2000-105 AUTHORIZING PAYMENT OF REDEVELOPMENT PROJECT COSTS & DISTRIBUTION OF EXCESS MONIES FOR THE BACHRACH REDEVELOPMENT PROJECT AREA

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_ s ORDINANCE NO. 2000-105 ORDINANCE AUTHORIZING THE PAYMENT OF • REDEVELOPMENT PROJECT COSTS AND DISTRIBUTION OF EXCESS MONIES FOR THE BACHRACH REDEVELOPMENT PROJECT AREA -CITY OF DECATUR. ILLINOIS - WHEREAS, pursuant to Ordinance No. 90-115, Ordinance No. 90-116 and Ordinance No. 90-117, adopted December 17, 1990, as supplemented and amended, the City of Decatur, Illinois (the "City") adopted a redevelopment plan and a related redevelopment project (the "Redevelopment Plan" and "Redevelopment Project"), designated the Bachrach redevelopment project area (the "Redevelopment Project Area") and adopted t� increment finance for the Redevelopment Project Area. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. The City Manager and other appropriate officers of the city are authorized and directed to effect the payment of all redevelopment project costs, the retirement of all obligations, and the distribution of any excess monies, preliminary to the dissolution of the special tax allocation fund for the Redevelopment Project Area and the termination of the I designation of the Redevelopment Project Area as a"redevelopment project area"under the Act. Section 2. Upon efFecting Section 1 of this ordinance on or before November 1 in I, calendar year 2001 the City Clerk shall notify affected taxing districts that the City intends to i dissolve the special tax allocation fund for the Redevelopment Project Area and to terminate the I Redevelopment Project Area by December 31, 2001. ' Section 3. This ordinance shall become effective immediately upon its passage and ', approval. I �