2003-64 ADOPTING AND APPROVING THE NEAR NORTH REDEVELOPMENT PLAN

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IV. Redevelo�ment Project Costs Redevelopment Project Costs are defined within the Act and all costs to be reimbursed in the � Redevelopment Project Area will conform to this definition. A wide range of redevelopment activities and improvements will be required to implement the Redevelopment Plan. The activities and improvements and their estimated costs (2003 dollars) are summarized below. To the extent that obligations are issued to pay for such Redevelopment Project Costs prior to, and in anticipation of, the adoption of the Redevelopment Project Area, the City shall be reimbursed from Incremental Property Taxes for such Redevelopment Project Costs. Redevelopment Project Costs, described in this Redevelopment Plan, are intended to provide an upper estimate of expenditures. These costs are subject to prevailing market conditions and are in addition to total Redevelopment Project Costs. While all of the costs in the budget are eligible Redevelopment Project Costs under the Act and this Redevelopment Plan, inclusion herein, does not commit the City to finance all these costs with TIF. Near North Redevelopment Project Costs Roads $ 7,500,000 Water System $ 3,000,000 Sanitary Sewer $ 2,750,000 Storm Sewer � $ 1,500,000 Street Lighting $ 3,000,000 Landscaping, Aesthetic, & Misc. Utility Improvements $ 3,000,000 Environmental Remediation, Site Preparation, Building Rehabilitation, & Interest Subsidy $ 1,000,000 Required TIF Act School Payments 1 $ (see footnote#1) Total Infrastructure Improvements $ 21,750,000 2 t An elementary,secondary,or unit school district's increased costs attributable to assisted housing units within the Redevelopment Project Area for which the developer received financial assistance through an agreement with the City or because the City incurs the cost of necessary infrastructure improvements within the boundaries of the assisted housing sites necessary for the completion of that housing as authorized by the Act,and which costs shall be paid by the City from the Special Tax Allocation Fund when the tax increment revenue is received as a result of the assisted housing units and shall be calculated as set forth in the Act. 'The City will annually provide Decatur Public School District 61 with its pro-rata share of 25%of the annual incremental tax revenues,payable either directly when received,or by way of declaration of surplus. Z It is anticipated that the City will carefully stage City expenditures for Redevelopment Project Costs on a reasonable and proportional basis to coincide with Redevelopment Project expenditures by private developers and the receipt of revenues from Redevelopment Project Costs. While the costs above represent the City's latest estimate for total public infrastructure improvements and other expenditures necessary to support redevelopment, it is not the intention of the City to collect more than$10,400,000 in Incremental Tax Revenues. The City reserves the right to adjust this figure to provide interest subsidy during later phases. 10