97-32 APPROVING CITY OF DECATUR TAX INCREMENT REDEVELOPMENT PALN AND REDEVELOPMENT PROJECT

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- , , � , The Southeast Plaza Development could create as many as 450 new jobs for the City of Decatur and Macon County. Furthermore, it is hoped that spurring economic growth in the southeast comer of the City might create a number of new future jobs in surrounding areas. TIF PLAN It is the intent of the City, by creating this Tax Increment Financing District, to increase the marketability and developability of a parcel of land located in the Southeast Corner of the City of Decatur and, in turn, to spur the development of this area of the City. The development plan includes demolirion of the sub-stand�*3 structures on the site. This parcel is ci,uTently occupied by at least seven old, � deteriorated and, in some cases dilapidated buildings. Sewer and water will be extended to the site. E�cisting storm water floodi.ng conditions will be controlled on the property. While part of this land may be i.n a good location for development, the land poses special problems (discussed in E�chibit B attached hereto) which make the cost of developing the land much greater than most parcels of like size. Thus, it is the intention of the City to create a Tax Increment Financing District which would enable the City to assist the Developer in offsetting the public infrastructure costs, as well as other costs, in order to make development of this properry econorn.ically feasible. Further, the City hopes that by encouraging development of this land as anticipated by the Developer, the entire Southeast side of Decatur will benefit and prosper by raising assessed values, through construction of$20 million in projects which will create new tax revenues for all of the taxing districts. II. REDEVELOPMENT DISTRICT The proposed TIF District includes a 3 8 acre parcel of land located on the southeast side of the City. The area is shown on the Map in Exhibit A-2. III. QUALIFYING CONDITIONS OF REDEVELOPMENT AREA The proposed Redevelopment Area as a whole contains characterisrics which qualify the Area as "blighted" or "conservation" as defined in the TIF Act. 14