S5-02 Ordinance No. 55-02
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 have been constructed or upon which existing
improvements have been renovated or rehabilitated, 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; 58-86; S9-86;
52-02 ; S3-02 or S4-02 ;
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 .
Section 2 . That this ordinance shall be in full force and
effect immediately after its passage in the manner provided by law.
s/ Ed Schock
Ed Schock, Mayor
Presented: April 10, 2002
Passed: April 10, 2002
Vote : Yeas : 6 Nays : 0
Recorded: April 11, 2002
Published:
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk