2007-43 ADOPTING TAX INCREMENT FINANCING FOR THE SECOND AMENDMENT TO DECATUR SOUTHEAST PLAZA TAX INCREMENT FINANCING DISTRICT

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� e 1 . � t� ORD/NANCE 3 OF 3 ORDINANCE NO. 2007-43 CITY OF DECATUR, ILLINOIS ADOPTING TAX INCREMENT FINANCI G FOR THE SECOND AMENDMENT T DECATUR SOUTHEAST PLAZA TAX INCREMENT FINANCING DISTRI T WHEREAS, the City of Decatur, Illinois, desires to adopt e Second Amendment to Decatur Southeast Plaza Tax Increment Financing District pursua�t to the Tax Increment .�llocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et .req. as amende , hereinafter referred to as the ".1ct." WHEREAS, the City of Decatur has adopted an Amendment o the Redevelopment Plan and Projects, and designated an Amended Redevelopment Project Area pursuant to the provisions of the r1ct, and has otherwise complied with all other conditions pxecede t required b� the ��ct. NOW, THEREFORE, BE IT ORDAINED BY THE CI COUNCIL OF THE i, CITY OF DECATUR, ILLINOIS, that: 1. The Second r�mendment is hereby adopted with respect to t e Decatur Southeast Plaza TIF Redevelopment Plan and Projects approved and adop ed pursuant to Ordinance No. 97-32 in the City of Decatur concerning the amended R development Project Area and Plan as described in Exhibit A-1 (Legal Description) and xhibit A-2 (Map) attached to and made a part of this Ordinance which Amended Rede� lopment Project Area was designated pursuant to Ordinance No. 97-33. 2. _�fter the equalized assessed valuation of cach tract of ta able real property in the r�mended Redevelopment Project r�rea exceeds the initial qualized assessed value of each tract of taxable real property in the Amended Redevelo ment 1'roject Area, the ad valorem taxes, if any, arising fYom the levies upon real roperty in the Amended Redevelopment r,rea by taxing districts and the rates determi ed in the manneY pxovided in Section 11-74.4-9(b) of the Act each year after the effec ve date of this OYdinance until the Redevelopment Project costs and obligations issu d in respect thereto have been paid shall be divided as follows: a. That portion of taxes levied upon each taxable lot, bl ck, tract or parcel of real pxoperty which is attributable to lower of the curYent equ lized assessed value or the Page I of 4