G74-85 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.
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• 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
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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.
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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
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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)
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