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

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h► 1�7 e� m D. Redevelopment Valuation �G LL Contingent on the adoption of this Tax Increment Redevelopment Plan and commitment by the City to the Redevelopment Program, it is anticipated that several major private developments �t and/or improvements may occur within the Redevelopment Project Area. ;i The private redevelopment investment in this Redevelopment Project Area is expected to 0 increase the equalized assessed valuation to approximately $1,396,269 upon completion of the a potential private projects. T4 E. Source of Funds The primary source of funds to pay for Redevelopment Project Costs associated with implementing the Redevelopment Plan shall be funds collected pursuant to tax increment allocation financing to be adopted by the City. Under such financing, tax increment revenue resulting from increases in the equalized assessed value (EAV) of property, in the Redevelopment Project Area shall be allocated to a special fund each year (the "Special Tax Allocation Fund"). The assets of the Special Allocation Fund shall be used to pay Redevelopment Project Costs and retire any obligations incurred to finance Redevelopment Project Costs. In order to expedite the implementation of the Redevelopment Plan and construction of the public improvements, the City of Decatur may consider the issuance of bonds or other obligations to pay for certain eligible Redevelopment Project Costs. These obligations may be secured by future revenues to be collected and allocated to the Special Allocation Fund. If available, revenues from other economic development funding sources may be utilized. These may include State and Federal Programs, local retail sales tax, as well as hotel/motel tax, sewer and water charges, motor fuel tax, parking charges and applicable revenues from any adjoining Redevelopment Project Areas, and land disposition proceeds from the sale of land in the Redevelopment Project Area, as well as other revenues. The final decision concerning redistribution of yearly increment revenues may be made a part of a bond ordinance. F. Nature and Term of Obligation Without excluding other methods of City financing, the principal source of funding will be those deposits made into the Special Tax Allocation Fund of monies received from the taxes on the increased value (above the initial equalized assessed value) of real property in the Area. These monies may be used to repay private or public sources for the expenditure of funds made as Redevelopment Project Costs for applicable public or private redevelopment activities noted above, or may be used to amortize Tax Increment Revenue obligations, issued pursuant to this Redevelopment Plan, for a term not to exceed 20 years bearing an annual interest rate as permitted by law. The tax increment utilization for repayment will not exceed twenty(20)years. Revenues received in excess of 100% of funds necessary for the payment of principal and interest on the bonds and not needed for other redevelopment project costs or early bond retirements will be declared as surplus and become available for distribution annually to the 28