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

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. � � +� , j . ., �y� t , , e ,� WHEREAS, the City Council has reviewed the conditions pertaining to lack of private investment in the proposed Redevelopment Project Area to determine whether the proposed Redevelopment Project Area would be substantially benefited by the proposed redevelopment project improvements; and, WHEREAS, the City Council has further determined that the implementation of the Redevelopment Plan will reduce unemployment, create new jobs, and by the provisions of new facilities, enhance the tax base of the taxing districts that extend into the Redevelopment Project Area; and, WHEREAS, the City Council has reviewed the proposed Redevelopment Plan and Project and Comprehensive Plan for the development of the City as a whole to determine whether the proposed Redevelopment Plan and Project conform to the Comprehensive Plan of the City. NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1. That the City Council of Decatur hereby makes the following findings: a. The area constituting the proposed Redevelopment Project Area in , the City of Decatur, Illinois, is described in E�ibit A-1 (Legal ; description) and Exhibit A-2 (map) of the attached Redevelopment Plan. , b. There exist conditions set forth in the Characteristics Report attached hereto as Exhibit B to the Redevelopment Plan which cause the area to be designated as a "Blighted/Conservation Area" as defined in Section 11-74.4-3 of the Act. c. The proposed Redevelopment Project Area on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan. d. The Redevelopment Plan and Redevelopment Project conform to the Comprehensive Plan for the development of the City as a whole. e. The estimated date for final completion of the Redevelopment Project is twenty-three (23) years from the effective date of this Ordinance or at such earlier time as all obligations have been fulfilled by the City.