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Section 2. The City of Decatur hereby elects to deposit all incremental increases in <br /> retailers occupation taxes (less 1/4% which is currently obligated to capital projects within the <br /> City) derived from the Redevelopment Project Area into a separate fund connected to the newly <br /> formed Southeast Plaza Special Tax Allocation fund referred to as the "Southeast Plaza Retailers <br /> Occupation Tax Fund" (the "Subfund") to be used to pay outstanding obligations (notes) and <br /> expenses due the developer of the Redevelopment Project Area for certain eligible project costs <br /> set forth in section 4-3(q) of the Illinois Tax Increment Allocation Redevelopment Act ("TIF <br /> Act") and subject to certain limitations set forth in the Redevelopment Agreement dated March <br /> 31, 1997 between the City of Decatur and Airport Plaza Joint Venture ("Redevelopment <br /> Agreement"). <br /> Section 3. Deposits into the Subfund shall be made as needed by the City and as required <br /> under the Redevelopment Agreement. At such time as payments are to be made on the <br /> aforementioned notes from the Subfund, the necessary funds shall be transferred from the <br /> Subfund to the Special Tax Allocation Fund for payment. <br /> Section 4. At such time as all agreed upon eligible project costs have been reimbursed <br /> and the City ceases to use tax increment allocation financing to redevelop the Redevelopment <br /> Project Area, the City of Decatur may deposit all remaining funds in the Subfund back into the <br /> general fund of the City. At no time shall such funds be deemed surplus funds for the purpose of <br /> distributing incremental increases in real estate taxes to the respective taxing districts as allowed <br /> under Section 4-8 of the TIF Act. �', <br /> Section 5. All ordinances and parts of ordinances in conflict herewith are hereby I <br /> repealed. , <br /> Section 6. This ordinance shall be in full force and effect from and after its passage and <br /> approval as provided by law. <br /> PRESENTED, PASSED, APPROVED AND RECORDED this Sth day of May, 1997. <br /> TE Y M. HO <br /> or <br /> AT"TEST: <br /> / / , <br /> , <br /> ���� � � <br /> � ,�l�z�fi <br /> CITY CLERK <br />