91-92 APPROVING THE TAX INCREMENT REDEVELOPMENT PLAN AND PROJECT

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,' � ' ' Y. INTRODUCTION The City of Decatur is located in central Illinois approximately 170 miles from Chicago, 123 miles to St. Louis , and 165 miles from Indianapolis. The City of Decatur covers 41 square miles. Historically Decatur's growth and high quality of life can be at- tributed to a strong manufacturing employment sector. In the period 1960 through 1980, Decatur's population grew from 78, 004 to 94 , 081. In the early 1980's, Decatur's economy began to undergo basic shifts, not unlike other communities in the Midwestern manufac- turing region. The 1990 Census of population revealed that . shifts in the economic base of the community that began in the early 80's had resulted in a decline in population to a level of 83 , 885 persons. , These shifts in the economic base have important implications on many aspects of community life. Maintaining an aging housing stock and public infrastructure becomes a significant challenge when the population base declines and economic foundations are altered. Neighborhoods and general units of local government must develop strategies and financing techniques to access and conserve existing neighborhoods and foster rehabilitation of older neighborhoods, including the provision of public utilities. II . GENERAL GOALS FOR NEIGHBORHOOD IMPROVEMENT The City of Decatur is corsiitted to promoting high quality neigh- borhoods , expanding the real property tax base (including by retail and commercial development where appropriate) and thereby improving the quality of life for all Decatur residents. In the recently adopted comprehensive plan for the City, the development of high quality neighborhoods is recognized as a fundamental ele- ment for the future development of the community. The new com- prehensive plan recognizes that " . . . our principal neighborhood development goal is to assure high quality residential living en- vironments for all our citizens. " III. TAX INCREMENT FINANCING REDEVELOPMENT After a blighted and/or conservation area is designated as a Redevelopment Project Area, and Tax Increment Financing is adopted, pursuant to the Real Property Tax Increment Allocation Redevelopment Act (the "ACT") as amended, all taxing districts will continue to receive the real estate tax revenue they received prior to redevelopment. The new real estate tax revenue generated by the application of tax rates due to the increase in assessed values is described as tax increment revenue. As soon as redevelopment project costs are paid, or adequate provisions -1-