S6-99 Ordinance No. S6-99
/n AN ORDINANCE
C PROVIDING FOR FEASIBILITY STUDY FOR PROPOSED CENTRAL AREA
TAX INCREMENT FINANCING (TIF) DISTRICT
WHEREAS, the City Council of the City of Elgin, Illinois,
is considering the creation of a central area tax increment
finance (TIF) district pursuant to 65 ILCS 5/11-74 .4-1, et
seq. known as the Tax Increment Allocation Redevelopment Act
(hereinafter referred to as the "Act" ) ; and
WHEREAS, an appropriate study area for such a central
area tax increment financing district is as shown on the map
attached hereto as Exhibit A (hereinafter referred to as the
"Proposed Central Area TIF District" ) ; and
WHEREAS, the exact nature and extent of any such Proposed
Central Area TIF District is not known at this time but will
become known in the near future through a feasibility study;
and
WHEREAS, the City of Elgin has determined that it is in
its best interests of the city to initiate a feasibility study
regarding the creation of a Proposed Central Area TIF District
so as to accomplish such creation of a central area TIF
district under the provisions of the Act as it currently
exists and following all requirements of said existing Act to
e accomplish the creation of such Proposed Central Area TIF
District as herein defined and described.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, that the City of Elgin shall proceed
in initiating a feasibility study and the necessary actions
for the possible creation of the Proposed Central Area TIF
District and to accomplish any creation of the Proposed
Central Area TIF District under the provisions of the Act as
it currently exists and following all requirements of said
existing Act to accomplish any creation of the Proposed
Central Area TIF District as herein defined and described.
-ZZC-•6
Ed Schock, Mayor
Presented: June 23 , 1999
Passed: June 23 , 1999
Omnibus Vote : Yeas 7 Nays 0
Recorded: June 24 , 1999
Published:
Attest :
Dolonna Mecu Ci y Clerk
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EXHIBIT A
elk
PROPOSED TIF STUDY AREA
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