2006-100 ADOPTING TAX INCREMENT FINANCING FOR THE CITY OF DECATUR, ILLINOIS EASTGATE COMMONS REDEVELOPMENT PROJECT AREA

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with respect to the Kedevelopment Yian, Redevelopment Project �nd Redevelopment Project Area. Section 3. Term. The Redeve.lopment Project Area, and the estimated dates of completion of the Redevelopment Project and the retirement of obligations issued to finance redevelopment project costs shall be not more than 23 years (but sha�l be 24 years in connection with receiving the 23`d year of incremental property taxes by Deceknber 31 in the 24`h year — December 31, 2040) from the adoption of the ordinance approving �he Redevelopment Project Area. Section 4. Ineremental Taxes. The Municipality h�reby adopts tax increment financing and directs that the ad valorem taxes, if any, arisiclg from xhe levies upon taxable real property in tlie Redevelopment Project Area by taxing districts and tax rates determined in the manner provided in paragraph (c) of Section 11-74.4-9 of the TI� Act each year after the effective date of this ordinance until redevelopment project costs and all municipal obligations financing redevelopment project costs incurred under the TIF Ac� have been paid shall be :iivided as follows: (a) That portion of taxes levied upon each taxable lot, block, tract or parcel pf real property which is attributable to the lower of the current equaliz�d a�sessed value or the initial equalized assessed value of each such taxable lot, block, tract or patcel of real propert�zn the Redevelopment Project Area shall bP allocated to and wher, �ollected �hall be paid by tl�county �ollector to the respective affected taxing districts in the rnanner required by law in the a��sence of the adopt;on of tax increment allocation financing. I (b) 'That portion, if any, of such taxes ��hich is attributable to ithe increase in thc; current ec�ualized assessed valuation of each taxable lot, block, tract or par el ��f reai property in the Etedevelopment Project Area over and above the initial equalized asse sed value of each property in the Redevelopment Project Area shall be allocated to and �+�vhen co lected shall be paid ta the Municipality's treasurer who shall deposit such taxes into a s�ecial fumd called the "Special Tax Allocatian Fund" of the Municipality for the Redevelopment Proje t Firea for the purpose of paying rede��elopment project costs and obligations incurred in the pay ent thereof. Section S. Filin�. The City Clerk shal] file a certifi d c;opy of this ordinance ti�ith the County Clerk of Macon County, Illinois, and under the TIF A�t shall obtain a certificate from sucl� County Clerk as to the total initial equalized assessed va ue "EAV" of all taxable property in the Redevelopment Project Area. In providing this certi zcation, the County Clerk shall use the levy year 2005 in determining such total initial EAV. llpon motion by Councilman Edwards, seconded v Councilman McElroy, adc�pted tl�is 6th day of November, 2006 by roll call vote, as tollows: V�ting "Aye" (names): Councilmen Stockard, Carrigan, Caull�ins, Edwards, Laegeler, N1cElroy, and Mayor Osborne Voting "Nay" (names): None -2- �I