2003-33 AMENDING THE CITY OF DECATUR ENTERPRISE ZONE - TERMINATION DATE - TAX ABATEMENT

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WHEREAS, on Monday, March 24, 2003 at 10:00 a.m., the Administrator of the City of Decatur Enterprise Zone duly conducted a public hearing at 10:00 am in the City Council chambers of the City of Decatur, #1 Gary Anderson Plaza, Decatur, Illinois, at which such public hearing information was presented and public comment was elicited on the proposed amendments to the Ordinance for the City of Decatur Enterprise Zone, as specified in the notice as published. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That Section 4 of Ordinance No. 82-122, as amended, be, and the same is hereby, further modified and amended so that as so modified and amended said Section 4 shall provide as follows: 4. That the duration or term of said Zone shall be thirty (30) years commencing on the date of certification by the State as in said Act provided. Section 2. That Section 5 of said Ordinance No. 82-122, as amended by Ordinance No. 92-87, be, and the same is hereby, further amended so that as so amended said Section 5 shall provide, in total, as follows: A. That commencing upon the issuance of an amended certificate by the Department of Commerce and Economic Opportunity of the State of Illinois approving that which is set forth herein, taxes on real property levied by the City shall be abated on property located within the Zone and upon which new improvements have been constructed subsequent to such approval as follows: 1) For taaces levied in the first year of abatement . . . . . .. . . . 100% 2) For t�es levied in the second year of abatement . . . . . . . 80% 3) For taxes levied in the third year of abatement . . . . . . . . . . 60% 4) For ta7ces levied in the fourth year of abatement . . . . . . . . . 40% 5) For talces levied in the fifth year of abatement . . . . . . . . . . . 20% Said abatements shall be for five (5) consecutive years beginning with the real estate taxes payable in the year following the first full year of a facility's commercial operation. In no event shall any abatement of taxes on any parcel exceed the amount attributable to the construction of the improvements or the renovation or rehabilitation of existing improvements on such parcel. Abatement for a specific project will cease after the fifth year or upon expiration of the Enterprise Zone, whichever is sooner.