6089 - Laserfiche WebLink

Home Browse Search

(2) The Redevelopment Plan conforms to the comprehensive plan for the development of the City as a whole; (3) The estimated dates of completion of the Redevelopment Project and retirement of obligations incurred to finance redevelopment project costs have been stated as not later than December 31, 2008, which date is not more than twenty-three years from the adoption of this Ordinance; (4) A plan has been developed for relocation assistance for businesses and residences; and (5) The area selected for the Redevelopment Project includes only those parcels of real property and improvements thereon substantially benefited by the proposed Redevelopment Project improvements. Section 2: Desi~nation of Area. The Area is hereby designated as a "redevelopment area" as defined in Section 99.805(10) of the TIF Act. Section 3: Approval of Plan and Projects. The Redevelopment Plan and the Redevelopment Project are hereby approved and adopted. A copy of the Redevelopment Plan setting forth the Redevelopment Project is attached hereto as Exhibit D and incorporated herein by reference. Section 4: Adoptin~ Tax Increment Allocation Financing. After the total equalized assessed valuation of the taxable real property in the Area exceeds the certified total initial equalized assessed valuation of the taxable real property in the Area, the ad valorem taxes, and payments in lieu of taxes, if any, arising from the levies upon taxable real property in the Area by taxing districts and tax rates determined in the manner provided in subsection 2 of section 99.855 of the TIF Act each year after the effective date of this Ordinance until redevelopment costs have STL-529261