2003-64 ADOPTING AND APPROVING THE NEAR NORTH REDEVELOPMENT PLAN

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Summary of Problems The preceding description generally summarizes the problems affecting the Redevelopment , Project Area. As both the City and Macon County (the "County") have experienced decreases in population and job-loss, a corresponding lack of new investment has plagued portions of Decatur's inner city and caused widespread deterioration. This deterioration combined with the presence of inadequate utilities has hampered efforts to recruit new businesses and outside investment to the Area. The Redevelopment Project Area as a whole has not been subject to growth and development through private investment. Furthermore, it is not reasonable to expect that the Redevelopment Project Area as a whole will be redeveloped on a comprehensive and coordinated basis without the use of TIF. Near North Redevelopment Plan Summarv The Near North Redevelopment Project Area represents the beginning of a transformation of a blighted urban core neighborhood into a rejuvenated, traditional neighborhood development. The Near North Redevelopment Project represents a critical first-step in redeveloping and stabilizing established inner city neighborhoods that have suffered from deteriorating infrastructure, dilapidated building conditions, and an unhealthy environment for urban living. The City seeks to utilize tax increment financing for the Redevelopment Project Area in order to begin the revitalization process, specifically through the construction of new public infrastructure to serve the development, including water mains, sanitary sewers, storm sewers, streets and ' sidewalks. � � The City of Decatur is establishing the Near North Redevelopment Project Area in order to I eradicate blight conditions present in the Redevelopment Project Area. Continued disinvestment finds the Redevelopment Project Area in a state of economic distress, whereby the City must engage in a unified redevelopment effort to stabilize the area. IThe proposed Redevelopment Project is a significant undertaking for the City. As such, the City has been preparing for redevelopment activities for several years by acquiring and demolishing Lunsafe and dilapidated housing and commercial structures. Within the last year specific plans for the Redevelopment Project Area have been prepared. ` Sirnultaneously the City has been preparing for the use of Incremental Property Taxes to finance � certain public improvements necessary to accommodate the redevelopment project. [ The purpose of this Redevelopment Plan is to generally describe the parameters of the City's redevelopment efforts, as well as to provide specific examples of the nature of redevelopment activities in the Redevelopment Project Area. I Successful im lementation of this Redevelopment Plan requires that the City utilize Incremental P Property Taxes in accordance with the Act and work cooperatively with the private sector and the ! other local taxing districts. � � 3