97-34 ADOPTING TAX INCREMENT FINANCING

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� � ORDINANCE NO. 97-34 AN ORDINANCE ADOPTING TAX INCREMENT FINANCING - SOUTHEAST PLAZA- WHEREAS, the City of Decatur, Illinois desires to adopt tax increment financing, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended, hereinafter referred to as the "Act"; and, WHEREAS, the City of Decatur has adopted a Redevelopment Plan and Project, and designated a Redevelopment Project Area pursuant to the provisions of the Act, and has otherwise complied with all other conditions precedent required by the Act. NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That tax increment financing is hereby adopted with respect to the Redevelopment Plan and Project approved and adopted pursuant to Ordinance of the City of Decatur passed April 28, 1997 concerning the Redevelopment Project Area described in Exhibit "A" (map and legal description) attached to and made a part of this Ordinance, which Redevelopment Project Area was designated pursuant to Ordinance also passed on said date. Section 2. After the total equalized assessed valuation of t�able real property in the Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Redevelopment Project Area, the ad valorem taxes, if any, arising from the levies upon real property in the Redevelopment Project Area by taxing districts and the rates determined in the manner provided in Section 11-74.4-9(c) of the Act each year after the effective date of this Ordinance until the Redevelopment Project costs have been paid shall be divided as follows: