R2012-165 PROVIDING FOR A FEASIBILITY STUDY ON THE DESIGNATION OF A PORTION OF THE CITY

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RESOLUTION NO.: R2012-165 RESOLUTION PROVIDING FOR A FEASIBILITY STUDY ON THE DESIGNATION OF A PORTION OF THE CITY OF DECATUR (PROPOSED GRAND AVENUE REDEVELOPMENT PROJECT AREA) 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 Tax Increment Allocation Redevelopment Act, 65 ILCS 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, it is necessary for the City to adopt a redevelopment plan, redevelopment projects, designate a redevelopment project area on the basis of finding that the area qualifies pursuant to statutory requirements, and to make a finding that the redevelopment project area on the whole has 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 Cit desires to undertake a feasibility stud to determine whether the Y t3' Y contemplated Redevelopment Project Area qualifies as a blighted or conservation area pursuant to the Act and whether such area on the whole has 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 and tax increment financing; and WHEREAS, the exact extent and boundaries of the Redevelopment Project Area are not known at this time but the area being considered is generally described on Exhibit A attached hereto and made a part hereof; and WHEREAS, the City will be expending certain funds to determine eligibility of the proposed Redevelopment Project Area and to create the required tax increment financing redevelopment plan; and WHEREAS, it is the intent of the City to recover these expenditures from first proceeds of the TIF program, if established; and WHEREAS, the City wishes to encourage developers to pursue plans for the redevelopment of the area including the acquisition of property and make such expenditures as are reasonably necessary in that regard with confidence that said expenditures may be allowable redevelopment project costs under the plan once adopted; and 1