2006-70 APPROVING AN AMENDMENT TO THE CITY OF DECATUR SOUTHEAST PLAZA TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PLAN AND PROJECTS

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�.. � ` R, ' ORDINANCE NO. 2006-70 APPROVING AN AMENDMENT TO THE CITY OF DECATUR SOUTHEAST PLAZA TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PLAN AND PROJECTS WHEREAS, the CITY OF DECATUR, Macon County, Illinois ("City") by its duly elected Mayor and City Council heretofore on May 5, 1997, adopted a Redevelopment Plan and Projects ("TIF Plan"); designated a Redevelopment Project Area ("TIF DistricY'); and adopted Tax Increment Financing pursuant to 65 Illinois Compiled Statutes 5/11-74.4-1 et seq. as amended ("TIF AcY') known as the City of Decatur Tax Increment Financing Tax Increment Redevelopment Project Area — "Southeast Plaza TIF District"; and WHEREAS, subsequent to the formation of the Southeast Plaza TIF District the City entered into a Redevelopment Agreement and Amendments with Airport Plaza Joint Venture to assist in the private redevelopment of the property within the Redevelopment Project Area for the benefit of the citizens of the City; and WHEREAS, pursuant to the TIF Act, the City may reimburse capital costs of taxing bodies which levy taxes within Southeast Plaza TIF District and the Developer has entered into an Agreement with the Mt. Zion Community Unit School District No. 3 to reimburse a portion of the School District's capital costs pursuant to the Redevelopment Agreement with the City and as in accordance with Section 4-3(q)(7) of the TIF Act; and other costs of the School District under Section 4-3(q)(7.5) and (10); and WHEREAS, pursuant to the TIF Act, the Developer has entered into a professional legal and administrative services agreement for the review and maintenance of the Developer's interests in the Redevelopment Plan and Projects as provided in the TIF Plan; and