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/ � • • <br /> ORDINANCE NO. 2000-39 <br /> AN ORDINANCE AMENDING THE OLDE TOWNE <br /> REDEVELOPMENT PLAN AND REDEVELOPMENT <br /> PROJECT FOR THE OLDE TOWNE REDEVELOPMENT <br /> PROJECT AREA OF THE CITY OF DECATUR,ILLINOIS <br /> WHEREAS, pursuant to a series of ordinances adopted May 15, 2000 <br /> (collectively, the��TIF Ordinances") in connection with the Olde Towne redevelopment project <br /> area (the "Redevelopment Project Area"), the City of Decatur, Illinois (the "Municipality") <br /> adopted the Olde Towne redevelopment plan and the redevelopment project (the <br /> ��Redevelopment Plan" and `�Redevelopment Project"), designated the Redevelopment <br /> Project Area, and authorized tax increment finance ("TIF") under the Tax Increment Allocation <br /> Redevelopment Act (65 ILCS 5/11-74.4-1 et seq., as supplemented and amended, the ��TIF <br /> Act"), and provided a life for the Redevelopment Plan, Redevelopment Project and <br /> Redevelopment Project Area utilizing TIF of not more than 23 years; and <br /> WHEREAS, Section 11-74.4-3(n) of the TIF Act in relevant part provides that <br /> the estimated date of completion of the redevelopment project and retirement of obligations to <br /> finance redevelopment project costs "shall not be later than December 31 of the year in which the <br /> payment to the Municipality's treasurer as provided in subsection (b) of Section 11-74.4-8 of the <br /> TIF Act is to be made with respect to ad valorem taxes levied in the twenty-third calendar year <br /> after the year in which the ordinance approving the redevelopment project area is adopted", and <br /> the Redevelopment Plan may be amended by ordinance to extend such dates under such <br /> subsection(n). <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF <br /> THE CITY OF DECATUR,ILLINOIS, as follows: <br /> Section l. Amendment. The Redevelopment Plan and the Redevelopment <br /> Project are hereby amended such that the estimated dates of completion of the Redevelopment <br /> Project and the retirement of obligations issued to finance redevelopment project costs shall not <br /> be later than December 31 of the year in which the payment to the Municipality's Treasurer as <br />