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- ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> Memo No. 06-141 <br /> June 28, 2006 <br /> TO: Honarable Mayor Paul Osborne and City Council <br /> FROM: Steve Garman, City Manager �� <br /> Dane C. Bragg, Assistant City Manager� <br /> Greg C. Crowe, Economic Deveiopment Coordinat�� <br /> SUBJECT: TIF Qualification and Adoption-Professional Services Proposal <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached professional <br /> services proposal with Ehlers and Associates, Inc. for the development, qualification and adoption of a <br /> Tax Increment Finance District (TIF). The proposal will not exceed $25,000. <br /> BACKGROUND: The proposed TIF is for the redevelopment of the former K-Mart shopping center <br /> located at the corner of US Route 36 and IL Route 121 and will be adjacent to the current Southeast <br /> Plaza TIF to the south. The proposal will provide the City of Decatur with the necessary professional <br /> services in meeting the regulations for the development of a TIF. <br /> A redevelopment agreement with IP Plaza LLC for the former K-Mart Plaza property is also being <br /> presented to the City Council for approval. The adoption of the TIF will provide IP Plaza LLC with <br /> reimbursement for TIF eligible expenses. <br /> INPUT FROM OTHER SOURCES: N/A <br /> POTENTIAL OBJECTION: N/A <br /> STAFF REFERENCE: Any additional questions may be forwarded to Greg Crowe at 424-2725 or at <br /> gccrowe(�a,decaturnet.or�. <br /> BUDGET/TIME IMPLICATIONS: N/A <br />