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. � <br /> . -� .� <br /> r <br /> • �, ` ' • . <br /> _ . . . �/ �'/ <br /> . . ORDINANCE N0. f � <br /> ' AN ORDINANCE ADOPTING TAX INCREMENT FINANCING <br /> WHEREAS, the City of Decatur, Illinois , desires to <br /> adopt tax increment financing, pursuant to the Tax Increment <br /> Allocation Redevelopment Act, Ill.Rev.Stat. 1989 , Ch. 24 , <br /> Sections 11-74 . 4-1 et seq. , as amended, S.H.A. (the "Act" ) ; <br /> and <br /> WHEREAS, the City of Decatur has adopted a Tax <br /> Increment Redevelopment Plan and Project, and designated a <br /> Redevelopment Project Area, pursuant to the provisions of <br /> the Act, and has otherwise complied with all ather <br /> conditions precedent required by the Act. <br /> NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF <br /> THE CITY OF DECATUR, ILLINOIS: <br /> Section 1 . That tax increment financing is hereby <br /> adopted in respect to the Redevelopment Plan and Project, <br /> approved and adopted pursuant to Ordinance of the City of <br /> Decatur passed December 23 , 1991 , in respect to the <br /> Redevelopment Project Area described in Exhibit l , attached <br /> to "this Ordinance, which Redevelopment Project Area was <br /> designated pursuant to Ordinance passed by the City Council <br /> heretofore. <br />, Section 2 . After the total equalized assessed <br /> valuation of taxable real ro ert in the Redevelo ment <br /> P P Y P <br /> Project Area exceeds the total initial equalized assessed <br />� value of all taxable real property in the Redevelopment <br /> Project Area, the ad valorem taxes , if any, arising from the <br />, levies upon real property in the Redevelopment Project Area <br /> by taxing districts and the rates determined in the manner <br /> provided in Section 11-74 . 4-9 (c) of the Act each year after <br />, the effective date of this Ordinance until the Redevelopment <br /> Project costs have been paid shall be divided as follows : <br /> a. That portion of taxes levied upon each taxable <br /> lot, block, tract or parcel of real property which is <br /> attributable to the lower of the current equalized <br /> value of the initial equalized assessed value of each <br />, such taxable lot, block, tract or parcel of real <br /> property in the Redevelopment Project Area shall be <br /> allocated to and when collected shall be paid by the <br /> County Collector to the respective affected taxing <br /> districts in the manner required by law in the absence <br /> of the adoption of tax increment allocation financing; <br /> b. That portion if any, of such taxes which is <br /> attributable to the increase in the current equalized <br />