SAVANNA, ILLINOIS Highway 84 and Wacker Road Tax Increment Finance Redevelopment Project Area Redevelopment Plan June 2016 Prepared by: Kathleen Field Orr Kathleen Field Orr & Associates 53 West Jackson Blvd., Suite 964 Chicago, Illinois 60604
[email protected] TABLE OF CONTENTS I. Tax Increment Financing ....................................................................................................... 4 II. City of Savanna ........................................................................................................................ 5 III. Redevelopment Project Area ................................................................................................. 7 IV. Redevelopment Plan to Address Existing Conditions ....................................................... 8 V. Redevelopment Project Area Goals & Objectives ............................................................. 9 VI. Lack of Development, Growth and Fiscal Impact on Taxing Districts ......................... 12 VII. Redevelopment Activities ....................................................................................................... 14 VIII. Estimated Redevelopment Project Costs ............................................................................ 17 IX. Most Recent Equalized Assessed Valuation for Redevelopment Project Area ............. 23 X. Anticipated Equalized Assessed Valuation for the Redevelopment Project Area ......... 24 XI. Commitment to Fair Employment Practices and an Affirmative Action Plan ...........................................................................................................................................