2007-41 APPROVING THE SECOND AMENDMENT TO THE REDEVELOPMENT AREA, PLAN AND PROJECTS IN DECATUR SOUTHEAST PLAZA TAX INCREMENT FINANCING DISTRICT

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� ORD/NANCE l OF 3 WHEREAS, the Amendment to the Redevelopment Plan and roject set forth the factors constituting the need for redevelopment of the proposed redevelopment pro ect area as amended, and the Ciry Council has reviewed testimony concerning such needs presented at the P blic Hearing and has reviewed other studies and is generally informed of the conditions in the proposed R development Project Area as amended;and WHEREAS, the Amendment to the Redevelopment Area, Plan and roject set forth will not affect the overall qualification of the Decatur Southeast Plaza TIF District;and WHEREAS, the City Council has reviewed the conditions pertainin to lack of private investment within the entire proposed amended Redevelopment Project Area to deter � e whether contiguous parcels of real property and improvements thereon in the proposed amended Redevel pment Project Area would be substantially benefitted by the proposed redevelopment project improvements; nd WHEREAS, the City Council has further determined that he implementation of the Redevelopment Plan as amended w-ill help promote and protect the health, saf ry, morals, and welfare of the public, further aid in the reduction of unemployment, create new jobs, elimi ate blighted structures, create new retail and commercial properties, and provide infrastructure necessary f further enhancement of the tax base of the taxing districts that extend into the Redevelopment Project Area� and WHEREAS, the City Council has reviewed the proposed econd Amendment to the Redevelopment Area, Plan and Projects and the Comprehensive Plan and Zo ing Map and Ordinances for the development of the municipality as a whole to determine�vhether the prop sed amended Redevelopment Plan and Projects conforms to the Comprehensive Plan and Ordinances of the unicipality: NOW,THEREFORE, BE IT ORDAINED BY THE CITY CO NCIL OF THE CITY OF ' DECATUR, ILLINOIS,THAT: 1. The Decatur City Council hereby makes the following findings: , a. The area constituung the proposed Redevelopment Project A ea as amended in the City of I Decatur, Illinois, is described in Exhibit A-1 (Legal Descripti n) and, Exhibit A-2 (Map) of the attached Second Amendment to the Redevelopment Plan. b. The proposed amended Redevelopment Project Area on the hole has not been subject to growth and development through investment by private e terprise and would not be reasonably anticipated to be developed without the adoptio of the Amendment to the Redevelopment Plan. c. "rhe Second Amendment to the Redevelopment Plan and Red velopment Project conforms to the Comprehensive Plan and Ordinances for the develop ent of the municipality as a whole. d. The estimated date for final completion of the Redevelopme t Projects is the date of the termination of the Southeast Plaza TIF. e. The estimated date for retirement of obligations, if an , incurred to finance the Redevelopment Projects costs shall not be later than twenry (20) years from the effective date of this Ordinance ar the termination of the TIF District b operation of law,whichever comes first. f. Such incremental revenues will be used for the development of the original and amended Redevelopment Project Area as well as any future contiguous IF Districts. g. The Redevelopment Project Area as amended would not reas nably be developed without Page 2 of 6