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HomeMy WebLinkAboutG75-85 Ordinance No. G75-85 ORDINANCE AUTHORIZING THE EXECUTION OF REDEVELOPMENT CONTRACT IN CONJUNCTION WITH THE SOUTH GROVE REDEVELOP- MENT PLAN IN THE CITY OF ELGIN, ILLINOIS. WHEREAS, pursuant to a resolution duly adopted by this City Council on August 16, entitled: "Resolution of the City of Elgin, Illinois Making Certain Declarations with Respect to the Proposed South Grove Redevelopment Plan, Setting a Date for a Public Hearing Concerning the Proposed South Grove Redevelopment Plan, Redevelopment Project and Redevelopment Project Area and Providing Preliminary Approval of a Proposed Redevelopment Contract Relating to a Portion of Said Proposed District with the Estes Co. , an Arizona General Partnership" (the "Initial Resolution" ) , the City Council of the City of Elgin indicated its intention to implement tax increment allocation financing pursuant to the Real rProperty Tax Increment Allocation Redevelopment Act, as amended, constituting Division 74. 4 of Article 11 of the Illinois Municipal Code (hereafter referred to as the "Act" ) , and declared its preliminary approval for the findings. of the proposed "South Grove Redevelopment Plan" submitted by the Elgin Planning Depart- ment (the "Redevelopment Plan" ) and set the date of August 26, 1985 for a public hearing regarding the proposed Redevelopment Plan and the Redevelopment Project and the designation of a Redevelopment Project Area, all as required pursuant to Section 11-74. 4-5 of the Act (the "Public Hearing" ) ; WHEREAS, the Initial Resolution also declared preliminary approval to the form of a proposed Redevelopment Contract (the "Redevelopment Contract" ) to be entered into by the City and the Estes Corporation, an Arizona General Partnership (the "Redeveloper" ) whereby the Redeveloper would construct on behalf of the City certain public improvements qualifying as "redevelopment project costs" as defined in the Act and which public improvements are described in the Redevelopment Plan; WHEREAS, the Initial Resolution authorized the Mayor and other officials of the City to enter into negotiations with the Redeveloper to finalize the Redevelopment Contract, provided that such Redevelopment Contract would not be executed in final form and become binding on the City until final approval is given by the City Council of the City after the Public Hearing is held and completed; WHEREAS, pursuant to Section 11-74. 4-5 of the Act, the City caused a public hearing to be held and completed relative to the Redevelopment Plan and Redevelopment Project and the designa- tion of a Redevelopment Project Area at a meeting of the City Council held on August 26, 1985 in the City Council Chambers of the City Hall; WHEREAS, due notice in respect to such hearing was given pursuant to Section 11-74.4-5 and 6 of the Act; WHEREAS, this City Council has been presented with a form of Redevelopment Contract in substantially final form to be executed by the City and Estes Homes, an Arizona general partner- ship; and WHEREAS, this City Council now desires to give its final approval of the form of Redevelopment Contract in accordance with the Initial Resolution. -2- NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE CITY OF ELGIN, ILLINOIS, AS FOLLOWS: Section 1. The Redevelopment Contract in substantially the form presented at this meeting is hereby approved for execution and delivery by the Mayor and City Clerk; subject only to such changes as shall be approved by the Mayor. Section 2 . This Ordinance shall become effective in the manner provided by law. 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 Absent: None Approved: September 9 , 1985 sI Richard L. Verbic Mayor (SEAL) Attest: s/ Marie Yearman City Clerk CT/trl #13815 9/6/85 -3- CERTIFICATE I, Marie Yearman, City Clerk of the City of Elgin, Illinois, hereby certify that the foregoing ordinance entitled: "Ordinance Authorizing the Execution of a Redevelopment Contract in Conjunction with the South Grove Redevelopment Plan 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 4!) City and that it is a correct transcript 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) -4-