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HomeMy WebLinkAboutOrd 3556 08/20/1985 767V ORDINANCE NO. 3556 AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE DISTRICT NO. 1 TAX INCREMENT REDEVELOPMW. NT PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECTs_ ILLINOIS WHEREAS, the Village of Mount Prospect desires to adopt tax increment financing pursuant to the Real Property Tax Increment Allocation Redevelopment Act, as amended, constituting Division 74.4 of Article 11 of the Illinois Municipal Code (hereinafter referred to as the "Act"); and WHEREAS, the Village of Mount Prospect has adopted a Tax Increment Redevelopment Plan and Project, and designated a Redevelopment Project Area pursuant to the provisions of the Act, and has otherwise ccmplied with all other conditions precedent required by the Act; TRUSTEES FOLLOWS: NOW THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNtrY, ILLINOIS, AS SECTION ONE: Tax Increment Financing is hereby adopted with respect to the Redevelopment Plan and Project approved and adopted pursuant to Ordinance No. 3554 of the Village of Mount Prospect passed, approved and published August 20, 1985 and with respect to the Redevelopment Project Area designated as the District No. 1 Tax Increment Redevelopment Project Area and described in Exhibit "A" attached to Ordinance No. 3555 of the Village of Mount Prospect passed, approved and published on August 20, 1985. SECTION TWO: After the total equalized assessed valuation of taxable real property in the Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Redevelopment Project Area, the ad valorem taxes, if any arising from the levies upon real property in the Redevelopment Project Area by taxing districts and the rates determined in the manner provided in Section il-74.4-9(b) of the Act each year after the effective date of this Ordinance until the Redevelopment Project cost and obligations issued in respect thereto have been paid shall be divided as follows: That portion of taxes levied upon each taxable lot, block, tract or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the Redevelopment Project Area shall be allocated to and when collected shall be paid Dy 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. 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 Redevelopment Project Area over and above the initial equalized assessed value of each lot, block, tract or parcel of real property in the Redevelopment Project Area shall be allocated to and when collected shall be paid to the Village Treasurer who shall deposit said funds in a special fund called "the Special Tax Allocation Fund for District #1 Tax Increment Redevelopment Project Area of the Village for the purposes set forth in the Redevelopment Plan and Project referred to in paragraph 1 of this Ordinance. SECTION THREE: This Ordinance shall be in full force and effect upon its passage, by the Board of Trustees of the Village of Mount Prospect, Illinois and approval by the President thereof, and publication in pamphlet form. PASSED by the Board of Trustees of the Village of Mount Prospect, Illinois and approved by the President thereof this 20th day of August, 1985. AYES: NAYS: ABSENT: Arthur, Farley, Floros, Murauskis, None None APPROVED: Van Geem, Wattenberg ~.'- P'RES I DENT ATTEST: VILLAGE CLERK ATTACHMENT "A" ~ ~ '~ DO~OWN NO. i INCREMENT REDEVELOP~IENT PROJECT AREA LEGAL DESCRIPTION Beginning at the intersection of the centerline of Main Street, State of Illinois Route 83, with the centerline of Central Roa~, extended; thence Easterly along said centerline of Centra~ 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 ] of MoUnt Prospect Stat~ B~nk ~Resubdivision 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.]] feet, to the point of inter- section of the centerline of Busse Avenue with the Eastern ~ight-of~way o~f~Emer~on'-Stre~t;~:~e~e~Sbutherty '~Iong 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 Buss~and Wille's'Resubdivision in ~ount Prospect; thence Easterly along the Northern property line of said Lot ]8, a distance of approximately ~57.09 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 }~ount Prospect; thence Easterly along the Northern property line of said Lot A, a distance of approximately 157.]0 feet, to a point of intersection of said Lot A with the Western right-of-way of l~aple Street; thence Northerly along the Western right-of-way of ~aple 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 ] in Block 11 of Busse and Wil!e's Resubdivision in ~lount Prospect; thence Southerly along the Eastern property lines of Lots 1 uhrough 8 of Block ]] of Busse and Wille's Resubdivision in ~lount Prospect, a distance of approximately 40].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 11 in Busse and Wille's Resubdivision; thence Easterly along the Northern property line of said Lot 16, a distance of approxi- mately 190.]0 feet, to a point on the centerline of Elm Street; thence Southerly along said centerline of Elm Street, a distance of approximately ]90.00 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 }~ount Prospect, recorded February 1] , 1922; thence Southerly, a distance of approximately 59] .00 feet, along the Western property lines of Lots ] through 21 of Block 20 of Mount Prospect Subdivision in Section ]2-4]-11, Recorded September 2, 1874, to a point at the intersection of the Southwestern corner of said Lot 2] with the Northern property line of Lot I of Bruce's.Resubdivision in ~lount 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 ]4, with the centerline of Owen Street, extended; thence North- westerly along said centerline 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 }~ain Street, State of Illinois Route 83, extended; th~ence Northerly along the centerline of ~lain Street a distance of approximately 940 feet to the point of beginning, at the intersection of the centerlines of Main Street and Central Road, extended; all located in the Northwest Quarter (1/4), and the Northeast Quarter (]/4) of Section ]2, Township 41 North, Range ~ East of the Third Principal Meridian, located in the Village of ~ount Prospect~ Elk Grove Township, County of Cook, in the State of Illinois.