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WHEREAS, it is the intention of the City, pursuant to <br /> the provisions of Ill.Rev.Stat. 1989, ch. 24, par. i1-74.4-1 <br /> et seq. (the "Act") , to approve a redevelopment plan, <br /> designate a redevelopment project area, and adopt tax <br /> increment allocation financing with respect thereto, which <br /> Redevelopment Project Area ("RPA") is located within the <br /> City and legally described in Exhibit A hereto; and, <br /> WHEREAS, the RPA, in whole or in part, is subject to <br /> the taxing authority of the Taxing Districts, and the Taxing <br /> Districts derive tax revenues therefrom in order to finance <br /> their various operations in and for the public interest, <br /> including but not limited to education, police and fire <br /> protection, parks and road maintenance; and, <br /> WHEREAS, the City and the Taxing Districts will share <br /> those tax revenues generated by increases in the assessed <br /> valuation of the RPA pursuant to the Act ("increment") , <br /> which increment would otherwise be paid into a special tax <br /> allocation fund of the City and expended by the City <br /> pursuant to the provisions of the Act, so that the public <br /> interest may be served thereby; and, <br /> WHEREAS, the Taxing Districts acknowledge that the <br /> redevelopment plan proposed for the RPA is on file with the <br /> Clerk of the City, as directed by Resolution No. R91-148 of <br /> the City, and the Taxing Districts hereby acknowledge <br /> receiving copies of said plan from the City. <br />