R2013-57 RECEIVING AND FILING REPORT OF SOUTHSIDE TIF JOINT REVIEW BOARD

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Report of Joint Review Board Southside TIF City of Decatur, Illinois The proposed Southside Redevelopment Project Area (the "Area") is an area that consists of a portion of Decatur, Illinois which is currently an area of mixed uses including warehouse and vacant offices. A map of the proposed area and a more complete legal description is attached hereto as Exhibits A and A-2. The Area consists of warehouse and office buildings which are in need of repair. The majority of the buildings exhibit deterioration and depreciation of physical maintenance resulting in a state of physical decline. This is evident in deficiencies in physical facilities and infrastructure needs as well as structures below minimum code. In addition, there is evidence of a high level of vacancy as well as a lack of community planning. Finally, there is a general failure of reinvestment in the Area evidenced by a below normal growth in the Equalized Assessed Value. The City anticipates the use of tax increment financing, as well as other economic development resources, if available, to address the decline of the Area and induce the investment of private capital. The Area, on the whole, has not been subject to growth and development through investment by private enterprise and is not likely to do so without the adoption of this proposed Redevelopment Plan. One project that is anticipated for the Area includes the renovation of an existing vacant office building into a facility to be utilized by the Decatur Police Department. In addition it is contemplated that there will be the rehabilitation of a second vacant office facility as well as other activities eligible under the Act. Incentives to attract private development may include assistance for land acquisition, site preparation including demolition, interest subsidies and other activities permitted by the Act. In general terms, this plan calls for commercial development in the Project Area. The following findings are proposed with respect to establishing the Area: 1. The Area as a whole meets the statutory requirements as a blighted area. Further, the factors necessary to make this finding are present to a meaningful extent and are reasonably distributed throughout the Area. 2. The Eligibility Study found that the Area contains conditions that qualify it as a blighted area. The Area contains a relatively high incidence of at least five (5) blighting factors which causes improved property to qualify as a blighted area. In fact, seven (7) blighting factors were found to exist for the improved area to a meaningful extent and were reasonably distributed throughout the improved area. These are: Deterioration, Obsolescence, Vacancy, Below Minimum Code, Inadequate utilities, Lack of Community Planning and Declining EAV. 3. The Assessed Value for the Area has increased over the last five years by 3.51% or an average of 0.72% per year. The growth of the balance of the Assessed Value for the City