R2008-01 AMENDING TAX INCREMENT FINANCE DISTRICT MANUAL

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DEFINITIONS Adaptive reuse: Refers to the recycling of an old building for use other than that for which it was originally constructed. This can involve a sensitive rehabilitation that retains much of the building's original character, or it can involve extensive remodeling. Architect: A building designer registered in the State of Illinois to practice architecture. Assets: An applicant's savings accounts, savings bonds, stocks, securities, or real estate equity (other than applicant's homestead), or any other readily convertible items. Amortization: The gradual extinguishment of a debt (including interest)by periodic payments. After-Rehab Value: An evaluation of the market value of a property as determined by a licensed appraiser. Certificate of Appropriateness: A certificate issued by the Historical and Architectural Site Commission indicating its approval of plans for alteration or construction of a landmark or of a property within a Historic District. Code Violations: Violations of the current International Building Code, Illinois Plumbing Code, International Mechanical Code, 1997 Accessibility Code, and the National Electrical Code as adopted and amended by the City of Decatur, other applicable codes and ordinances adopted by the City. Contributin� Structure: A structure that is designated as contributing to the integrity of the Historic District as identified in the City of Decatur's Survey of the Decatur Historic District. Deferred For ivg able: A loan granted to qualified applicants providing labor, materials and supplies in order to rehabilitate or renovate residential dwelling units or mixed used property. A lien in the amount of the loan will be placed by City of Decatur on the property. The City of Decatur shall hold the most senior lien position possible on the mortgage. The loan is forgiven within a specified period of time at which time the lien is removed from the property. Disabled/Handicapped: A person who is certified as medically or permanently impaired, regardless of employment status. . Elderly Persons: Persons 62 years of age or older at the date of application. General Propertv Improvements: Work which is not required to bring the building into compliance with local codes, but which generally improves the condition of the property (painting, replacement of wood, floor covering, etc.). Historic Preservation Administrator: the person appointed by the City Manager from the Economic and Urban Development Department undertaking the responsibilities as designated in Chapter 31 of the City Code. 14