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Home My WebLink AboutORDINANCE - 2588 - 8/26/1997 - TAX INCREMENT ALLOCATION FINANCINGORDINANCE NO. 2588 AN ORDINANCE of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois, adopting Tax Increment Allocation Financing for the Grove Mall Shopping Center 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 "Municipality"), for the Municipality to adopt tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, as amended, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the "Act"); and WHEREAS the Municipality has heretofore approved a redevelopment plan and project (the "Plan" and "Project") as required by the Act by passage of an ordinance and has heretofore designated a redevelopment project area (the "Area") as required by the Act by the passage of an ordinance and 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 11-74.4-8 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 "1996 Grove Mall Shopping Center Redevelopment Project Area Special Tax Allocation Account' of the Municipality (the "Fund"), and such taxes shall be used for the purpose of paying Project costs and obligations incurred in the payment thereof. Section 3. Use of Fund. It is hereby expressly agreed that monies on deposit in and to the credit of the Fund may be used to pay redevelopment project costs incurred in and for the Area and as otherwise provided in Section 11-74.4-4(q) of the Act pertaining to contiguous redevelopment project areas. -2- Section 4. 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 5. 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. Passed this 26th day of August 1997 . Approved: August 26 , 199 7. Craig B. Johnson President Trustees AYES: N. Czarnik, B. Dill, P. Feichter, S. Lissner, J. Petri, C. Prochno NAYS: None ABSENT: None Attest: Recorded in Municipal Records: August 26 1997 . Patricia S. Smith Municipal Clerk By: Ann I. Walsh Deputy Village Clerk -3- EXHIBIT A — LEGAL DESCRIPTION Grove Mall Shopping Center Redevelopment Plan Elk Grove Village, Illinois The boundaries of the Project Area have been drawn to include only those contiguous parcels of real property and improvements substantially benefited by the proposed Redevelopment Project to be undertaken as part of this Redevelopment Plan. The boundaries of the Project Area are shown in Figure 1, Boundary Map, and are generally described as follows: The Project Area encompasses an area of approximately 23.9 acres, including rights-of-way, and is generally bounded by Biesterfield Road on the north; Arlington Heights Road on the east; the Village Grove Apartments on the south; and the Village Administration Building, Police HDQ, Central Fire Station and Village Library campus on the west. The boundaries of the Project Area are legally described as follows: A TRACT OFLAND INTHENORTHEAST QUARTER OFSECTION32, TOIvNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID TRACT OF LAND BEING MORE PAR TICULARL Y DESCRIBED AS FOLLOIVS: BEGINNING AT THE INTERSECTION OF THE EASTWARD EXTENSION OF THE SO UTH LINE OF THE NORTH 1250.00 FEET OF THE SO UTHIVEST 0 UAR TER OF THE NORTHEAST QUARTER OFSAID SECTION 32 WITH THE EAST LINE OF ARLLVGTON HEIGHTS ROAD; THENCE WESTALONGSAID EASTWARD EXTENSIONANDALOVGS.AID SOUTH LINE, CROSSING ARLINGTON HEIGHTS ROAD, TO AN INTERSECTION WITH THE NEST LINE OF THE EAST 419.00 FEET OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OFSAID SECTION32; THENCE NORTH AL ONG SAID WEST LINE TO AN INTERSECTION WITH THE SOUTH LINE OF THE NORTH 1170.00 FEET AS MEASURED ALONG THE EAST LINE OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER, OFSAID SECTION 32; THENCE IVEST ALONG SAID SOUTH LINE TO AN INTERSECTIOtN WITH THE WEST LINE OF THE EAST 810.00 FEET, AS JIEASURED ALONG THE NORTH LIVE OF THE NORTH 850.00 FEET, AS MEASURED ALONG THE EAST LIVE OF THE SOUTHWEST QUARTER OF THENORTHEAST QUARTER, OFSAID SECTION -32; THENCENOR THAL ONGSAID WESTLINEALVD THENORTIIIVARD E.YTE.\SIOV THEREOF, CROSSING BIESTERFIELD ROAD, TO AN INTERSECTION TVITH THE NORTH LINE OFSAID BIESTERFIELD ROAD; THENCE EASTALO.VG SAID NORTH LINE AND THE EASTIVARD EXTENSION THEREOF, CROSSINGARLI\'GTONIIEIGIITSROAD, TOANI rTERSECTION iS7THTHE NORTIIII ARD EXTENSION OF TIIE AFORE.1fE\'TIONED LAST LEVE OF ARLI\'GTOV HEIGHTS ROAD; THENCE SOUTHALO\'G SAID NORTHWARD E,VTENSIONAND ALONG SAID EAST LIVE, CROSSING JOHN F. KEMYEDYBOULEVARD AND LONSDALE ROAD, TO THE POINT OF BEGINNING; ALL IN COOK CO U.NT 3 ; ILLI\'OIS. EXHIBIT B — STREET LOCATION The approximate street location and description of the Redevelopment Project Area is as follows: The Project Area encompasses an area of approximately 23.9 acres, including rights-of-way, and is generally bounded by Biesterfield Road on the north; Arlington Heights Road on the east; the Village Grove Apartments on the south; and the Village Administration Building, Police HDQ, Central Fire Station and Village Library campus on the west. Biesterfield Road 202 Block No. -001 Parcel No. EXHIBIT C — MAP ■ ® ■ 10.14.96 Figure 7 Project Boundary North Q7 Trustee Lissner moved and Trustee Prochno seconded the motion that said ordinance as presented and read by the Municipal Clerk be adopted. After a full and complete discussion thereof including a public recital of the nature of the matter being considered and such other information as would inform the public of the business being conducted, the President directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called, the following voted AYE: Trustees J. Petri, C. Prochno, N. Czarnik, B. Dill, P. Feichter, S. Lissner NAY: None Whereupon the President declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the Municipal Clerk to record the same in full in the records of the President and Board of Trustees of the Village of Elk Grove Village, Cook and DuPage Counties, Illinois. Other business not pertinent to the adoption of said ordinances was duly transacted at said meeting Upon motion duly made and seconded, the meeting was adjourned. Patricia S. Smith Municipal Clerk By: Ann I. Walsh Deputy Village Clerk