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PA.RT B. DESCRIPTIVE INFORMATION <br /> 1. Describe the incentive or benefit currently offered. Indicate the number of the <br /> ordinance and section that provides for the incentive. <br /> As set forth in Ordinance 92-87, Section 1, property taxes on improvements of property located <br /> within the City of Decatur's Enterprise Zone are abated as follows: <br /> Value of Im rovement Tax Abatement Period <br /> 0 - $49,999 0 0 <br /> $50,000 - $1,000,000 100% Value of Improvement For a period of 5 calendar years or <br /> for the remaining life of the Zone, <br /> whichever is s•horter. <br /> $1,000,000 - $2,999,999 100% Value of Improvement For a period of 5 calendaz years of <br /> for the remaining life of the Zone, <br /> whichever is shorter. <br /> $1,000,000 - $2,999,999 50% Value of Improvement For a period of 5 calen�ar years <br /> following the fifth year for which <br /> 100% abatement was authorized <br /> for said improvement, as herein <br /> provided, or for the remainin� life <br /> of the Zone, whichever is shorter. <br /> Over$3,000,000 100% Value of Improvement For a period of 10 calendar years <br /> of the rema.ining life of the Zone, <br /> whichever is shorter. <br /> 2. Describe the proposed changes. <br /> Pursuant to the Tax Increment Allocation Redevelopment Act (6� ILCS 5/11-74.4-1 et seq., as <br /> supplemented and amended (the "TIF Act")), the City of Decatur, on May 15, 2000, adopted <br /> Ordinances No. 2000-36, 2000-37, 2000-38 and 2000-39 creating the O1deTowne <br /> Redevelopment Plan and O1deTowne Redevelopment Project and O1deTowne Redevelopment <br /> � Project Area. Under the 'TIF Act, the City adopted, approved and authorized the application of <br /> tax increment financing for the plan, project and project area. On September 18, 2000, the City <br /> adopted Ordinance 2000-84 deletina certain properties form the O1deTowne Tax Increment <br /> Finance Redevelopment Project Area. <br /> In accordance with the Illinois Enterprise Zone Act (20 ILCS 655/5.4.1, Adoption of Ta�c <br /> Increment Financin�), if (i) a redevelopment project area is, will be, or has been created by a <br /> municipality under Division 74.4 of then Illinois Municipal Code, (ii) the redevelopment project <br /> area contains property that is located within an enterprise zone, (iii) the municipality adopts an <br /> amendment to the enterprise zone desi�ating ordinance punuant to Section 5.4 of the Illinois <br /> Enterprise Zone Act, specifically conceming the abatement of taxes on property located within <br /> 2 <br />