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Home My WebLink About08-216 1• Resolution No. 08-216 RESOLUTION PROVIDING FOR A FEASIBILITY STUDY ON THE DESIGNATION OF A PORTION OF THE CITY OF ELGIN, ILLINOIS AS A REDEVELOPMENT PROJECT AREA AND TO INDUCE DEVELOPMENT INTEREST WITHIN SUCH AREA (Bluff City Quarry Area) WHEREAS, the City of Elgin, Illinois (the "City"), is authorized under the Tax Increment Allocation Redevelopment Act, 65 ILCS I1-74.4-1, et seq. (the "TIF Act") as supplemented and amended by the Local Government Debt Reform Act, as amended, and the other Omnibus Bond Acts, as amended, and as further supplemented and, where necessary, superseded, by the provisions of Section 6 of Article VII of the 1970 Constitution of the State of Illinois (collectively, the "Act"), to finance redevelopment project costs in connection with redevelopment project areas designated in accordance with the conditions and requirements set forth in the TIF Act; and WHEREAS, the City hereby finds and determines that the assistance and financing intended herein will serve the public purposes of the City; and WHEREAS, pursuant to the TIF Act, to implement tax increment financing, it is necessary for the City to approve a redevelopment plan and redevelopment project, designate a redevelopment project area by finding, inter alia, that the area qualifies pursuant to statutory requirements and that the redevelopment project area on the whole has not been subjected to growth and development through private enterprise and would not reasonably be anticipated to be developed without the adoption of a redevelopment plan and project (the "Plan" and "Project"), and adopt tax increment allocation financing for said redevelopment project area; and WHEREAS,the City desires to undertake a feasibility study to determine whether an area of the City (herein referred to as the "Bluff City Quarry Area") may qualify as a blighted area, a conservation area, an industrial park conservation area, or a combination thereof as defined in the TIF Act, and to undertake additional research necessary to document a lack of growth and development through private enterprise, so that all or a portion of the Bluff City Quarry Area may be designated as a redevelopment project area; and WHEREAS, the exact extent and boundaries of the Bluff City Quarry Area are generally delineated on Exhibit A attached hereto, and that the actual redevelopment project area to be established may contain more or less land than that shown on Exhibit A or may be amended or added to in the future; and WHEREAS, the City reasonably anticipates that it will expend certain funds to determine eligibility of the proposed Bluff City Quarry Area and to prepare the required redevelopment plan if the City decides to implement tax increment financing for all or a portion of the proposed Bluff City Quarry Area; and WHEREAS, the City reasonably anticipates that it will expend other funds in furtherance of the objectives of the anticipated redevelopment plan; and WHEREAS, it is the intent of the City to reimburse itself for such expenditures from incremental property taxes derived from the proposed Bluff City Quarry Area, or from obligations secured by such incremental property tax revenues, if the redevelopment project area is designated under the TIF Act; and WHEREAS, the City wishes to encourage developers and property owners of the Bluff City Quarry Area to pursue plans for redevelopment, land preparation or building renovations and make such expenditures (the "Expenditures") as are reasonably necessary in that regard with confidence that said Expenditures may be allowable redevelopment project costs under the redevelopment plan once approved and as may be provided in one or more redevelopment agreements between the City and the developers/property owners; and WHEREAS, the developers and owners of real property located within the Bluff City Quarry Area now contemplate that (i) they will use funds from sources, other than incremental property taxes, which are or will available to them on a short-term basis, in order to pay such Expenditures, (ii) some or all of such Expenditures will constitute eligible "redevelopment project costs" (as defined in the TIF Act) prior to the designation of the redevelopment project area and execution of any redevelopment agreements with the City and (iii) the City will pay or reimburse some or all of said Expenditures which constitute eligible redevelopment project costs with incremental property taxes to be derived from the redevelopment project area, if it is designated, or from proceeds of obligations issued by the City pursuant to the Act and secured by such incremental property taxes; and WHEREAS, certain eligible redevelopment project costs, including such Expenditures and additional costs for the Project, may be incurred by developers, property owners and/or the City on or after the passage of this Resolution but prior to the designation of the redevelopment project area and/or issuance by the City of any obligations to pay or reimburse said costs; and WHEREAS, the purpose of any proposed redevelopment plan and project will be to generate private investment in the Bluff City Quarry Area, thereby eliminating or reducing blighted conditions or conditions that may lead to blight and providing for the long-term sound growth of the City: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN ILLINOIS in the exercise of its home rule powers, as follows: l. The foregoing preambles are incorporated herein as though fully set forth. 