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HomeMy WebLinkAboutOrd 3619 03/04/1986 RDINANCE NO. 3619 AN ORDINAiCCE AUTHORIZING THE ALLOCATION OF THE INCREASE IN THE AGGREGATE AMOUNT OF TAXES PAID BY RETAILERS' AND SERVICEMEN PURSUANT TO THE MUNICIPAL RETAILERS' OCCUPATION TAX ACT, RETAILERS' OCCUPATION TAX ACT AND SERVICE OCCUPATION TAX ACT ON BUSINESS TRANSACTIONS LOCATED WITHIN THE DISTRICT NO. 1 TAX iNCREI,~ENT REDEVELOPi. IENT PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECT, ILLINOI PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES THE 4th DAY OF March , 1986. Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 5%h day of March , 1986. 378V ORDINANCE NO. 36t9 AN ORDINANCE AUTHORIZING THE ALLOCATION OF THE INCREASE IN THE AGGREGATE AMOUNT OF TAXES PAID BY RETAILERS' AND SERVICEMEN PURSUANT TO THE MUNICIPAL RETAILERS' OCCUPATION TAX ACT, RETAILERS' OCCUPATION TAX ACT AND SERVICE OCCUPATION TAX ACT ON BUSINESS TRANSACTIONS LOCATED WITHIN THE DISTRICT NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECTs'ILLINOIS WHEREAS, on August 20, 1985, this Village adopted Ordinance No. 3554 approving a tax increment redevelopment plan and redevelopment project for an area to be designated as District No. 1 Tax Increment Redevelopment Project Area in the Village of Mount Prospect, Ordinance No. 3555 designating and legally describing said area as District No. 1 Tax Increment Redevelopment Project Area, and Ordinance No. 3556 adopting tax increment financing for the said District No. 1 Tax Increment Redevelopment Project Area in the Village of Mount Prospect, Illinois; and WHEREAS, pursuant to Public Act 84-1090, effective January 1, 1986, the Illinois General Assembly amended Division 11 of Chapter 24 of the Illinois Revised Statutes to add a new paragraph 11-74.4-8a to provide that a municipality which has adopted tax increment allocation financing prior to January 1, 1987 may, by Ordinance, authorize the Illinois Department of Revenue to annually certify and pay such muncipality an amount equal to the increase in the aggregate amount of taxes paid by retailers and servicemen on transactions at places of business located within a designated redevelopment project area, pursuant to the Municipal Retailers' Occupation Tax Act, Retailers' Occupation Tax Act and the Service Occupation Tax Act for as long as the redevelopment project area exists for use on said redevelopment project area costs; and WHEREAS, the authority to allocate an increase in the said Retailers and Service Occupation Taxes within a designated redevelopment project area shall be over and above the aggregate amount of such taxes as certified by the Illinois Department of Revenue and paid under the above Tax Acts by retailers and servicemen on transactions at places of business located in the redevelopment project area during the calendar year immediately prior to the year in which the municipality adopted tax increment and allocation financing; and WHEREAS, it is the determination of the President and Board of Trustees of the Village to allocate such increase in retailer occupation and service occupation taxes over and above the amount of such taxes paid during calendar year 1984 by retailers and servicemen on business transactions located within the District No. 1 Tax Increment Redevelopment Project Area to be so certified and paid to the appropriate tax allocation fund of the village for use in payment of the development project costs and obligations. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS: SECTION ONE: This Board does hereby authorize the Illinois Department of Revenue, according to rules and regulations established by said Department after January 1, 1987 to annually certify and pay to this Village an amount equal to the increase in the aggregate amount of taxes paid by retailers and servicemen on transactions at places of business located within District NO. 1 Tax Increment Redevelopment Project Area (as herein legally described in Attachment "A" which is attached hereto and made a part of this Ordinance by reference), pursuant to the Municipal Retailers' ccupation Tax Act, the Retailers' Occupation Tax Act and the Service Occupation Tax Act for as long as the said District No. 1 Tax Increment Redevelopment Project Area exists; said amount to be over and above the aggregate amount of said taxes as certified by the Illinois Department of Revenue and paid under the above stated Acts by retailers and servicemen on business transactions located within the District No. 1 Tax Increment Redevelopment Project Area during the calendar year 1984. SECTION TWO: The tax payments authorized under Section One of this Ordinance shall be deposited by the Village Treasurer in the appropriate special fund established by the Village and designated as the "Special Tax Allocation Fund for District No. 1 Tax Increment Redevelopment Project Area, Mount Prospect, Illinois" for use only for the purpose of paying redevelopment project costs and obligations incurred in the payment thereof within said District No. 1. SECTION