HomeMy WebLinkAboutRes 43-05 10/04/2005
VILLAGE OF MOUNT PROSPECT
COOK COUNTY, ILLINOIS
RESOLUTION NO. 43-05
A RESOLUTION CONCERNING A PUBLIC MEETING TO BE CONDUCTEDAS
REQUIRED BY THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE
VILLAGE OF MOUNT PROSPECT
THIS 4th DAY OF OCTOBER, 2005
Published by authority of the President and Board
of Trustees of the Village of Mount Prospect,
Cook County, Illinois this 5th day of October,
2005.
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VILLAGE OF MOUNT PROSPECT
COOK COUNTY, ILLINOIS
RESOLUTION NO. 43-05
A RESOLUTION CONCERNING A PUBLIC MEETING TO BE CONDUCTED AS
REQUIRED BY THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT
WHEREAS, the Village of Mount Prospect, Cook County, Illinois (the "Village") is
studying the possible amendment of certain real property located in the Village and located
generally in the map attached as Exhibit 1 hereto and is adjacent to the existing Downtown TIF
No.1 or "redevelopment project area" as that term is defined in the Tax Increment Allocation
Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq. (the "Act"); and
WHEREAS, the redevelopment plan for the proposed redevelopment project area is
reasonably expected not to result in the displacement of residents from 10 or more inhabited
residential units and the redevelopment project area contains 75 or more inhabited residential
units; and
WHEREAS, the Act therefore requires the Village to conduct a public meeting (the
"Meeting") for the purpose of enabling the Village to advise the public, taxing districts having
real property in the proposed redevelopment project area, taxpayers who own property in the
proposed redevelopment project area and resident in the area as to the Village's possible intent to
prepare a redevelopment plan and designate a redevelopment project area and to receive public
comment; and
WHEREAS, it is in the best interests of the Village to take the actions set forth below:
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of
the Village of Mount Prospect, Cook County, Illinois, as follows:
SECTION 1: The statements set forth in the preamble to this Resolution are found to be
true and correct and are adopted as part of this Resolution.
SECTION 2: The Village President designates William Cooney, the Village's
Community Development Director, as the Village official who shall conduct the Meeting. Mr.
Cooney is authorized to set the time and place of the Meeting without the necessity of further
resolution or ordinance of the Village. The Meeting shall be held at least 14 business days prior
to the mailing of those notices described in Section 11-7 4.4-6( c) of the Act.
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SECTION 3: Notice of the meeting, substantially in the form attached hereto as Exhibit
A and incorporated herein by reference (the "Notice"), shall be given by mail not less than 15
days prior to the date of the Meeting. The Notice shall be sent by certified mail to all taxing
districts having real property in the proposed redevelopment project area and to all entities that
have registered with the Village pursuant to Section 11-74.4-4.2 of the Act. The Notice shall
also be sent by regular mail to each residential address and the person or persons in whose name
property taxes were paid on real property for the last preceding year located within the proposed
redevelopment proj ect area.
SECTION 4: All ordinances, resolutions, motions or orders III conflict with this
ordinance are hereby repealed to the extent of such conflict.
SECTION 5: This Resolution shall be in full force and effect from and after its passage
and approval, as provided by law. If any provision of this Resolution is held to be invalid by a
court of competent jurisdiction, that provision shall be stricken from this Resolution and the
remainder of this Resolution shall continue in full force and effect to the extent possible.
AYES:
Corcoran, Hoefert, Kom, Lohrstorfer
NAYS:
None
ABSENT:
Skowron, Zadel
PASSED AND APPROVED THIS 4th DAY OF OCTOBER, 2005.
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The Honorable Irvana Wilks
Village President
Attest:
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Lisa ngell
Village Clerk
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EXHIBIT A
NOTICE OF PUBLIC MEETING
NOTICE IS HEREBY GIVEN that the Village of Mount Prospect, Cook County, Illinois
(the "Village") will hold a public meeting on , 2005 at the Village Hall, 50 S.
