelopment Plan. It is anticipated that the City will utilize other City resources as well as state and ederal grants to assist in paying for these costs. These estimated costs are subject to refinements specific plans and designs are finalized and experience is gained in implementing this Redevelopment Plan and do not include financing costs. 27