Laserfiche WebLink
Over the life of the Olde Towne TIF District, this project is estimated to generate <br /> $520,000 to the Olde Towne TIF Fund, or approximately 2.8 percent of the Fund's <br /> projected increment. Net incremental TIF revenue (after subtracting incentives paid out) <br /> will be $345,000. <br /> Staff is of the opinion that this agreement achieves the following objectives of the Olde <br /> Towne Redevelopment Plan: <br /> 1. Preserves architecturall si ificant structures within th <br /> y gn e Downtown Decatur <br /> National Register Historic District; <br /> 2. Provides for the addition of residential dwelling units in the downtown area, <br /> thereby promoting the concept of a 24-hour downtown environment; <br /> 3. Provides for the adaptive reuse of the property with an emphasis on utilization of <br /> the entire floor area; ', <br /> 4. Promotes redevelopment of retail / commercial space along North Main Street, I <br /> Merchant Street and Prairie Avenue, thereby generating additional business <br /> activity within the area; and <br /> 5. Generates substantial tax increment to the Olde Towne TIF. <br /> POTENTIAL OBJECTION: Staff is not aware of objectors to this agreement. <br /> INPUT FROM OTHER SOURCES: The proposed project has been reviewed for <br /> consistency with the Olde Towne TIF Redevelopment Plan as stated above. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbrag�(a;decaturnet.or�. <br /> BUDGET/TIME IMPLICATIONS: The eligible reimbursable expenses of$175,000 <br /> would be paid from the Olde Towne Redevelopment Fund (19) upon the collection of <br /> annual property taxes and a request for reimbursement by the developer. <br /> Fa�ade improvement funds will be paid from the Community Development Block Grant <br /> Fund (18) upon completion of eligible work and approval of draw requests by the <br /> developer. <br />