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

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ri h'1 a� y 6. The Area, as a whole, has not been subject to growth and development through ti investment by private enterprise and would not reasonably be anticipated to be u developed without the adoption of the Redevelopment Plan. SECTION V BASIS FOR ELIGIBILITY OF THE AREA AND FINDINGS s A. Introduction 0 Q A redevelopment project area, according to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.), is that area designated by a municipality (city, village, or incorporated town) in which the finding is made that there exist conditions which cause the area to be classified as a blighted area, conservation area, combination of blighted and conservation areas, or an industrial park conservation area. In this case, the Area qualifies as a conservation area. The criteria and the individual factors that were utilized in conducting the evaluation of the physical conditions in the Area are outlined under the individual headings that follow: B. Investigation and Analysis of Blighting Factors In determining whether or not the proposed Area meets the eligibility requirements of the "Illinois Tax Increment Allocation Redevelopment Act" as found in the Illinois Statutes, 65 ILCS 5/11-74.4-1 et seq., various methods of research and field surveys were utilized. These included 1. Contacts with local individuals knowledgeable as to area conditions and history, age of buildings and site improvements, methods of construction, real estate matters and related items, as well as examination of information related to site development issues, throughout the area. This includes information provided by individuals who are generally knowledgeable about the area. 2. Research of City files and records pertaining to trend lines of property values in the Area and building permits issued. 3. On-site field examination of the proposed redevelopment project area conditions by as previously noted. 4. Use of the statutory definitions and guidelines to determine area eligibility. 5. Adherence to basic findings of need as established by the Illinois General Assembly in establishing tax increment financing which became effective on January 10, 1977. These are: i. There exists in many Illinois municipalities areas that are conservation or blighted areas, within the meaning of the TIF statute. 12