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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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• Facilitate burial of overhead utilities along Ireland Road and Miami <br />Street <br />• Remove or realign curb -cuts along Ireland Road and Miami Street <br />to promote more organized traffic circulation <br />VI. FINANCIAL ACTION PLAN <br />A. Introduction <br />One of the many components of a development plan is the outlining of the <br />financial mechanisms that will facilitate the goals and objectives of the <br />development area. As a part of the development and designation of the <br />South Side Development Area, it was determined by staff that the <br />principal financial mechanism to accomplish the objectives of the Plan <br />was to designate a tax increment finance (TIF) allocation area that shares <br />the same boundaries as the development area. There is the potential for <br />a very immediate positive impact for the allocation if the proposed projects <br />develop as scheduled. However, there will be a negative impact period as <br />properties are demolished and /or devalued as part of the redevelopment <br />of these larger development sites. It is anticipated that the City through its <br />IL Redevelopment Commission and its Department of Public Works will be <br />providing a large amount of the resources to stimulate development in the <br />development area. Ultimately, the anticipated TIF revenues will be used <br />on target acquisition projects and small scale public works projects within <br />the development area versus the first several years in which the funds will <br />be used for large scale infrastructure and redevelopment projects. <br />Another economic tool that will be utilized for redevelopment activities <br />within the development area is a sales tax increment finance (STIF) <br />allocation area located within the proposed South Side Economic <br />Development Project District. The district will collect sales tax increment <br />generated from within the designated district and the funds can be used <br />for redevelopment and infrastructure development projects within that <br />area. The difference between a TIF district and a STIF district is that the <br />generation potential of a TIF district is only limited by the amount of <br />growth whereas the generation potential of a STIF district is limited to a <br />yearly collection of one million dollars per year for twenty years for a total <br />cap amount of twenty million dollars. <br />25 <br />
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