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Mr. Crowe stated a new Save-a-Lot store will be built and the existing store would be torn down <br /> after construction. The rest of the shopping center will also be torn down as the developers are <br /> in negotations with the existing tenants. <br /> Mr. Jay Dunn stated page 26, third paragraph, first sentence states "Inasmuch as the principle <br /> means of financing this TIF program is tax increment revenues resulting from new private <br /> investment, the City of Decatur will not permit property tax abatement on those properties that <br /> are both within an Enterprise Zone (EZ) area and the Tax Increment Redevelopment Project <br /> Area." Mr. Teplitz explained this basically ineans there is a conflict of having a TIF district in <br /> an Enterprise Zone. If it is an Enterprise Zone there is no tax abatement. <br /> Mr. Potter asked what the length of the TIF Program would be. Mr. Teplitz stated twenty-three <br /> years is the maximum allowable time. Mr. Crowe said it would take the twenty-three years for <br /> the developer to be reimbursed. <br /> It was moved and seconded (Potter/Dunn) to adopt the resolution for the Pines Shopping Center <br /> TIF. Motion carried unanimously. <br /> Meeting adjourned at 3:40 p.m. <br />