2. The City Council has reviewed the proposed Bluff City Quarry Area and its condition and circumstances and, at this time, concludes that it is reasonable to anticipate that a redevelopment plan may be approved for said Bluff City Quarry Area and that preliminary and other expenditures in furtherance of the redevelopment plan and project will be eligible "redevelopment project costs" under the TIF Act and in the redevelopment plan as approved, provided that this Resolution shall not be deemed to be a guarantee that any such redevelopment plan will be approved, but rather is an expression of the sense of the City at this time. 3. This resolution is adopted for purposes of inducing the developers and owners of real property located in the Bluff City Quarry Area to proceed with the Project and to pay or incur the Expenditures pending approval of a redevelopment plan, designation of a redevelopment project area, adoption of tax increment financing and execution of one or more redevelopment agreements. 4. The City reasonably expects to reimburse its Project costs with the proceeds of an obligation, and the maximum principal amount of the obligations expected to be issued for the Project is Fifty Million Dollars ($50,000,000). This declaration of official intent is made pursuant to Treasury Regulation section 1.150-2. 5. This resolution or any adoption of a TIF District shall not obligate the City to reimburse any third party any Expenditures or any eligible redevelopment project costs nor obligate the City to finance eligible redevelopment project costs via a bond issuance or other debt financing. 6. The person to contact for additional information about the proposed redevelopment project area and who should receive all comments and suggestions regarding the redevelopment of the area shall be: William A. Cogley, Corporation Counsel 150 Dexter Court, Elgin, Illinois 60120 Telephone(847) 931-5656 s/Ed Schock Ed Schock, Mayor Presented: September 10, 2008 Adopted: September 10, 2008 Vote: Yeas: 6 Nays: 0 Attest: s/Diane Robertson Diane Robertson, City Clerk EXHIBIT A: TIF Study Area Boundary i 7.1 Potential TIF District 1 ' - Route 20 ®Subject Area TIF District - : MaV"WW by c6y d Et11 Q bp6lnNd GaMWtlly DrvNopnwSq*mbf 2006 N 4. Sep Ai�tactied'List' .for PIN's r I.. 062W0,0,0 4 asaoao,me I ,.. _ J , 33 i , J. OA86CET-DR-- I rr yrEsreAAnEz'rRD!• is 2. [ JI �� f h •�i:7 -Lr ( •� -I I I .sue_... ...,�._ :i.........:...... ,:.. Cook Parcels within East-West Portion of Potential TIF District PIN 0619313004 0619313009 0619313012 0619313013 0619313014 0619313015 0619313019 0619313020 0619313021 0619313022 0619313023 0619313024 0619313028 0619313029 0619313032 0619313033 0619313034 0619313036 0619313037 j^ 1619313038 0619313039 0619313043 0619313044 0619314026 0619316001 0619316002 0619316003 0619316004 0619316011 0619316012 0619316013 0619316014 0619316015 0619316016 0619316017 0619316021 0619316022 0619316023 0619316024 0619317001 0619318001 0619319002 0619319003 0619319004 Cook Parcels within East-West Portion of Potential TIF District PIN 0619319007 0619319008 0619319009 0619319010 0619319011 0619319012 0619319015 0619320001 0619320002 0619320003 0619320004 0619320005 0619320006 0619320007 0619320008 0619320017 0619320018 0619320019 0619320020 (' )619320021 0619320022 0619320023 0619320024 0619320025 0619320026 0619320027 0619320028 0619320029 0619320030 0619320031 0619320038 0619320039 0619320040 0619320041 0619320042 0619320043 0619320044 0619320046 0619320049 0619320050 0619320051 0619403001 0619403006 0619403007 Cook Parcels within East-West Portion of Potential TIF District PIN 0619403008 0619403009 0619403010 0619403017 0619403018 0619403019 0619403020 0619403021 0619403022 0619403023 0619403024 0619403025 0619403026 0619403027 0619403028 0619403029 0619403030 0619403031 0619403032 i ',619403033 0619403034 0619403035 0619403036 0619403037 0619403038 0619403039 0619403040 0619403041 Kane Parcels within East-West Portion of Potential TIF District c PIN 0624435005 0624435007 0624435008 0624435009 0624435010 0624435011 0624436001 0624436002 0624436003 0624436004 0624436005 0624436006 0624436007 0624436008 0624436009 0624436010 0624437001 0624437002 0624437003 f 0624437004 0624437005 0624437006 0624437007 0624437008 0624437009 0624437010 0624437011 0624437012 0624438002 0624438003 0624438004 0624438005 0624438006 0624438007 0624438009 0624438010 0624438011