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

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M o, projects are anticipated, what the estimated budget is and what the estimated life of the TIF r4 District will be. Notice of the availability of the plan and the date and time of a public hearing must be sent to all property owners within the proposed TIF District as well as other interested parties. In addition, a Joint Review Board ("JRB") consisting of representatives of the school district, county, municipality,junior college district and certain other taxing bodies as well as a public member is convened to review the proposed plan. Prior to the adoption of the plan and o� the TIF District, the JRB makes a recommendation to the municipality. If a majority of the JRB members opposes the plan, its adoption requires a super-majority vote for approval. 0 CQ If the TIF District contains over seventy-five (75) or more inhabited residential units or the redevelopment plan would result in the displacement of over ten (10) or more inhabited residential units, a housing impact study must be prepared and incorporated within the redevelopment plan. This study must characterize the types of residential units that exist, whether they are vacant or occupied, the racial and ethnic composition of the residential units and the locations available for relocation of the likely displaced residents. Finally, a detailed annual report of activities and the financial status of the TIF District must be filed with the State Comptroller and with members of the JRB. This will indicate how successfully the municipality is in utilizing TIF. The maximum life of a TIF District is 23 years. However, it can be shorter if the municipality determines that a shorter period is more appropriate. The municipality has the ability throughout the life of the TIF District to terminate the District at any time, subject to any contractual obligations that may exist. Pursuant to the Act, the term "Redevelopment Project" means any public and private development project in furtherance of the objectives of a redevelopment plan. The term "Redevelopment Project Area" means an area designated by the municipality, which is not less in the aggregate than 1-1/2 acres and in respect to which the municipality has made a finding that there exist conditions which cause the area to be classified as an industrial park conservation area or a blighted area or a conservation area, or a combination of both blighted areas and conservation areas. A 'Redevelopment Plan" means the comprehensive program of the municipality for development or redevelopment intended by the payment of redevelopment project costs to reduce or eliminate those conditions the existence of which qualified the redevelopment project area as a blighted area or conservation area or combination thereof or industrial park conservation area, and thereby to enhance the tax bases of the taxing districts which extend into the redevelopment project area. To ensure that the exercise of these powers, granted by the Act, is proper and in the public interest, the Act specifies certain requirements which must be met before a municipality can proceed with implementing a Redevelopment Plan. One of these requirements is that the municipality must demonstrate that a redevelopment project area qualifies. With certain exceptions, this is generally either as a blighted area or as a conservation area or as a combination of both blighted areas and conservation areas within the definitions for each set forth in the Act. In the present case, the Area qualifies as a combination of a blighted area and a conservation area. The statutory definition of a conservation area is as follows: 4