2003-64 ADOPTING AND APPROVING THE NEAR NORTH REDEVELOPMENT PLAN

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� Tax increment financing does not generate tax revenues by increasing tax rates, but rather through � the temporary capture of new tax revenues generated by the increase in the EAV over the initial � EAV. This increased EAV of properties results from a municipality's redevelopment program, � improvements and activities, various development and redevelopment activities, and the reassessment of properties. Under the Act, all taxing districts continue to receive property taxes levied on the initial EAV of properties within the Redevelopment Project Area. Additionally, � taxing districts can receive distributions of Incremental Property Taxes designated by the City as "surplus" under the Act. This can occur when taxes received exceed principal and interest obligations for that year and expected Redevelopment Project expenditures necessary to � implement the Redevelopment Plan. Taxing districts also benefit from the increased property tax base after Redevelopment Project Costs and obligations are paid and the Redevelopment Project Area ends at its designated term or is dissolved and terminated. � Near North Redevelopment Project Area , The Near North Redevelopment Project Area contains approximately 120 acres of land within Decatur's inner city and is generally: Beginning at the intersection of the north right-of-way of � Grand Avenue and the west right-of-way of North Main Street (the beginning point), east along such north right-of-way to the eastern right-of-way of the Canadian National/Illinois Central Railroad, south along such east right-of-way to the south right-of-way of Marietta Street, west ' along such south right-of-way to the east right-of-way of Martin Luther King Jr. Drive, south along such east right-of-way to the south right-of-way of the Norfolk Southern Railroad nght-of-way, west along such south right-of-way to the west right-of-way of N. main Street, and finally north ' along such west Fight-of-way to the beginning point, all in the City of Decatur, in Macon County, Illinois. Included within this 120 acre site is the Longview public housing development, an aging and ' underdeveloped commercial corridor between US 51 North and South (N. Main and N. Water Streets), two active rail lines, numerous abandoned and deteriorating properties, environmentally ' contaminated sites, and several vacant and/or underutilized commercial and industrial buildings. The Redevelopment Project Area generally exhibits the characteristics commonly associated � with blighted areas including excessive vacancies, widespread dilapidation, structures below minimum codes, inadequate utilities, tax delinquencies, significant deterioration of structures, i declining property values, and long term disinvestment. � The Redevelopment Project Area also suffers generally from a lack of community planning as evidenced by the close proximity of numerous incompatible land uses, and represents an ongoing � liability to the City of Decatur as well as any taxing district reliant upon growth in property values and EAV. ' ' ' 2 '