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

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, � , 7 (2) The Redevelopment Plan and Project conform to the comprehensive plan for the development of the Municipality as a whole. Section 2. Adopt Taz Increment Financin�. Under the TIF Act, the Municipality hereby adopts, approves and authorizes the application of tax increment financing with respect to the Redevelopment Plan, Redevelopment Project and Redevelopment Project Area. Section 3. Term. The Redevelopment Project Area, and the estimated dates of completion of the Redevelopment Project and the retirement of obligations issued to finance redevelopment project costs shall be not more than 23 years (but shall be 24 years in connection with an amending ordinance to receive the 23`� year of incremental property taxes by December 31 in the 24"' year) from the adoption of the ordinance approving the Redevelopment Project Area. Section 4. Incremental Tazes. The Municipality hereby adopts tax increment financing and directs that the ad valorem taxes, if any, arising from the levies upon taxable real property in the Redevelopment Project Area by taxing districts and tax rates determined in the manner provided in paragraph (c) of Section 11-74.4-9 of the TIF Act each year after the effective date of this ordinance until redevelopment project costs and all municipal obligations financing redevelopment project costs incurred under the TIF Act have been paid shall be divided as follows: (a) That portion of taa�es levied upon each taxable lot, block, tract or parcel of real property which is attributable to the lower of the current equalized assessed value or the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the Redevelopment Project Area shall be allocated to and when collected shall be paid by the county collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing. (b) That portion, if any, of such taxes which is attributable to the increase in the current equalized assessed valuation of each t�able lot, block, tract or parcel of real property in the Redevelopment Project Area over and above the initial equalized assessed value of each property in the Redevelopment Project Area shall be allocated to and when collected shall be paid to the Municipality's treasurer who shall deposit such taxes into a special fund called the uSpecial Taz Allocation Fund" of the Municipality for the purpose of paying redevelopment project costs and obligations incurred in the payxnent thereof. Section 5. Flllll�. The City Clerk shall file a certified copy of this ordinance with the County Clerk of Macon County, Illinois, and under the TIF Act shall obtain a certificate from such County Clerk as to the total initial equalized assessed value "EAV" of all taxable property in the Redevelopment Project Area. In providing this certification, the County Clerk shall use the levy year 1999 in determining such total initial EAV. -2-