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� � J <br /> • � w � • . <br /> � , <br /> , Y " , ORDINANCE NO. � r 6 � <br /> , . <br /> AN ORDINANCE ADOPTING TAX INCREMENT FINANCING <br /> - BACHRACH PROJECT - <br /> WHEREAS, the City of Decatur, Illinois desires to adopt tax <br /> increment financing, pursuant to the Tax Increment Allocation <br /> Redevelopment Act, Ill. Rev. Stat. 1989 , Ch. 24 , paras. 11-74 . 4-1 <br /> et seq. (the "Act" ) ; and, <br /> WHEREAS, the City of Decatur has adopted a Tax Increment <br /> Redevelopment Plan and Project, and designated a Redeve�.opment <br /> Project Area, pursuant to the provisions of the Act, and has <br /> otherwise complied with all other conditions precedent required <br /> by the Act. <br /> NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE <br /> CITY OF DECATUR, ILLINOIS : <br /> Section 1 . That tax increment financing is hereby adopted <br /> in respect to the Redevelopment Plan and Project, approved and <br /> adopted pursuant to Ordinance of the City of Decatur passed <br /> December 17 , 1990 , in respect to the Redevelopment Project Area <br /> described in Exhibit "A" , attached to this Ordinance, which <br /> Redevelopment Project Area was designated pursuant to Ordinance <br /> passed by the City Council heretofore. <br /> Section 2 . After the total equalized assessed valuation of <br /> taxable real property in the Redevelopment Project Area exceeds <br /> the total initial equalized assessed value of all taxable real <br /> property in the Redevelopment Project Area, the ad valorem taxes, <br /> if any, arising from the levies upon real property in the <br /> Redevelopment Project Area by taxing districts and the rates <br /> determined in the manner provided in para. 11-74 . 4-9 (c) of the <br /> Act each year after the effective date of this Ordinance until <br /> the Redevelopment Project costs have been paid shall be divided <br /> 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 /> assessed value or the initial equalized assessed value <br /> of each 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 />