HomeMy WebLinkAboutORDINANCE - 3714 - 6/30/2021 - Oakton/Higgins TIF AdoptionORDINANCE NO.3714
AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE VILLAGE
OF ELK GROVE, COOK AND DUPAGE COUNTIES, ILLINOIS, IN CONNECTION
WITH THE DESIGNATION OF THE OAKTON/HIGGINS REDEVELOPMENT
PROJECT AREA AND ADOPTION OF THE OAKTON/HIGGINS REDEVELOPMENT
PLAN AND PROJECT
WHEREAS, it is desirable and for the best interests of the residents of the Village of Elk
Grove, Cook and DuPage counties, Illinois (the "Village "), for the Village to adopt tax increment
allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4
of Article 11 of the Illinois Municipal Code, as amended (the "Act"); and
WHEREAS, the Mayor and Village Board (the "Corporate Authorities ") have heretofore
approved a redevelopment plan and project (the "Plan" and "Project") as required by the Act by
passage of an ordinance, and have heretofore designated the Oakton/Higgins Redevelopment
Project Area (the "Area") as required by the Act by the passage of an ordinance, and the Village
has otherwise complied with all other conditions precedent required by the Act:
NOW THEREFORE, BE IT ORDAINED by the Mayor and the Village Board of the
Village of Elk Grove, Cook and DuPage counties, Illinois, in exercise of its home -rule authority
as follows:
Section 1: Tax Increment Financing Adopted. Tax increment allocation financing is
hereby adopted to pay redevelopment project costs as defined in the Act and as set forth in the
Plan and Project within the Area as described in Exhibit A attached hereto and incorporated herein
as if set out in full by this reference. The street location (as near as practicable) for the Area is
described in Exhibit B attached hereto and incorporated herein as if set out in full by this reference.
The map of the Area is depicted on Exhibit C attached hereto and incorporated herein as if set out
in full by this reference.
Section 2: Allocation ofAd Valorem Taxes. Pursuant to the Act, the ad valorem taxes,
if any, arising from the levies upon taxable real property in the Area by taxing districts and tax
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 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 lower of the current equalized assessed value or the initial equalized
assessed value of each such taxable lot, block, tract or parcel of real property in the 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 Area over and
above the initial equalized assessed value of each property in the Area shall be allocated to and
when collected shall be paid to the municipal treasurer or to her designee pursuant to Section 207A
of the Revenue Act of 1939 of the State of Illinois, as amended, who shall deposit said taxes into
a special fund, hereby created, and designated the "2021 Village of Elk Grove, Oakton/Higgins
Redevelopment Project Area Special Tax Allocation Fund" of the Village, and such taxes shall be
used for the purpose of paying Project costs and obligations incurred in the payment thereof.
Section 3: Invalidity of Any Section. If any section, paragraph or provision of this
ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the remaining
provisions of this ordinance.
Section 4: Superseder and Effective Date. All ordinances, resolutions, motions or
orders in conflict herewith be, and the same hereby are, repealed to the extent of such conflict, and
this ordinance shall be in full force and effect immediately upon its passage by the Corporate
Authorities and approval as provided by law.
Section 5: Transmittal to County Clerk. The Village Clerk is hereby expressly directed
to transmit forthwith to the County Clerk of Cook County, Illinois, a certified copy of this
ordinance.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 3011 day of June 2021.
APPROVED this 30' day of June 2021.
ATTEST:
Loretta M. Murphy, Village Clerk
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
OAKTON/HIGGINS TIF ORDINANCE THREE - ADOPTING TIF
EXHIBITS
Exhibit A: Legal Description
Exhibit B: Description of Street Location
Exhibit C: Map of Area
EXHIBIT A
LEGAL DESCRIPTION
OAKTON/HIGGINS TIF
ALL PART OF THE WEST HALF OF THE NORTHWEST QUARTER OF
SECTION 26, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:
2. BEGINNING AT THE INTERSECTION OF THE CENTERLINE OF HIGGINS
ROAD WITH THE EAST LINE OF THE WEST HALF OF THE NORTHWEST
QUARTER OF SECTION 26 AFORESAID;
3. THENCE NORTH ALONG THE EAST LINE OF THE WEST HALF OF THE
NORTHWEST QUARTER OF SECTION 26 TO THE SOUTHWESTERLY
LINE OF PROPERTY CONVEYED TO THE NORTHERN ILLINOIS GAS
COMPANY BY DEED DATED NOVEMBER 10, 1958 AND RECORDED
DECEMBER 18, 1958 AS DOCUMENT 17408538, SAID LINE BEING ALSO
82.5 FEET SOUTHWESTERLY OF AND PARALLEL WITH THE
SOUTHWESTERLY LINE OF THE PROPERTY ACQUIRED BY THE
ILLINOIS STATE TOLL HIGHWAY COMMISSION BY DEED DATED
OCTOBER 31, 1956 AND RECORDED NOVEMBER 9, 1956 AS
DOCUMENT 16750861;
4. THENCE NORTHWESTERLY ALONG SAID SOUTHWESTERLY LINE OF
PROPERTY CONVEYED TO THE NORTHERN ILLINOIS GAS COMPANY
BY DEED DATED NOVEMBER 10, 1958 AND RECORDED DECEMBER 18,
1958 AS DOCUMENT 17408538, TO THE CENTERLINE OF OAKTON
STREET, BEING ALSO THE NORTH LINE OF THE NORTHWEST
QUARTER OF SECTION 26 AFORESAID;
5. THENCE WEST ALONG SAID CENTERLINE OF OAKTON STREET, AND
THE NORTH LINE OF THE NORTHWEST QUARTER OF SECTION 26, TO
THE CENTERLINE OF HIGGINS ROAD;
6. THENCE SOUTHWESTERLY ALONG THE CENTERLINE OF HIGGINS
ROAD TO ITS INTERSECTION WITH THE EAST LINE OF THE WEST
HALF OF THE NORTHWEST QUARTER OF SECTION 26 AFORESAID,
AND THE POINT OF BEGINNING,
7. ALL IN COOK COUNTY, ILLINOIS.
EXHIBIT B:
Description of Street Location
Oakton/Higgins Redevelopment Project Area
The Oakton/Higgins Redevelopment Project Area is generally bounded by Higgins Road on the west,
Oakton Street on the north, Interstate 1-90 on the east, and Brummel Avenue on the south.
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Legend A
Roads N
Oakton/Higgins TIF Boundary
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Other Tax Parcels
Figure 1: Redevelopment Project Area Boundary 0 0.025 0.01 0.1 Miles
Elk Grove Village
Oakton/Higgins TIF Redevelopment Plan and Project