97-35 TAX INCREMENT FINANCING SALES TAX ORDINANCE

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, 4 � • + ORDINANCE NO. 97-35 TAX INCREMENT FINANCING SALES TAX ORDINANCE AUTHORIZING THE CITY OF DECATUR TO DEPOSIT CERTAIN RETAILERS OCCUPATION TAXES INTO THE SOUTHEAST PLAZA SPECIAL TAX ALLOCATION FUND WHEREAS, the City of Decatur adopted tax increment financing on May 5, 1997 in order to encourage several commercial projects and an elderly residential project on thirty-eight acres of land in the Southeast part of Decatur herein described as E�ibit A ("Redevelopment Project Area"); and, WHEREAS, in order to assist and encourage rapid development of the Redevelopment Project Area and in order to expedite the repayment of eligible redevelopment project costs so that the Redevelopment Project Area may more rapidly return to the tax rolls, the City of Decatur desires to commit a substantial portion of the City's incremental retailers occupation taxes derived from the Redevelopment Project Area to the repayment of eligible redevelopment project costs evidenced by certain notes to be issued by the City of Decatur by depositing those increases hereafter described into the newly created Southeast Plaza Special T�Allocation Fund; and, WHEREAS, the City as a home rule municipality has the authority to pledge these incremental sales taxes to the payment of such notes under the Illinois Local Debt Reform Act, 30 ILCS 355 et se�c., and the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et s�. NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. All recitals shall be a part of this agreement and incorporated herein.