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

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of Decatur, outside the Area over the same period was 5.83% or an average of 1.16% per year. In four (4) of the past five (5) years from 2007 to 2011, the rate of growth of the Equalized Assessed Value of the area of the City outside the Area has exceeded the rate of increase of the Equalized Assessed Value of the Area. In addition, in four (4) of the five (5) years from 2007 to 2011, the rate of growth of the Consumer Price Index has exceeded the rate of increase of the Equalized Assessed Value of the Area. Therefore, the statutory criteria have been met. 4. The Area exceeds the statutory minimum size of 1-1/2 acres. 5. The Area is contiguous, and is contained within a single perimeter boundary. 6. All properties included in the Area will substantially benefit from being included in the Area. 7. The Redevelopment Plan conforms to the Comprehensive Plan for the development of the municipality as a whole as determined by the City Council. 8. The Area, as a whole, has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan. It is clear that the Area, on the whole, has not been subject to growth and investment and would not develop without the adoption of this Redevelopment Plan and Tax Increment Financing. Several knowledgeable parties familiar with the Area have recognized that the Area would not readily develop on its own because of the existing conditions and the fact that there was no pressure from the private market place. The potential developer has confirmed this by indicating that it would not invest in the Area without the adoption of Tax Increment Financing and this Redevelopment Plan. The Equalized Assessed Value of the Area is lagging significantly behind the rest of the Town and evidence of the lack of reinvestment can be seen throughout the Area. Properties in the Area evidence significant signs of decline through the lack of physical maintenance, the deterioration of the physical structures located there and the failure to see any kind of significant reinvestment in the area. This established an overall image of the Area as one in decline or ready to decline, with a few exceptions. The proposed private redevelopment activities are contingent upon adoption of a Redevelopment Project Area and Redevelopment Plan, as there is little likelihood that money required to make public improvements and provide incentives to assist in the redevelopment activities can be generated absent TIF. The evidence of lack of investment in the area, both by existing property owners and potential private sector entities, clearly demonstrate that the Area has not been subject to investment and would not be subject to investment without the assistance provided by the City pursuant to its Home Rule powers and the Act.