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

Home Browse Search

� ORDINANCE 3 OF 3 initial equalized assessed value of each such taxable lot, lock, tract or parcel of real propert�� in the Amended Redevelopment Pxoject Are shall be allocated to and when collected shall be paid by the County Collector to t e respective affected ta�ng districts in the manner required by law in the absen e of the adoption of tax increment allocation financing. b. That portion, if any, of such taxes which is attributable t the increase in the current equalized assessed valuation of each lot, block, txact or p rcel of Yeal property in the �mended Redevelopment Project Area over and abov the lower of the current equalized assessed value or the uutial equalize assess d value of each parcel of pYoperty in the amended Redevelopment Project Area sh ll be allocated to and when collected shall be paid to the municipal treasurer who s all deposit said funds in a special fund called "the Special Tax Allocarion und for the Amended Redevelopment Project Area - Decatur Southeast Plaz , Second Amendment" of the municipality for the purpose of paying the Redev lopment Project costs and obligations incurred in the payment thereof. 3. All ordinances and parts of ordinances in conflict herewith ar�e hexeby repealed. 4. This Ordinance shall be in full force and effect from and af er its passage and approval as provided by la�v. ADOPTED by the Mayor and City Council of the City of Dec tur, Illinois, on the 7�� t�ay of May�A.D.,2007 and deposited and filed in the Office of the City Clerk of said it��on that date. COUNCIL MEMBER AYE VOTE NAY VO E ABSTAIN/ABSENT 1�Zichael"I'. Carri an Absent Dan Caulkins 4 Shad L. Edwards X Patrick 5. Lae eler �i 1�1ike 1�Tc�lroy X Betsy Stockard Z � Ma or Paul Osborne 1 TOTAL VOTES: 6 0 1 /" /I APPROVE . Gi%2%G� Date: � � ��U � Mayor � � � ._-- • ATTEST: '�'��Z E� � �� `�'� Date: �a � �" �� City Clerk �� Page 2 of 4