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withQut tax increment financ- increased assessed vatuat�on <br /> ing. The condidons which ;that is realized after a TiF <br /> quahfy the Amended District is established. A TIF <br /> Redevelopment Project Area District may last for up tq 23 <br /> as a Blighted Area must be' years. The amended Area will <br /> addressed. The Amended be limited in iime to fhe origi- , <br /> Redevelopment.Project Area nal TIF DisGricf s format3on in , <br /> will require improvement's 1997: .With Tax Incretrient <br /> ttirougliout the remainmg life Financing a property tax,base <br /> of the TIF Ilistrict.The imple- is preserved dunng the life of ' <br /> mentation of the public pro- the TIF DistriGt that w�ll eon- <br /> ects grmided in the Amended tinue,toypay for the basic pub- <br /> �lan.wiil help,_add;ess.current lic services the proposed rede- <br /> needs-and encowage.new.pri- velopment area already <br /> vate -investment within the recerves. New incremental, <br /> Amended . �Redeve�opment roperty tax revenue in the <br /> Pr.ojert Area. Alt property in �ity of Decatur may be used <br /> the proposed amended at�a to help pay for the m�rastruc- <br /> wouid substantially benefit by ture,necessary for_stimulating <br /> a series of�public�and private addrtional pnvate-sector <br /> redevelopment :pro�ects. investment: . <br /> Incremental funds, including ` I <br /> real estate and municipal sales, SECOND AMENDMENT � �; <br /> taxes generated within the TO . DECATUR SOUTH- <br /> �redevelopment project azea EA�T_ PLAZA T`IF DtS-. G� <br /> ca�and may lie used for any TRICT ' . ii <br /> putitic ar pnvate pro ects` as AN�E�3ED. �LECrA�. � <br /> sef fDrth in the Amen��Plan. I�ESCRtPTION � �. <br /> 'Fhe Devetoper will construct <br /> af'its own expense pnbiic EXISTINfi TIF DISTRICT: � <br /> s[reets, intersect�on signahza- All of the SouEhi�esf'Quarter ',S <br /> tion,'sewer lines, water lines, of the Northwest Qgarter of � <br /> and such other public infra= Section Twenty-eight (28), <br /> stractiue�as tequued to devel- Township Sixteen 16)North>, � <br /> op the amended Area ancl the Ran e Three f3) ��t of,the <br /> Area as a whole. However,as 3rd�.M., except that,por'tion k� <br /> pemutted liy_Section 65 ILCS thereof previously d'edicated r� <br /> 3/11-74.4-5(c) of the Pct, the or conveyed for public iugh- c <br /> total estimated costs set out in way� purposefl, sitnated in j�: <br /> the original Bedevelopment Macon County; and.that por- <br /> Plan are not being increased tion of Illinois Rouce 121 pre- p� <br /> by more than 5%after adjust- viously dedicated thaf lies <br /> menL for inflation from the adjacent to_ the above <br /> date "the Plan was adopted. described property. <br /> The term of the original �� <br /> Redevelopment Plan will not AMENDED TIF DISTRICT: ia <br /> be extended by ttiis Second The North Half of the'North <br /> Amendment to the Decatur Half of the Northwest Quarter �,� <br /> Southeast Piaza TI�District. of the Soathwest.Quarter of � <br /> Section Twen eight (28), p� <br /> Long . Term Goals and Towmship Sixt n 16)Nortli, <br /> Objectives: As set out in the Range Three (3) �ast of fhe , � <br /> origiizal Decatdr Soutlieast 3rd P:M., except that,portion !� <br /> Plaza TIF . District thereof previously d'edicated !�; <br /> Redevelopment Plan;• the or conveyed for gublic lugh- �; <br /> major focus of: this Tax way 'purposes, srtuated ,in �; <br /> Increment Financing Districc Macon County; and that por- <br /> is commercial and residentiat tion of Illi'aois Route 121 pre- <br /> development as well as the viously dedicafed that lies i� <br /> pubfic infrastTucture required adjacent to the above �j <br /> to make, such developments described property. <br /> ,possil�le and _unprove the ` II' <br /> overall quality of life for the SECOND AMENDMENT j• <br /> residents of I)eca�ui. Specific TO "DECATUR SOUTH- <br /> long range goais for the EAST PLAZA TTF UIS- <br /> . � <br /> d' <br /> � <br />