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, ,; ` � <br /> . <br /> , •� y <br /> ORDINANCE NO. 2U06-100 <br /> A;v ORllINANCE ADOPTING TAX INCREMENT <br /> FINANCING FOR THE CITY OF DECATUR, 1LLINOIS <br /> F.ASTGATE COMMONS REDEVELOPMENT 'PROJECT <br /> AREA <br /> WHEREAS, the City of Decatur, Illinois (the ":Vlunicipality"), acting through <br /> its City Coun�il (the "Corporate Authorities") and other oiticers and representatives have duly <br /> noticed, held and conducted all proceedings, including the required1 public hearing and joint <br /> review board action, preliminary to the designation of the F,astgate ;Commons Redevelopment <br /> Yroject Area (the "Redevelopment Projeet Area," as described in the attached Ehhibit A)a the <br /> appr�val of the "Eastgate Commons Redevelopment Proje�t Area �Zedevelopment Plan" (the <br /> "Redevelopmeut Plan" and the related "Redevelopment Yroject"� and the adoption of tax <br /> increment financing to finance the Redevelopment Plan an� the F�edeveloprnent Project, all <br /> under �nd pursuant to the Tax Increment Allocation Redevel�pment A�ct �fi5 1[�C5 �/11-7�.�-1 et <br /> .��c�q., as su�plemented and amended (the "TIF Aet")j; and <br /> WHF.�2N:AS, pursuant to Ordinance No. 20Uh-�67, setting a Public Hearin� Date <br /> f�r a proposed Eastgate Commons Redevelopment Project Area, and Related Matters, adopt�d <br /> August ?, 2006, the Corporate Authorities set October 2, 2006 at 5:3(� p.m. at One Uary K. <br /> �1;�derson Pla�a, Decatur. Illinois 62523, in the City Council's me�tin� room, for the public <br /> hearing, under Section � 1-74.4-5(a)(i) of thz `I`IF Act. <br /> NOW, THEREFORE, BE IT. ORDAINED BY T F. CITY COUNCIL OF <br /> THE CITY OF DECATi1R, ILLINOIS, as follows: <br /> Section 1. Findin�s. The Municipa;ity. by its C"c�rp rate Authoriti�s, hereby <br /> finds, as follows: <br /> (1) 1�he Ke�ie��elo�ment Project Area on the �+-�ole has ut been subject to <br /> �rowth and development through investment by priv�.t� ent�;rp ise and would nut <br /> reasonably be anticipated to be developed ��i?houi the adoption of the <br /> Reclevelopment Ylan. <br /> (2) The Redevelopment Plan and Project coiiform to �he comprehensive <br /> plan for the development of the Municipalit,y as a whc�le. � <br /> Section 2. Adapt Tax Inererrnent Financing. Ur�der the TIF Act, the <br /> Munic�palit}� he:eby adopts, approves and authorizes the ap�,l�catic.�n af t� increment financin� <br /> I <br />