R2023-153 Resolution Providing for a Feasibility Study on the Designation of a Portion of the City of Decatur, Illinois as a Redevelopment Project Area and To Induce Development Interest within Such Area

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RESOLUTION NO. baa-153 RESOLUTION PROVIDING FOR A FEASIBILITY STUDY ON THE DESIGNATION OF A PORTION OF THE CITY OF DECATUR, ILLINOIS AS A REDEVELOPMENT PROJECT AREA AND TO INDUCE DEVELOPMENT INTEREST WITHIN SUCH AREA WHEREAS, the City of Decatur (the "City") is authorized under the provisions of the Illinois Tax Increment Allocation Redevelopment Act, 651LCS 11-74.4-1, et seq. (the "Act'), to finance redevelopment project costs in connection with redevelopment project areas established in accordance with the conditions and requirements set forth in the Act; and WHEREAS, pursuant to the Act, to implement tax increment financing (TIF), it is necessary for the City to adopt a redevelopment plan(s), redevelopment project(s), designate a redevelopment project area(s) on the basis of finding that the area(s) qualify pursuant to statutory requirements, and make a finding that the redevelopment project area on the whole have not been subjected to growth and development through private enterprise and would not reasonably be anticipated to be developed without the adoption of a redevelopment plan, which plan contains a commitment to use public funds; and WHEREAS, the City desires to undertake a feasibility study to determine whether findings may be made with respect to an area of the City, generally described herein, which may be added to an existing redevelopment project area, to qualify the area as a "blighted area" as defined in the Act and applicable to vacant land, and other research necessary to document the lack of growth and development through private enterprise; and WHEREAS, the exact extent and boundaries of the amended redevelopment project area are not precisely defined at this time but the general area being considered is delineated on Exhibit A attached hereto, and that the actual redevelopment project area to be established may contain more or less land than that shown on Exhibit A; and WHEREAS, the City has retained PGAV Planners, LLC of 200 North Broadway, Suite 1000, St. Louis, Missouri 63102, to undertake such feasibility study to: (a) determine if all or a portion of the proposed TIF area qualifies under the Act; (b) amend the existing redevelopment plan; and (c) assist with the process of review and approval of said amended redevelopment plan; and WHEREAS, the City will be expending certain funds to determine eligibility of the proposed redevelopment project area and to prepare the required redevelopment plan amendment if the City decides to implement tax increment financing for all or a portion of the proposed TIF area; and WHEREAS, the City may expend other funds in furtherance of the objectives of the anticipated redevelopment plan; and Page 1 of 4