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

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Book: 4048 Nage: 874 CU h7 ee WHEREAS, the City Council has reviewed its proposed Redevelopment Plan and C"� Comprehensive Plan Im development of the municipality as a whole to determine whether the Cr proposed Redevelopment Plan and Project conforms to the Comprehensive Plan of the City; V7 NOW, THEREFORE, IT IS HEREBY ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS THAT: ee p SECTION ONE; The City Council of the City of Decatur hereby makes the following a findings: X4 a. The area constituting the proposed Pines Shopping Center Redevelopment Project Area in the City of Decatur, Illinois, is described in EXHIBIT A, which is attached hereto and incorporated herein. b. There exist conditions which cause the area proposed to be designated as a Redevelopment Project Area to be classified as a "Blighted Area" or a "Conservation Area" as defined in Section 1 1-74.4-3(a)and (b)of the Act. c. The proposed Redevelopment Project Area on the whole has not been subject to growth and development through investment by private enterprise and would not be reasonably anticipated to be developed without the adoption of the Redevelopment Plan. d. The Redevelopment Plan conforms to the Comprehensive Plan for the development of the municipality as whole. e. The parcels of real property in the proposed City of Decatur Redevelopment Project Area are contiguous and only those contiguous parcels of real property and improvements thereon which will be substantially benefited by the proposed redevelopment project improvement are included in the proposed Redevelopment Project Area. f. The estimated time for final completion of the Redevelopment Plan is twenty-three (23)years or December 31, 2033, g. The estimated time for retirement of obligations incurred to finance Redevelopment Project costs is not later than twenty(20)years or December 31, 2030. SECTION TWO: The Redevelopment Plan, which was amended on January 7, 2010 and which was the subject matter of the hearing held on February 1, 2010, is hereby adopted and approved as amended. A copy of the Redevelopment Plan marked Exhibit "B" is attached to and made a part of this Ordinance.