R2013-32 RECEIVING AND FILING REPORT OF GRAND AVENUE TIF JOINT REVIEW BOARD

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Report of Joint Review Board Grand Avenue TIF City of Decatur, Illinois The proposed Grand Avenue 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 residential and declining or abandoned commercial businesses. A map of the proposed area and a more complete legal description is attached hereto as Exhibits A-1 and A-2. The Area consists of older, commercial and residential buildings which are in need of repair. Over 95% of the buildings exceed 35 years of age and they exhibit deterioration and depreciation of physical maintenance. The Area is 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 lack of community planning and 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. The private project that is anticipated for the Area includes the demolition of existing structures and the construction of a new supermarket and C store and 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 retail 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 conservation 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 combination blighted area and a conservation area. One Hundred (100%) percent of the buildings are 35 years of age or older. The developed (improved) portion of the Area contains a relatively high incidence of at least three blighting factors which causes improved property to qualify as a conservation area. In fact, five 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, Below Minimum Code, Inadequate Utilities, Lack of Planning and Lagging EAV. The undeveloped (vacant) portion of the Area also qualifies as blighted vacant. The 1