90-115 APPROVING TAX INCREMENT REDEVELOPMENT PLAN AND PROJECT - BACHRACH PROJECT

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c ., � , ' � , �� . t 'h• F �. � • WHEREAS, the Redevelopment Plan and Project set forth conditions in the proposed Redevelopment Project Area qualifying �� the area as an "industrial park conservation area" and. the City Council has reviewed the report and findings submitted by the Joint Review Board and is generally informed of the conditions causing the proposed Redevelopment Project Area to qualify as an industrial park conservation area as said term is used in the Act; and, WHEREAS, the City Council has reviewed the conditions pertaining to lack of private investment in the proposed Redevelopment Project Area to determine whether private development would take place in the proposed Redevelopment Project Area as a whole without the adoption of the proposed Redevelopment Plan and Project; and, WHEREAS, the City Council has reviewed the conditions pertaining to real property in the proposed Redevelopment Project Area to determine whether contiguous parcels of real property and improvements thereon in the proposed Redevelopment Project Area would be substantially benefited by the proposed project improvements. NOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: Section 1 . That the City Council of the City of Decatur hereby makes the following findings: a. The area constituting the proposed Redevelopment Project Area of the City of Decatur, Illinois is described as set I forth in the attached Exhibit "A" ; b. The City is a labor surplus City and the �' implementation of the Redevelopment Plan will reduce unemployment, create new jobs and by the provisions of new facilities enhance the tax base of the taxing districts that extend into the redevelopment project area; c. There exist conditions which cause the area proposed to be designated as a Redevelopment Project Area to be classified as "an industrial park conservation area" as defined in para. 11-74 . 4-3 (d) of the Act and said area is found to be an industrial park conservation area; d. The proposed Redevelopment Project Area on the whole has not been subject to growth and development through investment by private enterprise and would not be reasonably anticipated to be developed without the adoption of the Redevelopment Plan and Project;