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

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1 u] u� CC W 6. Provide for safe and efficient traffic circulation, facilitate effective emergency response CL time and accessibility,and general access within the Redevelopment Area. Ul 7. Complete all public and private actions required in this Redevelopment Plan in an expeditious manner. D. Policies 0 The City of Decatur proposes to undertake a Redevelopment Plan and Project which consists of planned economic development activities, sound fiscal policies,marketable land uses,and other private and public activities. Appropriate policies have been or will be developed as required assuring the completion of the Redevelopment Plan and the activities specified. The City has considered alternative means of financing the necessary public improvement program, as well as providing financial incentives for private investment within the Area. It was determined that tax increment financing constitutes the most effective means available for enabling the development of the Area to proceed. This portion of the community, the City as a whole, and all other local taxing bodies,will benefit from the implementation of this Redevelopment Plan. E. Redevelopment Project To achieve the objectives proposed in the Plan, various activities will need to be undertaken. An essential element of the Redevelopment Plan is a combination of private developments, as well as public investments and infrastructure improvements. The Potential Uses are set forth in Exhibit G along with identified street and other improvements. Cost estimates for these activities are shown in the attached Estimated Project Budget (Exhibit H). Improvements and activities necessary to implement the Plan may include the following: 1. Private Redevelopment Activities: New construction of commercial retail facilities will serve the needs of the general community surrounding the Area. 2. Public Redevelopment Activities: No major public improvements are anticipated for the Area; however, public assistance for the categories set forth in the Project Budget is anticipated to be needed in order to allow the private redevelopment activities to occur. The estimated costs associated with the eligible public redevelopment activities is presented in Exhibit H, entitled Estimated Project Budget. This estimate includes reasonable or necessary costs incurred or estimated to be incurred in the implementation of the Redevelopment Plan. It is anticipated that the City will utilize other City resources as well as state and federal grants to assist in paying for these costs. These estimated costs are subject to refinement as specific plans and designs are finalized and experience is gained in implementing this Redevelopment Plan and do not include financing costs. 25