S7-99 Ordinance No. S7-99
AN ORDINANCE
PROVIDING FOR FEASIBILITY STUDY FOR AMENDMENT TO THE
TAX INCREMENT REDEVELOPMENT PLAN AND PROJECT FOR THE
DUNDEE/SUMMIT REDEVELOPMENT PROJECT AREA
WHEREAS, the City Council of the City of Elgin, Illinois
has previously designated a redevelopment project area and
adopted tax increment allocation financing for the area
commonly known as the Dundee/Summit 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, the City Council of the City of Elgin, Illinois,
has previously adopted and approved a Redevelopment Plan and
Redevelopment Project for the Dundee/Summit TIF District by
Ordinance S8-86 (hereinafter referred to as the "Redevelopment
Plan") ; and
WHEREAS, the City of Elgin has determined that it is in
its best interests and the interests of the citizens of Elgin
to amend the Redevelopment Plan thereto; and
WHEREAS, the exact extent of modifications to the
Redevelopment Plan are not known at this time but will become
known in the future; and
WHEREAS, the City of Elgin has determined that it is in
the best interests of the city to initiate a feasibility study
regarding the amendment of the existing Redevelopment Plan for
the Dundee/Summit TIF District so as to accomplish such
amendments under provisions of the Act as it currently exists
and follow all requirements of said existing Act to accomplish
the amendment 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 feasibility studies and the necessary actions
leading to the amendment of the Redevelopment Plan for the
Dundee/Summit TIF District and to accomplish such amendments
under provisions of the Act as it currently exists and follow
all requirements of said existing Act to accomplish the
amendment as herein defined and described.
Ed Schock, Mayor
fi
Presented: June 23 , 1999
Passed: June 23 , 1999
Omnibus Vote: Yeas 7 Nays 0
Recorded: June 24 , 1999
Published:
Attest :
Dolonna Mecum, Ci y Clerk