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� Economic&Urban Development Department <br /> Memorandum#01-14 <br /> ' � Page-2 <br /> also indicated the total number of units within the former school was being decreased by ten to <br /> allow for continued use of the auditorium as a community center. <br /> A petition gathering signatures from individuals opposed to the project had been circulated prior <br /> to the February 13 meeting. It is expected that many of those who signed the petition will attend <br /> in opposition. <br /> INPUT FROM OTHER SOURCES: <br /> The February 1 Plan Commission minutes are attached, as well as a preliminary sketch of the <br /> proposed residential development plan. <br /> STAFF REFERENCE: <br /> If Council members have questions they may contact A.J. Krieger, 424-2727. <br /> BUDGET/TIME IMPLICATIONS: <br /> The developers have submitted an application to the Illinois Housing Development Authority <br /> seeking the use of the low income housing tax credits. Pending that award and Council approval, <br /> the developers intend to immediately begin the preparation of specific plans. ' <br /> The City of Decatur has not offered Finlay Properties any financial incentive. <br /> Based on an estimated project value of $9 million, using 1999 rates, this redeveloped site will <br /> generate approximately $240,000 in new annual property tax revenue; including approximately <br /> $96,000 to District 61. <br />