2013-37 APPROVING THE GRAND AVENUE TAX INCREMENT REDEVELOPMENT PLAN

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T t0 D. Redevelopment Valuation ° Contingent on the adoption of this Tax Increment Redevelopment Plan and comitment by the City to the Redevelopment Program, it is anticipated that several major priv to developments and/or improvements may occur within the Redevelopment Project Area. CU S1 The private redevelopment investment in this Redevelopment Project Area is expected to increase the equalized assessed valuation to approximately $1.400,000 upon cpmpletion of the potential private projects. ° ° E. Source of Funds The primary source of hinds to pay for Redevelopment Project Costs ' sociated with implementing the Redevelopment Plan shall be hinds collected pursuant to astax increment allocation financing to be adopted by the City. Under such financing. tax inprement revenue resulting from increases in the equalized assessed value (EAV) of roperty, in the Redevelopment Project Area shall be allocated to a special fund each year ((the "Special Tax Allocation Fund"). The assets of the Special Allocation Fund shall tle used to pay Redevelopment Project Costs and retire any obligations incurred to finance Redevelopment Project Costs. In order to expedite the implementation of the Redevelopment Plan and co;struction of the public improvements, the City of Decatur may consider the issuance of; bonds or other obligations to pay for certain eligible Redevelopment Project Costs. These obigations may, be secured by future revenues to be collected and allocated to the Special Allocatio Fund. If available, revenues from other economic development funding sources may b� utilized. These may include State and Federal Programs, local retail sales tax, as well as hotelAmotel tax.. sewer and water charges, motor fuel tax, parking charges and applicable revenues from any adjoining Redevelopment Project Areas, and land disposition proceeds from the sale) of land in the Redevelopment Project Area, as well as other revenues. The final deci ion concerning redistribution of yearly increment revenues may be made a part of a bond ordinance. F. Nature and Term of Obligation Without excluding other methods of City financing, the principal source of fundkng will be those deposits made into the Special Tax Allocation Fund of monies received from the taxes on the increased value (above the initial equalized assessed value) of real property in the Area. These monies may be used to repay private or public sources for the expenditure o funds made as Redevelopment Project Costs for applicable public or private redevelopment activities noted above, or may be used to amortize Tax Increment Revenue obligations, issued pursuant to this Redevelopment Plan, for a term not to exceed 20 years bearing an annual interest rate as permitted by law. The tax increment utilization for repayment will not exceed twenty (20) years. Revenues received in excess of 100% of funds necessary for the payment f principal and interest on the bonds and not needed for other redevelopment project cost or early bond retirements will be declared as surplus and become available for distribution or to the �I 30