(A) The City Council hereby finds and determines as follows:
(1) The Business District Plan constitutes a specific plan for the Business District;
(2) The designation of the Business District identified in the Business District Plan, being legally described on Exhibit A and depicted on Exhibit B, which exhibits are attached to Ordinance 2005-03 and incorporated by reference in this section, as a Business District assures opportunities for development and redevelopment and attracting sound and stable commercial growth;
(3) The Business District Plan conforms to the city’s Comprehensive Plan;
(4) The real property comprising the Business District is contiguous and includes only those parcels directly and substantially benefitted by the Business District Plan;
(5) Upon consideration of the blight analysis, as it applies to the Business District, and the Business District Plan, the Business District is a “blighted area” in accordance with the Business District Act, being ILCS Ch. 65, Act 5, § 11-74.3, that, by reason of the predominance of defective or inadequate street layout, unsanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete platting, or the existence of conditions which endanger life or property by fire or other causes, or any combination of these factors, constitutes an economic and social liability and a menace to the public health, safety, morals or welfare of the city;
(6) The Business District on the whole has not been subject to growth and development through investment by private enterprises or would not have reasonably been anticipated to be developed or redeveloped without the adoption of the Business District Plan;
(7) The Business District Plan includes the following elements required by ILCS Ch. 65, Act 5, § 11-74.3-5(4) of the Business District Act being, ILCS Ch. 65, Act 5, § 11-74.3:
(a) A specific description of the proposed boundaries of the Business District, including a map illustrating the boundaries, which is attached to Ordinance 2005-03 as Exhibit B;
(b) A general description of each project proposed to be undertaken with the Business District;
(c) The name of the Business District;
(d) The estimated project costs for the Business District Redevelopment Project;
(e) The anticipated source of funds to pay the anticipated project costs;
(f) The anticipated type and term of any obligations to be issued; and
(g) The rate of any tax to be imposed and the period of time for which the tax shall be imposed.
(8) The city’s exercise of the powers provided in the Business District Act, being ILCS Ch. 65, Act 5, § 11-74.3, is dedicated to the promotion of the public interest and to the enhancement of the tax base of the Business District, and the city’s use of the powers for the development and redevelopment of the Business District as provided in the Business District Plan is a public use essential to the public interest.
(B) The Business District Plan, attached to Ordinance 2005-03 as Exhibit C and incorporated by reference in this section, is hereby adopted as the city’s specific plan for the Business District.
(Ord. 2005-03, passed 2-7-2005)