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ORDINANCE NO. 2517 <br />AN ORDINANCE PROPOSING APPROVAL OF A REDEVELOPMENT PLAN AND <br />PROJECT FOR AND THE DESIGNATION OF THE GROVE MALL SHOPPING <br />CENTER REDEVELOPMENT PROJECT AREA AND THE ADOPTION OF TAX <br />INCREMENT ALLOCATION FINANCING THEREFOR, CONVENING A JOINT <br />REVIEW BOARD AND CALLING A PUBLIC HEARING IN CONNECTION <br />I1.1D1RAIAIJ01461 <br />WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, as supplemented and <br />amended (the "Act"), the President and Board of Trustees (the "Corporate Authorities ") of the Village <br />of Elk Grove Village, Cook and DuPage Counties, Illinois (the "Village") hereby determine that it is <br />advisable and in the best interests of the Village and certain affected taxing districts that the Village <br />approve a redevelopment plan (the 'Redevelopment Plan") and project (the "Project") for and designate <br />a redevelopment project area to be known as the Grove Mall Shopping Center Redevelopment Project <br />Area (the 'Redevelopment Project Area") as further described in Exhibit A attached hereto and that the <br />Village adopt tax increment allocation financing for the Redevelopment Project Area; and <br />WHEREAS, the Act requires the Village to conduct a public hearing and convene a joint <br />review board prior to the adoption of an ordinance approving a redevelopment plan and project, <br />designating a redevelopment project area, and adopting tax increment allocation financing therefor, at <br />which hearing any interested person or affected taxing district may file with the Village Clerk written <br />objections to and may be heard orally with respect to the proposed Redevelopment Plan and Project; <br />and <br />WHEREAS, the Act further requires that such joint review board consist of a representative <br />selected by each community college district, local elementary school district and high school district or <br />each local community unit school district, park district, library district and county that has authority to <br />