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Home My WebLink AboutG74-85 Ordinance No. G74-85 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 implement tax increment financing pursuant to the Real Property 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 Rede- velopment Project approved and adopted pursuant to an ordinance adopted by the City Council of the City on September 9,- 1985 and entitled: "Ordinance Approving a Tax Increment Redevelopment Plan and Redevelopment Project in the City of Elgin, Illinois" (the "Redevelopment Ordinance" ) . r 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 financ- ing 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 meaning 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 described area is hereby designated as a Redevelopment Project Area pursuant to Section 11-74. 4-4 of the Act: That part of the Southwest Quarter of Section 13 and rft the Northwest Quarter of Section 24, Township 41 North, Range 8 East of the Third Principal Meridian, described as follows: Commencing at the Northwest corner of the Southwest quarter of Section 13, Township 41 North, Range 8 East of All the Third Principal Meridian; thence Southerly along the West line of said Southwest Quarter, a distance of approxi- mately 973 . 00 feet to the Northerly right of way line of Prairie Street; thence Easterly along said Northerly right of way line, a distance of approximately 740. 00 feet to the Westerly line of H.T. Plummer' s Subdivision; thence South- easterly along said Westerly line and the Westerly line of William F. Sylla' s Resubdivision of J.T. Gifford' s Addition to Elgin, a distance of approximately 660.00 feet; thence Northeasterly at right angles to the last described course, a distance of approximately 40. 00 feet to the Northwest corner of the Railroad Addition to Elgin; thence Southeasterly along the Westerly line of said Railroad Addition, a distance of approximately 620. 00 feet to the Southwest corner of Lot 10 in said Railroad Addition; thence Northeasterly along the Southerly line of said Lot 10, a distance of approximately 69 . 80 feet to the Westerly right of way line of Michigan Street; thence Southeasterly along said Westerly right of way line, a distance of approximately 10. 00 feet to the Southerly right of way line of Gifford Place; thence North- easterin along said Southerly right of way line, a distance of approximately 295 . 00 feet to the intersection of said line with the Easterly right of way line of Raymond Street; thence Southeasterly along said Easterly right of way line, a distance of approximately 550. 00 feet to the intersection of said line with the Southerly right of way line of National Street; thence Southwesterly along said Southerly right of way line, a distance of approximately 475 . 00 feet to the Northeast corner of Block 1 of Sherman' s Addition to Elgin; thence Southeasterly along the Easterly line of said Block 1 being a curve to the right, a distance of approximately 846. 50 feet; thence Southwesterly parallel with the Northerly line of said Block 1, a distance of approximately 250. 00 feet; thence Southeasterly at right angles to the last described course, a distance of approximately 70. 00 feet; thence Southwesterly parallel with the Northerly line of said Block 1, a distance of approximately 323 . 80 feet; thence Northwesterly along a line that forms an angle of 91 degrees, 00 minutes, 00 seconds to the left with the prolong- ation of the last described course, a distance of approximately 915 . 00 feet to the Southerly right of way line of National Street; thence Southwesterly along said Southerly right of way line, a distance of approximately 150 . 00 feet to the East bank of the Fox River; thence Northwesterly along said East bank of the Fox River to the West line of the Southwest Quarter of Section 13 , Township 41 North, Range 8 East of the Third Principal Meridian; thence Northerly along said West line, a distance of approximately 110 . 00 feet to the place of beginning. All the above being situated in Elgin Township, City of Elgin, Kane County, Illinois. -2- • 0, J • Section 2 . Pursuant to Section 11-74. 4-8 of the Act, 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. After the total equalized assessed valuation of taxable real property in the Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Redevelopment Project Area, the ad valorem taxes, if any, arising from the levies upon real property in the Redevelopment Project Area by taxing districts 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 obligations 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 attributable to 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 attributable to the increase in the current equalized assessed valuation of each lot, block, tract or parcel of real property in the Redevelopment Project Area over and above the initial equalized -3- w • assessed value of each property in the Redevelopment Project Area shall be allocated to and when collected shall be paid to the "" City Treasurer who shall deposit said funds in a special fund called the "South Grove Special Tax Allocation Fund" of the City for the purpose of paying Redevelopment Project Costs and obligations incurred in the payment thereof. The City hereby pledges the funds in and to be deposited in the South Grove Special Tax Allocation Fund for the purpose of paying Redevelopment Project Costs and obligations incurred in the payment thereof. Section 3 . The City Clerk is hereby authorized to file a certified copy of this ordinance with the County Clerk of Kane County. Section 4. This ordinance shall become effective in the manner provided by law. -4- M Adopted this 9th day of September, 1985 by roll call vote as follows: Ayes: Councilmen Andersen, Gilliam, Moylan Van De Voorde, Waters and Mayor Verbic. Nays: None Abstained: Councilwoman Shales Approved: September 9 , 1985 s/ Richard L. Verbic Mayor (SEAL) Attest: eft. s/ Marie Yearman City Clerk CT/trl #13815 8/27/85 -5- CERTIFICATE I I , Marie Yearman, City Clerk of the City of Elgin, Illinois, hereby certify that the foregoing ordinance entitled: "Ordinance Designating a Redevelopment Project Area and Adopting Tax Increment Allocation Financing in the City of 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 meeting thereof which was duly called and held at 8: 00 p.m. on September 9, 1985 in the City Council Chambers at the City Hall, and at which a 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 trans- cript thereof and of the whole of said ordinance, and that said ordinance has not been altered, amended, repealed or revoked, but is in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City this 9th day of September 1985 . s/ Marie Yearman City Clerk (SEAL) -6-