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HomeMy WebLinkAboutORDINANCE - 2841 - 6/26/2001 - TAX INCREMENT FINANCINGORDINANCE NO. 2841 AN ORDINANCE adopting Tax Increment Financing for the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, in connection with the Designation of the Devon/Rohlwing Redevelopment Project Area. WHEREAS, it is desirable and for the best interests of the citizens of the Village of Elk Grove Village, 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 1 I of the Illinois Municipal Code, as amended (the "Act"); and WHEREAS, the President and Board of Trustees of the Village (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 Devon/Rohlwing 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 President and Board of Trustees of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, 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 of Ad 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 his 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 "2000 Village of Elk Grove Village Devon/Rohlwing 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, -2- and this ordinance shall be in full force and effect immediately upon its passage by the Corporate Authorities and approval as provided by law. VOTE: AYES: 6 NAYS: 0 ABSENT: 0 PASSED this 26th day of June , 2001. APPROVED this 26th day of ATTEST: Ann I. Walsh Village Clerk -3- 2001. Approved: Craig B. Johnson Mayor APPENDIX A DEVON/ROHLWING REDEVELOPMENT PROJECT AREA LEGAL DESCRIPTION LOTS 1 AND 2 IN ROHLWING GROVE UNIT NO. 1, B$ING A SUBDIVISION OF PART OF THE SOUTHWEST QUARTER OF SECTION 31, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED OCTOBER 16, 1975, AS LR2835195, AND LOT I IN ROHLWING GROVE UNIT NO. 1-A, BEING A SUBDIVISION OF PART OF THE SOUTHWEST QUARTER OF SECTION 31, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF, RECORDED FEBRUARY 23, 1978, AS LR3000930 IN COOK COUNTY, ILLINOIS, CONTAINING 9.150 ACRES, MORE OR LESS. The above tract of land generally located at the northeast comer of Devon Avenue and Rohlwing Road, and fully describing the following tax parcels which are fully included in the Redevelopment Project Area: 08-31-400-009 08-31-400-010 08-31-400-018 Devon/Rohlwing Redevelopment Project Area A-1 Camiros, Ltd. EXHIBIT B — STREET LOCATION The approximate street location and description of the Redevelopment Project Area is as follows: approximately 9.15 acre shopping center located generally at the Northeast corner of Devon Avenue and Rohlwing Road, Elk Grove Village, Illinois. -033 QQ �a w RGURE i BOUNDARY MAP - .. ( A\ A l o C C EXHIBIT C rt. ( /O. -O!O pa qe iap AVE: NORTH DEVON/ROALWINI REDEVELOPMENT PROJECT AREA