THREE: The Village Clerk is hereby authorized and directed to send notice of this Ordinance and the adoption thereof to the appropriate officials of the Illinois Department of Revenue. SECTION FOUR: This Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form in accordance with law. PASSED and APPROVED this 4~h' day of March, 1986. AYES: Arthur, Farley, NAYS: None ABSENT: None Floros, Murausk±s~ Van Geem, Wattenberg ATTEST: VILLAGE CLERK VILLAGE PRESIDENT AX ATTACHMENT "A - DOWNTOWN NO, INCREMENT REDEVELOPMENT PROJECT LEGAL DESCRIPTION Beginning at the intersection of the centerline of Main Street, State of Illinois Route 83, with the centerline of Central Roaa, extended; thence Easterly along said centerline of Central Road, a distance of approximately 570.32 feet to the Northeast corner of Lot 22 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect; thence Southerly along the Eastern property line of Lots 12, 13, 20, 21, and 22 of said Block 5 in Busse and Wille's Resubdivision in Mount Prospect, and the Eastern property line of Lot 1 of Mount Prospect State Bank R~subdivision No. 3, a distance of approximately 608.74 feet, to the centerline of Busse Avenue; thence Westerly along the centerline of Busse Avenue, a ,distance of approximately 157.11 feet, to the point of inter- section of the centerline of Busse Avenue with the Eastern right-of-way of' Emerson 'Street;thence Southerly along said Eastern right-of-way of Emerson Street, a distance of approxi- mately 277.00 feet, to a point at the Northwest corner of Lot 18 in Block 12 of Busse and Wille's Resubdivision in Mount Prospect; thence Easterly along the Northern property line of said Lot 18, a distance of approximately 157.09 feet, to the Northeast corner of said Lot 18; thence Southerly, a distance of approximately 50.00 feet', along the Eastern property line of said Lot 18, to a point at the Northwest corner of Lot A of Corporate Subdivision Number 1, Village of Mount Prospect; thence Easterly along the Northern property line of said Lot A, a distance of approximately 157.10 feet, to a point of intersection of said Lot A with the Western right-of-way of Maple Street; thence Northerly along the Western right-of-way of Maple Street, a distance of approximately 321.88 feet, to a point at the intersection of the Western right-of-way of Maple Street and the Southern right-of-way of Busse Avenue; thence Easterly along the Southern right-of-way of Busse Avenue, a distance of approximately 223.12 feet, to a point of intersection with the Eastern property line of Lot 1 in Block 11 of Busse and Wille's Resubdivision in Mount Prospect; thence Southerly along the Eastern property lines of Lots 1 through 8 of Block ll of Busse and Wille's Resubdivision in Mount Prospect, a distance of approximately 401.36 feet, to a point at the inter- section of the Southeast corner of said Lot 8' with the Northwest corner of Lot 16 of Busse's Subdivision of Lot A of Block ll in Busse and Wille's Resubdivision; thence Easterly along the Northern property line of said Lot 16, a distance of approxi- mately 190.10 feet, to a point on the centerline of Elm Street; thence Southerly along said centerline of Elm Street, a distance of approximately 190.00 feet, to the point of intersection of the centerLine of Elm Street, extended, with the Northern right-of- way of Evergreen Avenue; thence Easterly along the Northern right-of-way of Evergreen Avenue, a distance of approximately 567.20 feet, to a point of intersection with the Southwest corner of Lot 5 of the Subdivision of Block 8 of Busse's Eastern Addition to Mount Prospect, recorded February 11, 1922; thence Southerly, a distance of approximately 591.00 feet, along the Western property lines of Lots 1 through 21 of Block 20 of Mount Prospect Subaivision in Sectioa 22-41-11, Recorde~ September 2, 1874, to a point at the intersection of the Southwestern corner of said Lot 21 with the Northern property line of Lot 1 of Bruce's Resubdivision in Mount prospect; thence Easterly along the Northern property line of said Lot 1, a distance of approxi- mately 171.00 feet, to the centerline of Owen Street; thence Southerly along said centerline of Owen Street, a distance of approximately 255.48 feet, to the point of the intersection of the centerline of Northwest Highway, State of Illinois Route 14, with the centerline of Owen Street, extended; thence North- westerly along said ~enterline of Northwest Highway a distance of approximately 2,250 feet to the point of intersection of the centerline of Northwest Highway with the centerline of llain Street, State of Illinois Route 83, extended; thence Northerly along the centerline of Main Street a distance of approximately 940 feet to the point of beginning, at the intersection of the centerlines of }lain Street and Central Road, extended; all located in the Northwest Quarter (~/4), and the Northeast Quarter (1/4) of Section 12, Township 41 North, Range ll East of the Third Principal Meridian, located in the Village of Mount Prospect~ Elk Grove Township, County of Cook, in the State of Illinois.