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HomeMy WebLinkAboutS5-96 Recorded j jL Ea i GiR R 00RILi z kE C()! NT f1 ILL. 96KO46055 96 -1Ulg2 Fi 41 2- 15 RECORDER CERTIFICATION Pursuant to 20 ILCS 655/5.4 of the "Illinois Enterprise Zone Act", the Department of Commerce and Community Affairs hereby certifies the attached Ordinance which adds property tax abatement to the City of Elgin Enterprise Zone. This certification is effective on and after execution of this certification by the Director of the Department of Commerce and Community Affairs or his designee. Attest: Dennis R. Whetstone, Director 2 Illinois Department of Commerce and Community Affairs &by Date CERT383 This document was prepared by Thomas R. Henderson, Any costs or questions, please return to his attention at: Department of Commerce & Community Affairs 620 East Adams Street, 5th Floor Springfield, Illinois 62701 217/785-6142 ei7-� of �L6i�✓ is'a pt,Y;ER c% -LG gin/ /L oil LC �' 96KO46055 State of Illinois ) County of Kane ) ss . City of Elgin ) CERTIFICATE OF CITY CLERK I , Dolonna Mecum, DO HEREBY CERTIFY that I am the City Clerk of the City of Elgin, in the Counties of Kane and Cook in the state of Illinois, and that as such City Clerk I am the keeper and custodian of the files and records of said City of Elgin and the seal thereof . I DO FURTHER CERTIFY that the attached is a full, true, and correct copy of : Ordinance No. S5-96 Dated June 12 , 1996 Entitled AN ORDINANCE AUTHORIZING THE ABATEMENT OF TAXES ON PROPERTY WITHIN THE ELGIN ENTERPRISE ZONE In Witness Whereof, I have hereunto set my hand and affixed the corporate seal of the City of Elgin at the said City in the County and State aforesaid this June 14 , 1996 City Clerk r 1 BY Deputy Clerk :(SEAL) = r, 96KO46055 Amended Ordinance No. 55-96 AN ORDINANCE AUTHORIZING THE ABATEMENT OF TAXES ON PROPERTY WITHIN THE ELGIN ENTERPRISE ZONE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS : Section 1 . The City of Elgin authorizes and directs the Kane County Clerk to abate ad valorem taxes imposed upon real property located within the Elgin Enterprise Zone area upon which new improvements nts shavehave been been constructed renovated or rehabilitated,� existing p subject to the following conditions : a) any abatement of taxes on any parcel shall not exceed the amount attributable to the construction of the improvements and the renovation or rehabilitation of existing improvements in such parcel; b) such abatement shall be allowed only for industrial, residential or commercial property located within the Elgin Enterprise Zone area, provided, however, that no such abatement shall be applicable to any such improvement project District within the boundaries of the Tax Increment Redevelopment Project Districts as set forth in Ordinance Numbers G73-85 ; G74-85; S8-86 ; or 59-86 ; c) such abatement is allowed only for improvements of the nature and for the scope of which building permits are required and have been obtained; d) such abatement shall be at the rate of 100% of the value of the improvements on commercial, industrial and residential property for a period of five years; 80% for the sixth year; 60% for the seventh year; 40% for the eighth year; 20% for the ninth year, and no abatement shall apply thereafter; provided, however, that all such abatements shall terminate on December 31 , 2005; and e) such abatement shall only apply to increases in assessed valuations of $10 , 000 or more for residential properties and $25 , 000 or more for commercial and industrial properties . © 6K046055 Section 2 . That this ordinance shall be in full force and effect immediately after its passage in the manner provided by law. s/ Kevin Kelly Kevin Kelly, Mayor Presented: June 12 , 1996 Passed: June 12 , 1996 Vote: Yeas 6 Nays 0 Recorded: June 13 , 1996 Published: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk � s � o � soss