2003-66 ADOPTING TAX INCREMENT FINANCING

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a ORDINANCE NO. 2003-66 AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE CITY OF DECATUR, ILLINOIS NEAR NORTH REDEVELOPMENT PROJECT AREA WHEREAS, the City of Decatur, Illinois (the��Municipality"), acting through its City Council (the "Corporate Authorities") and other officers and representatives have duly noticed, held and conducted all proceedings, including the required public hearing and joint review board action, preliminary to the designation of the Near North Redevelopment Project Area (the "Redevelopment Project Area," as descnbed in the attached Exhibit A , the approval of the Near North Tax Increment Financing Redevelopment Project and Redevelopment Plan(the ��Redevelopment Plan" and the related "Redevelopment Project") and the adoption of tax increment financing to finance the Redevelopment Plan and the Redevelopment Project, all under and pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq., as supplemented and amended(the"TIFAct")); and WHEREAS, pursuant to Ordinance No. 2003-51, setting a Public Hearing Date for a Proposed Near North Redevelopment Project Area, and Related Matters, adopted August 18, 2003, the Corporate Authorities set October 20, 2003 at 5:30 p.m. at One Gary K. Anderson Plaza, Decatur, Illinois 62523, in the City Council Chambers, for the public hearing,under Section 11-74.4-5(a)(i) of the TIF Act, as amended by P.A. 91-478. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR,ILLINOIS, as follows: Section 1. Findings. The Municipality, by its Corporate Authorities, hereby finds, as follows: (1) The Redevelopment Project Area on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan. (2) The Redevelopment Plan and Project conform to the comprehensive plan for the development of the Municipality as a whole.