R91-81 DECLARING INTENT TO DESIGNATE TAX INCREMENT FINANCING DISTRICT

Home Browse Search

t � � ' RESOLUTION NO. R � /' v I RESOLUTION DECLARING INTENT TO DESIGNATE TAX INCREMENT FINANCING DISTRICT WHEREAS, the City has proposed that the approximately 124 . 19 acre site, outlined on the attached map and bounded in part by Mound Road, Shutter Drive, Maryland Heights Road, Illinois Route 51, the Illinois Terminal Railroad right-of-way (Martin Luther King, Jr. Drive extended) , and the Illinois Central Railroad right-of-way, currently within or to be annexed into the City, be redeveloped by the adoption of a Tax Increment Redevelopment Plan and Project, the designation of the site as a Tax Increment Redevelopment Area, and the adoption of tax increment financing relating thereto, all pursuant to Section 11-74 . 4-1 et seq. of Chapter 24 , Ill. Rev. Stat. , as amended (the "Act") ; and, WHEREAS, it is the intention of the City to designate the proposed Redevelopment Project Area for tax increment redevelopment, but for which designation such Area would not redevelop at such time and in such manner as are in the public health, safety and welfare, and to use tax increment financing pursuant to the Act, plus other funds and revenues as determined by the City, to extend and improve Martin Luther King, Jr. Drive into and within the proposed Redevelopment Project Area to provide necessary road access to such Area; and, WHEREAS, the proposed Redevelopment Project Area has been studied preliminarily by personnel from the City of Decatur to determine its qualifications for tax increment financing redevelopment. It has been determined preliminarily that the area as a whole qualifies for tax increment designation on the following bases: 1. The proposed Redevelopment Project Area as a whole qualifies as a blighted improved area because it contains the following blighting conditions, which are detrimental to the public health, safety, and welfare of the residents of Decatur: age, obsolescence, deterioration, below minimum code, deleterious land use, depreciation of physical maintenance, and lack of community planning. 2 . The incidental vacant parts of the Redevelopment Project Area qualify independently and additionally for tax increment financing redevelopment as a blighted vacant area, because they contain the following blighting conditions, which are detrimental to the public health, safety, and welfare of the residents of Decatur, and which impair the sound growth of the taxing districts : obsolete platting, deterioration of structures or site improvements in neighboring areas adjacent to such vacant land, and unused rail tracks and railroad rights-of-way.