2010-06 ADOPTING TAX INCREMENT FINANCING FOR THE PINES SHOPPING CENTER REDEVELOPMENT PROJECT AREA

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Co., Illinois - S.S, by Mary A. Eaton, Recorder �."7�U08c� Book: 4048 Page: 682 Receipt ec rded: Recording . 130.00 Pages Recorded: 4 Authorized By: e Recorded: 2/22/2010 10:41:33 AM 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 ORDINANCE NO. 2010-06 AN ORDINANCE OF THE CITY OF DECATUR, ILLINOIS ADOPTING TAX INCREMENT FINANCING FOR THE PINES SHOPPING CENTER REDEVELOPMENT PROJECT AREA WHEREAS, the City of Decatur, Illinois (the "City") is a municipal corporation established pursuant to the Municipal Code of the State of Illinois and has jurisdiction over matters pertaining to its government and affairs; WHEREAS, the City desires to adopt tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, appearing as 65 ILCS 5/11-74.4-1 et. seg., hereinafter referred to as the "Act"; and WHEREAS, the City has adopted the Pines Shopping Center TIF Tax Increment Redevelopment Plan and Project, and designated the Pines Shopping Center Redevelopment Project Area pursuant to the provisions of the Act, and has otherwise complied with all other conditions precedent required by the Act. NOW, THEREFORE, IT IS HEREBY ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS THAT: SECTION ONE: Tax increment financing is hereby adopted in respect to the Pines Shopping Center TIF Tax Increment Redevelopment Plan and Project approved and adopted pursuant to Ordinance No. 2010-04 in the City of Decatur, Illinois in respect to the Pines Shopping Center Redevelopment Project Area, described in EXHIBIT A, which is attached hereto and incorporated herein. SECTION TWO: Pursuant to the Act, after the total equalized assessed valuation of taxable real property in the Pines Shopping Center Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Pines Shopping Center Redevelopment Project Area, the ad valorem taxes, if' any, arising from the levies upon real property in the Pines Shopping Center Redevelopment Project Area by taxing districts and the rates determined in the manner provided in the Act each year after the effective date of this Ordinance until the Redevelopment Project costs and obligations issued in respect thereto have been paid shall be divided as follows: