The URL can be used to link to this page

Home My WebLink AboutS9-86VOLUME LI 814 813 VOLUME LI I ORDINANCE NO. S9-86 I ORDINANCE PASSED DESIGNATING A REDEVELOP- MENT PROJECT AREA AND ADOPTING TAX INCREMENT } ALLOCATION FINANCING IN THE CITY OF ELGIN, ILLINOIS Councilwoman Moylan made a motion,' seconded by Councilman Gilliam to pass the aforementioned ordinance. Yeas: Councilmen Andersen, Gilliam, Moylan, Shales, Waters and Mayor Pro Tem Van De Voorde. Nays: None. ORDINANCE DESIGNATING A REDEVELOPMENT PROJECT AREA AND ADOPTING TAX INCREMENT ALLOCATION FINANCING IN THE CITY OF ELGIN, ILLINOIS WHEREAS, the City of Elgin, Illinois desires to imple- ment tax increment financing pursuant to the Tax Increment Allocation Redevelopment Act, as amended, constituting Division 74.4 of Article 11 of the Illinois Municipal Code (hereinafter referred to as the "Act") for the Redevelopment Plan and Redevel- opment Project approved and adopted pursuant to an ordinance adopted by the City Council of the City on December 22, 1986 and entitled: "Ordinance Approving a Tax Increment Redevelopment Plan and Redevelopment Project in the City of Elgin, Illinois" (the "Redevelopment Ordinance"). WHEREAS, it is now necessary to designate the area referred to in said plan as a Redevelopment Project Area as pro- vided in the Act and to authorize tax increment allocation finan- cing with respect to such Redevelopment Project Area. WHEREAS, the area described in Section 1 of this ordi- nance constitutes, in the aggregate, more than 1-1/2 acres and has been determined to include a "Blighted Area" within the mean- ing of Section 11-74.4-3(a) of the Act. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, AS FOLLOWS: Section 1. The following legally described area is hereby designated as a Redevelopment Project Area pursuant to Section 11-74.4-4 of the Act: 815 VOLUME LI I VOLUME LI 816 That part of the Southwest Quarter of Section 12, Township 41 North, Range 8 East of the Third Principal Meridian, described as follows: Commencing at the Northwest corner of said Southwest Quarter; thence South along the West line of said Southwest Quarter, a distance of approximately 1,730.00 feet, to a point on the North right of way line of Summit Street; thence East along said North right of way line, a distance of approximately 1,170.00 feet, to the point of beginning; thence South along the West line extended of Lot 8 in Block 24 of Jane R. Kimball's Subdivision, a distance of approximately 495.00 feet, to a,point that is 132.00 feet South of the South right of way line of Seneca Street and 132.00 feet East of the East right of way line of Prospect Boulevard; thence East on a line perpendicular to the last described course, a distance of approximately 66.00 feet, to a point on the Westerly line extended of Lot 8 in Wm. H. Wilcox's 2nd Addition; thence Northeast along said Westerly line extended a distance of approximately 70.00 feet, to the Southwest corner of said Lot 8; thence South- east along the Southerly line extended of said Lot 8, a distance of approximately 390.00 feet, to a point on the Easterly right of way line of Dundee Avenue; thence North- east along said Easterly right of way line, a distance of approximately 745.00 feet, to the point of intersection with the North right of way line extended of Summit Street; thence West along said North right of way line extended to the point of beginning, all in the City of Elgin, Kane County, Illinois. Section 2. Pursuant to _GPr+'4nn „ _7A A_0 tax increment allocation financing is hereby adopted with respect to the Redevelopment Plan and Project approved by virtue of the adoption of the Redevelopment Ordinance and with respect to the Redevelopment Project Area designated in Section 1 of this ordi- nance. Ad valorem taxes, if any, arising from the levies upon real property in the Redevelopment Project Area by taxing dis- tricts and the rates determined in the manner provided in Section 11-74.4-9(c) of the Act each year after the effective date of this ordinance until the Redevelopment Project Costs and obliga- tions issued in respect thereto have been paid shall be divided as follows: (a) That portion of taxes levied upon each taxable lot, block, tract or parcel of real property which is attribut- able to the lower of the current equalized assessed value or the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the Redevelopment Project Area shall be allocated to and when collected shall be paid by the county collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing. (b) That portion, if any, of such taxes which is at- tributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the Redevelopment Project Area over and above the initial equalized assessed value of each property in the Redevel- opment Project Area shall be allocated to and when collected shall be paid to the City'Treasurer who shall deposit said finds in a special fund called the "Dundee/Summit Area A Special Tax Allocation Fund" of the City for the purpose of paying Redevelop- ment Project Costs and related to the Redevelopment Project Area and obligations incurred in the payment thereof. The City hereby pledges the funds in and to be depos- ited in the Dundee/Summit Area A Special Tax Allocation Fund for the purpose of paying Redevelopment Project Costs related to the Redevelopment Project Area and obligations incurred in the pay- ment thereof. Section 3. The City Clerk be and is hereby directed to Publish this Ordinance in pamphlet form. -2- -3- 817 Section 4. The City Clerk is hereby authorized to file a certified copy of this ordinance with (a) the County Clerk of Kane County within five days after the effective date of this Ordinance, and (b) the Illinois Department of Revenue and the Illinois Department of Commerce and Community Affairs within thirty days after the effective date of this Ordinance. Section 5. This ordinance shall become effective in the manner provided by law. Adopted and approved this 22nd day of December, 1986 by roll call vote as follows: Ayes: Councilmen Andersen, Gilliam, Moylan, Shales, Waters and Mayor Pro Tem Van De Voorde. Nays: None Absent: Mayor Verbic Approved: s/ Geor a Van De Voorde Mayor Pro Tem (SEAL) Attest: s I Marie Yearnian City Clerk 1986. Published in pamphlet form this day of December, (SEAL) City Clerk { CERTIFICATE I, Marie Yearman, City Clerk of the City of Elgin, Illinois, hereby certify that the foregoing ordinance entitle "Ordinance Designating a Redevelopment Project Area and d. Tax Increment Allocation Financing in the Cityof Adopting Elgin, Illinois," is a true COPY of an original ordinance which was duly adopted by the recorded affirmative votes of a majority of the members of the City Council of the City at a rescheduled regular meeting thereof which was duly9 ar called and held at 8:00 p.m.. on December 22, 1986 at the Council Chambers in the City Hall at 1 Dexter Court and at which a 50 ' quorum was present and acting throughout, and that said copy has been compared by me with the original ordinance signed by the Mayor, and recorded in the Ordinance Book of the City and that it is a correct transcript thereof and of the whole of said ordinance, and that saidp ordinance has not been altered, amended, repealed or revoked b is in full force and effect. but IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City this 22nd day of December, 1986. City Clerk (SEAL) 14094aa 12/10/86 CT/bet -4- -5-