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

Home Browse Search

Book: 4049 Page: 883 a. That portion of taxes levied upon each taxable lot. block, tract or parcel of real property which is attributable to the lower of the current equalized assessed value or the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the redevelopment project area shall be allocated to and when collected shall be paid by the county collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing. b. Except from a tax levied by a township to retire bonds issued to satisfy court-ordered damages, that portion, if any, of such taxes which is attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the redevelopment project area over and above the initial equalized assessed value of each property in the project area shall be allocated to and when collected shall be paid to the municipal treasurer who shall deposit said taxes into a special fund called the special tax allocation fund of the municipality for the purpose of paying redevelopment project costs and obligations incurred in the payment thereof. SECTION '1'IIRIE: From and after the effective date of this Ordinance, the proper officers, agents and employees of the City are hereby authorized, empowered and directed to do all such acts, including the sending ol'appropriate notices as required by the Act, and to execute all such documents as may be necessary to carry out the intent and accomplish the purposes of this Ordinance. SECTION FOUR: That this Ordinance is adopted pursuant to Home Rule Authority granted the City of Decatur by Article 7, Section 6, of the Illinois Constitution, 1970, and the Tax Increment Allocation Redevelopment Act (65 ILLS 5/11-74.4-1 el seg.). SECTION FIVE: This Ordinance shall take effect immediately after its passage and approval. Upon motion by Councilman Dawson and seconded by Councilman Foster, adopted this 16th day of February, 2010 by roll call vote. as follows: Voting "Aye" (names): Councilmen .Terry J. Dawson, Larry W. Foster, Patrick S. Laegeler, Julie Moore-Wolfe. Uana M. Ray, Adam M. Brown, and Mayor Michael T. McElroy Voting "Nay" (names): None Absent (names): None C APP I; City Clerk MIC IA 'I . MC"EL A R