Emerson Street, Mount Prospect, Illinois 60056 at 7:00 p.m. The Village desires to amend the
Downtown TIP No. 1 redevelopment plan. The purpose of the public meeting is to advise the
public, taxing districts having real property in the redevelopment project area, taxpayers who
own property in the proposed redevelopment proj ect area and residents in the area as to the
Village's possible intent to amend the redevelopment plan and to receive public comment.
The existing Downtown TIF No.1 is generally bounded by Northwest Highway on the
south and west, Central Road, Busse Avenue and Evergreen Avenue to the north, and Maple
Street and Owen Street to the east.
The proposed amendments include property generally located at the northeast comer of
Emerson Street and Busse Avenue, and property generally located at northwest comer of Main
Street and Central Road.
The purposes of amending the redevelopment project area are as follows: The proposed
amendments to the Redevelopment Plan provide for the Village to implement a series of actions
to facilitate mixed-use redevelopment within the Redevelopment Project Area. The
contemplated Village actions include, but are not limited to, implementation of a plan that
provides for: the attraction of investment to redevelop underutilized properties and buildings;
the construction of public improvements (including street and sidewalk improvements; utility
improvements; signalization, traffic control and lighting; off-street parking; and landscaping and
beautification); site preparation, clearance and demolition; rehabilitation; redevelopment of
mixed-uses within the RP A, and related professional costs. The Village would realize the goals
and objectives of the Redevelopment Plan through public finance techniques including, but not
limited to, tax increment allocation financing.
The following is a brief description of tax increment financing:
Tax Increment Financing (TIF) allows municipalities to carry out redevelopment
activities on a local basis. The technique is used to pay for the public improvements and other
activities necessary to prepare the Redevelopment Project Area for private investment. Through
TIF, a community captures the increase in local real estate taxes which result from
redevelopment within Redevelopment Project Area. This increase in taxes may be used to pay
for the public costs involved in the project.
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Under TIP, the current Equalized Assessed Valuation of all taxable real estate within the
designated area is identified by the County Clerk as of the date of the Village's adoption of the
TIP ordinances. This is the base Equalized Assessed Valuation (EA V). Taxes are levied on the
base EA V in the Redevelopment Project Area and such taxes are distributed to all taxing districts
including: the Village, the County, school districts, township, etc. However, the growth in
property tax revenues as a result of the private investment which increases the EA V in the
Redevelopment Project Area, the "tax increment" is then deposited into a "special tax allocation
fund". These funds are then used to pay for the public investment made in the Redevelopment
Project Area (also referred to as the TIF District).
The Village's Community Development Director, William Cooney, can be contacted for
additional information about the proposed redevelopment project area by phone at (847) 392-
6000 and by mail at 50 S. Emerson Street, Mount Prospect, Illinois 60056. All comments and
suggestions regarding the development of the area to be studies should be directed to Mr.
William Cooney.
All interested persons will be given an opportunity to be heard at the public meeting.
STATE OF ILLINOIS
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SS.
COUNTY OF COOK
CERTIFICATE
I, the undersigned, certify that I am the duly qualified and acting Village Clerk of the
Village of Mount Prospect, Cook County, Illinois (the "Village"), and as such, I am the keeper of
the records and files of the Village and of the Village's President and Board of Trustees. I
further certify as follows:
Attached to this Certificate is a true, correct and complete copy of the Village of Mount
Prospect Resolution No. 43-05, entitled:
A RESOLUTION CONCERNING A PUBLIC MEETING TO BE CONDUCTED AS
REQUIRED BY THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT
This Resolution was passed and approved by the Village's President and Board of
Trustees on October 4, 2005. A true, correct and complete copy of this Resolution was
published in pamphlet form on October 5, 2005.
Given under my hand and official seal at the Village of Mount Prospect, Cook County,
Illinois, this 5th day of October, 2005.
Lisa Angell
Village Clerk
(SEAL)
H:\CLKO\files\WIN\ORDINANC\Resolution Concerning A Public MeetingTIFIO,2005 8.23.05.doc
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