2003-64 ADOPTING AND APPROVING THE NEAR NORTH REDEVELOPMENT PLAN

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The City of Decatur makes the followin f� indings as described in the Act: ' K. According to the Act, the municipality must find that 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 adoption of the Redevelopment Plan. The Ciry finds that the Redevelopment Project Area has not been subject to growth and private investment, and would not be expected outside the implementation of the Redevelopment Plan and the a�se of incremental taxes to finance eligible expenses. Without the adoption of this Redevelopment Plan, the Redevelopment Project Area is not reasonably expected to be redeveloped by private enterprise. In the absence of City-sponsored redevelopment initiatives, there is the prospect that blighting conditions will continace to exist and spread thereby further eroding the commicniry's property tax base and caacsing a reduction in revenues to all local taxing districts. , L. According to the Act, the municipality must find that the Redevelopment Plan and � Project conform to the comprehensive plan for the development of the municipality as a whole...(additional provisions for municipalities with a population of 100,000 or more). The Decatacr Urban Area Land Use Plan was adopted in 1990. The Land Use Plan � designates the area within the Near North Redevelopment Project as High Density � Residential, Office, Commercial, Light Industrial and Mixed Use/Planned Development. The Mixed Use/Planned Development designation is the dominant land use. This designation is � consistent.with the goals of the redevelopment area as herein stated. � In 2001, the Ciry and the Decata�r Housing Authority sponsored a design sta�dy for the majoriry of the redevelopment area. A series of design charrettes and meetings with members of the public and neighborhood residents were held to create a design for redevelopment of the neighborhood. The resulting master plan shows a mix of housing types and mixed uses. The goals of the redevelopment area, as herein stated, are consistent with this plan. The City is committed to stabilizing neighborhoods, and to the implementation of programs � designed to increase tlze qi�ality of life of its residents. The undertaking of a redevelopment area project combining a mixture of hoicsing types and mixed uses is consistent with the I City's mission to improve neighborhoods and foster public private investment opportacnities. M. According to the Act, the Redevelopment Plan must establish the estimated dates of � completion of the redevelopment project and retirement of obligations issues to finance the Redevelopment Project Costs. The act sets the maximum date at not more than 23 years. The Redevelopment Project is to be completed in 2026 on or before the anniversary date of the adoption of the ordinance adopting this Redevelopment Plan and Redeveloprraent Project. The City reserves the right acnder this Redevelopment Plan to receive the 23�`�year 1 of Incremental Property Taxes by December 31 of the 24`�year, December 31, 2027. � � � 12 1 