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� / •.'^'/�•�). l�)•�V... !� CO yOf Y�lE IO osed �•••• •••••••,••,,••t•••••,•,��.a.. .o w w �v�ccu. i ui� viu�it vi
<br /> ����'�Y�' "�� PY P P provide an instrument that can the community, the�City as a
<br /> v Redevelopment Plan is avail- be used to guide the conection whole,and all other local talc-
<br /> able for your review in the
<br /> 9 of area problems. This ing bodies, will benefit from
<br /> � City Clerk's office at City Redevelopment Plan identi- the implementation of this
<br /> ,/ �� Hall at the above noted �es those activities,sources of RedeveIopment Plan.
<br /> �v ''� � address during normal busi-
<br /> 5:00 a.m. to 5 funds,procedures and various
<br /> I'uhli�lici. pess)hours ( other necessary requirements Redevelopment Activities
<br /> tn' in order to implement tax 1. Private Redevel-
<br /> The proposed Pines ]ncrement pursuant to the opment Activities:
<br /> �'1'UR '1'RII3UNG Shopping Center State law. New construction of
<br /> Redevelopment Project Area commercial retail facilities
<br /> .��� , (the "Area") is described gen- Blighted and Conservation will serve the needs of the
<br /> erally as 2200 E. William Area general community sunound-
<br /> Street, Decatur, I(linois A redevelopment project mg the Area.
<br /> ____-______ ___ _ _ 62521, an area of Decatur, area, according to the Act, is 2. Public Redevel-
<br /> tlIinois which is commercial that area designated by a opment Activities:
<br /> in character. The following is municipality (city, village or No major public
<br /> a more complete legal descrip- �ncorporated town) in which improvements are anticipated
<br /> t�°°� the t3nding is made that there for the Area; however, public
<br /> Legal Description: exist conditions which cause assistance for the categories
<br /> All of Block 1] in Elson the area to be classified as a set forth in the Project Budget
<br /> Heights Addition to the Cit blighted area, conservation is anticipatesl to be needed in
<br /> { Y area, combination of blighted order to allow the private
<br /> :z: Decatur, situated in Macon and conservation areas, or an redevelopment activiries to
<br /> County, Illi�ois, as per P1aC industrial park conservation occur. $4,991,025
<br /> r?�orded in Book 300,page 17 area. In this case, the Area Contin eney(5%)
<br /> of the Records m the aualifies as a conservation Source of Fundi�g $�49,550
<br /> kecorder's Office of Macon �-ea The primary source of TO��Pro'ect Costs -
<br /> County, I]]inois; including �� funds to pay for ' � $5,�50,675 �
<br /> those alleys vacated by Improved Area Redevelopment Pro ect Costs �
<br /> Ordinance ,`Vo. 2415 of the The developed associated with imp�ementing
<br /> �y of Decatur, lllinois and (improved) portion of the the Redevelopment Plan shall
<br /> own in Book 1 154, page Area contams a relatively high be funds collected pursuant to
<br /> 5 of the Records m the incidence of at least three tax increment allocation
<br /> corder's Office of Macon blighting factors which causes financing to be adopted by the
<br /> lunty, Illinois. EXCEPT improved property to qualify City. Under such financing,
<br /> al and other minerals, and as a conservatton area.In fact, tax increment revenue result-
<br /> CEPT Lot Eighteen(18)of six blighting factors were ing from increases in the
<br /> d Block,and also EXCEPT found to exist for the equalized assessed value
<br /> it tract of land conveyed to improved area to a meaningful ("EAV") of property, in the
<br /> : State of Illinois as shown extent and were reasonably Redevelopment Pro�ect Area
<br /> Deed recorded in Book distributed throughout the shall be allocated to a special
<br /> B0,page 464 of the Records �mproved area: These are: fund each year (the "Special
<br /> the Recorder's Office of Obsolescence, Deterioration, Tax Altocation Fund"). The
<br /> icon County Illinois, and gelow Code, Excessive assets of the Special
<br /> o EXCEPT'that tract of Vacancies, Lack of Planning Allocation Fund shall be used
<br /> id conveyed to the State of and Lagging EAV. to pay Redevelopment Project
<br /> 'nois as shown by Deed Proposed Findings with Costs and retire any obliga-
<br /> :orded December 20, 1954 Regard to the Redevelopment tions incurred to finance
<br /> Book 1178,page 115 of the pro�ect Area Redevelopment Project Costs.
<br /> cords in the Recorder's 1. The Redevelopment If available, revenues
<br /> fice of Macon County, p�oject Area as a whole meets from other economic develop-
<br /> nois. the statutory requireInents as a ment funding sources may be
<br /> scription of blighted and a conservation utilized. These may include
<br /> development Plan: az'ea. Further,the factors nec- State and Federal Programs,
<br /> The proposed Area is an essary to make this finding are local retail sales ta�c,as well as
<br /> ;a that is an improved area Present to a meaningful extent hotel/motel tax, sewer and
<br /> e 'Improved Area"). and are reasonably distributed water chazges,motor fuel tax,
<br /> The Area consists of throughout the Parking charges ae�d applica-
<br /> ler, commercial buildings Rede�elo ment Project Area. ble revenues from any adjoin-
<br /> iich are in need of re air. �he Redevelopment ing Redevelopment Pro�ect
<br /> 0% of the buildings exceed Project Area exceeds the Areas, and land disposition
<br /> ears of age and the statutory minimum size of 1- proceeds from the sale of land
<br /> Y 1/2 acres. m the Area, as weil as other
<br /> hi it deterioration and 3, The Redevelopment revenues.
<br /> preciation of physical main- proJ ect Area is contiguous,
<br /> iance. The Area is in a state and is contained within a sin- Proposed Project Budget
<br /> physical decline. This is gle perimeter boundary. TIF Preparation
<br /> ident in deficiencies in 4. All properties $35,000
<br /> ysical facilities and infra- inciuded in the TIF Administration
<br /> ucture needs as well as Redevelopment Project Area $125,000
<br /> uctures below minimum Will substantially benefit from Land Ac uisition
<br /> de and obsolescence. In being included in the $1,0�0,000
<br /> dition,there is evidence of a Redevelopment Project Area. Site Preparation
<br /> :k of commwiity planning 5. The Redevelopment $475,500
<br /> d a general failure of rein- plan conforms with the City's Demolition
<br /> stment in the Area. Comprehensive Plan for the $450,000
<br /> development of the munici- Planning and Engineering
<br /> pality as a whole as deter- $225,000
<br /> mined by the City CounciL Other Professional Fees
<br /> 6. The Redevelopment $50,000
<br /> Project Area, as a whole, has Utilities, including Sanitary
<br /> not been subject to growth and Sewer and Water improve-
<br /> development through invest- ments
<br /> ment by private enterprise and $230,525
<br /> woul p not reasonably pbe Mort�age Interest(@30.00%)
<br /> antici ated to be develo ed 2,000,000
<br /> without the adoption of the Relocation Costs
<br /> Redevelopment Plan. $200,000
<br /> Job Training&Retraining
<br /> Estimated Dates for $?00,000
<br /> Completion of the Total Development Costs
<br /> Redevelopment before Contingency
<br />
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