2000-38 ADOPTING TAX INCREMENT FINANCING FOR THE CITY OF DECATUR, ILLINOIS OLDE TOWNE REDEVELOPMENT PROJECT AREA

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, � � , ORDINANCE NO. 2000-38 AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE CITY OF DECATUR, ILLINOIS OLDE TOWNE REDEVELOPMENT PROJECT AREA WHEREAS, the City of Decatur, Illinois (the"Municipality"), acting through its City Council (the ��Corporate Authorities") and other officers and representatives has duly noticed, held and conducted all proceedings, including the required public hearing and joint review board action, preliminary to the designation of the Olde Towne Redevelopment Project Area(the "Redevelopment Project Area," as described in the attached Eachibit A , the approval of the Olde Towne Tax Increment Financing Redevelopment Plan and Project (the ��Redevelopment Plan" and ��Redevelopment Project") and the adoption of tax increment financing to finance the Redevelopment Plan and the Redevelopment Project, all under and pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq., as supplemented and amended(the"TIF Act")); and WHEREAS, pursuant to Ordinance No. 99-104, Ordinance Setting Public Hearing Date for Proposed Olde Towne Redevelopment Project Area, and Related Matters, adopted October 25, 1999, the Corporate Authorities set May 1, 2000 at 6:30 p.m. at One Gary K. Anderson Plaza, Decatur, Illinois 62523, in the City Council chambers, for the public hearing, under Section 11-74.4-5(a)(i) of the TIF Act, as amended by P.A. 91-478. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS, as follows: Section 1. FindinEs. The Municipality, by its Corporate Authorities, hereby finds, as follows: (1) The Redevelopment Project Area on the whole has not been subject to growth and development through inveshnent by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan.