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� � . <br /> � � <br /> _,_ , <br /> � <br /> , � ' � } <br /> residenrial projects from developing. The City does not currently have the available <br /> funds to contribute to a substantial development which would offset these high <br /> costs. An incentive program should be established and public utilities must be made <br /> available in order for development to occur in these areas. <br /> TaY Increment Financing (TIF) is the one of the few tools Illinois <br /> communities can use to encourage development, prevent blight and at the same time <br /> increase employment, population and assessed valuation in their community. With <br /> an increased tax base, the City will be able to improve and extend of public utilities, <br /> streets, and other public infrastructure as well as offer developers incentives to <br /> develop in the City of Decatur. The City of Decatur will gxow and development will <br /> occur due to economic incentives offered through TIF. The result will be an <br /> increased tax base not only for the City, but eventually for every other taxing district <br /> which levies withi.n the Redevelopment Area. <br /> TAX INCREMENT FINANCING <br /> In 1977, the State Legislature passed the "Tax Increment Allocation <br /> Redevelopment Act," now recorded as 6� ILCS �/11-74.4. This Act recognizes that <br /> in many municipalities of the State blighted and conservation areas exist which need <br /> to be developed or redeveloped to eliminate those conditions or prevent them from <br /> occumng. The Act further declares that prevenrion or eradication of these <br /> conditions by redevelopment projects is essential to the public interest. <br /> In City of Canton v_. Crouch, 79 Ill. 2d 356 (1980) the Illinois Supreme Court, <br /> approvi.ng the use of TIF, stated: <br /> "Stimulation of economic growth and removal of economic stagnation <br /> are also objectives which enhance the public [good]." <br /> Municipalities thus have available a financing tool which permits them to <br /> offer incentives to private developers encouraging redevelopment in such areas <br /> within their corporate limits on land which otherwise would not be feasible or <br /> difficult to develop. However, the Act requires the municipality to follow certain <br /> procedures in implementing such projects: <br /> 2 <br />