2010-04 APPROVING THE TAX INCREMENT PINES SHOPPING CENTER REDEVELOPMENT PLAN

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u7 as SECTION I En ti INTRODUCTION *+ The proposed Pines Shopping Center Redevelopment Project Area (the "Area") is an area that consists of a portion of Decatur, Illinois which is commercial in character. The Area is set forth on the attached Exhibit A-1, entitled Boundary Map. The Area consists of older, commercial buildings which are in need of repair. 100% of the pbuildings exceed 35 years of age and they exhibit deterioration and depreciation of physical 6X4 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 and obsolescence. In addition, there is evidence of a lack of community planning and a general failure of reinvestment in the Area. 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 shopping center 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. The Illinois General Assembly adopted the Illinois Tax Increment Allocation Redevelopment Act to provide a tool for the elimination of blighting characteristics and by fostering the growth in the real property tax base through private and public reinvestment. The Act sets forth the requirements and procedures for establishing a Redevelopment Project Area and a Redevelopment Plan. This Redevelopment Plan documents the qualifications of the Area. The purpose of the Redevelopment Plan is to provide an instrument that can be used to guide the correction of area problems. This Redevelopment Plan identifies those activities, sources of funds, procedures and various other necessary requirements in order to implement tax increment pursuant to the State law. SECTION II CITY RENEWAL EFFORTS The City Council of the City of Decatur has realized that the Area was evidencing significant signs of decline through the lack of physical maintenance, the deterioration of the retail base and the failure to see any kind of significant reinvestment in the area. The City has been approached by a private developer who is interested in developing a new shopping center in the Area which would reverse the trend of lack of investment and which would arrest the existence of blighting factors that exist in the Area. 1