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Home My WebLink AboutORDINANCE - 3787 - 10/25/2022 - Midway Ct, Adopting TIF,1 : 1 ► : ► �►Cl�c�rE;fr] AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE VILLAGE OF ELK GROVE, COOK AND DUPAGE COUNTIES, ILLINOIS, IN CONNECTION WITH THE DESIGNATION OF THE MIDWAY COURT REDEVELOPMENT PROJECT AREA AND ADOPTION OF THE MIDWAY COURT 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 Midway Court 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, Midway Court 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. MIDWAY COURT TIF ORDINANCE THREE -ADOPTING TIF 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 251h day of October 2022 APPROVED this 251h day of October 2022 APPROVED: Mayor Craig B. Johnson Village of Elk Grove Village ATTEST: Loretta M. Murphy, Village Clerk MIDWAY COURT 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 MIDWAY COURT TIF 1. ALL THAT PART OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: 2. BEGINNING AT A POINT ON THE CENTERLINE OF HIGGINS ROAD AS ORIGINALLY LAID OUT, BEING A LINE THAT FORMS AN ANGLE OF 41 DEGREES 11 MINUTES TO THE LEFT FROM THE PROLONGATION OF THE EAST LINE OF SAID SOUTH EAST QUARTER, SAID POINT BEING 547.45 FEET NORTHWESTERLY OF THE EAST LINE OF SAID SOUTHEAST QUARTER; 3. THENCE CONTINUING NORTHWESTERLY ALONG SAID CENTERLINE 238.45 FEET TO AN ANGLE IN SAID CENTER LINE; 4. THENCE CONTINUING NORTHWESTERLY ALONG SAID CENTERLINE 327.74 FEET TO A LINE 487.77 FEET EAST OF AND PARALLEL WITH THE WEST LINE OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SECTION 22 AFORESAID; 5. THENCE NORTH ALONG SAID LINE 487.77 FEET EAST OF AND PARALLEL WITH THE WEST LINE OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SECTION 22, A DISTANCE OF 646.90 FEET TO THE SOUTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY; 6. THENCE SOUTHEASTERLY ALONG THE SOUTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY 415.54 FEET TO THE NORTHWESTERLY LINE OF A 50 FEET WIDE STRIP OF LAND LYING SOUTHERLY OF THE SOUTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY; 7. THENCE SOUTHWESTERLY AT RIGHT ANGLES TO THE SOUTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY 50.0 FEET TO THE SOUTHERLY LINE OF A 50 FEET WIDE STRIP OF LAND LYING SOUTHERLY OF THE SOUTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY; THENCE SOUTHEASTERLY ALONG THE SOUTHERLY LINE OF A 50 FEET WIDE STRIP OF LAND LYING SOUTHERLY OF THE SOUTHERLY LINE OF THE NORTHERN ILLINOIS TOLL HIGHWAY 224.77 FEET TO A LINE PARALLEL WITH THE WITH THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 22 AFORESAID, SAID PARALLEL LINE BEING EXTENDED NORTH FROM AFORESAID POINT BEING 547.45 FEET NORTHWESTERLY OF THE EAST LINE OF SAID SOUTHEAST QUARTER, AS MEASURED ALONG THE CENTERLINE OF HIGGINS ROAD AS ORIGINALLY LAID OUT; 9. THENCE SOUTH ALONG SAID PARALLEL LINE BEING EXTENDED NORTH FROM AFORESAID POINT BEING 547.45 FEET NORTHWESTERLY OF THE EAST LINE OF SAID SOUTHEAST QUARTER, AS MEASURED ALONG THE CENTERLINE OF HIGGINS ROAD AS ORIGINALLY LAID OUT, 331.01 FEET TO THE CENTERLINE OF HIGGINS ROAD AS ORIGINALLY LAID OUT AND THE POINT OF BEGINNING, 10. ALL IN COOK COUNTY, ILLINOIS. EXHIBIT B: Description of Street Location Midway Court Redevelopment Project Area The Midway Court Redevelopment Project Area consists of two tax parcels located between Midway Court and Interstate 1-90, west of Busse Road and east of Higgins Road. Paget or I a �9p � Y !U N O N to 20/0610000 i y Y N N m Midway Court TIF Boundary - Study Area Parcels Other Parcels QElk Grove Village Corporate Unit Figure 1 : Redevelopment Project Area Boundary Elk Grove Village Midway Court TIF Redevelopment Plan and Project L