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Home My WebLink AboutOrd 5584 08/15/2006 ORDINANCE NO. 5584 AN ORDINANCE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, CONFIRMING TAX INCREMENT ALLOCATION FINANCING FOR THE DOWNTOWN TIF NO.1 REDEVELOPMENT PROJECT AREA Passed and approved by the President and Board of Trustees the 15TH day of August, 2006 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 16th day of August, 2006 Ordinance No. 5584 AN ORDINANCE OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, CONFIRMING TAX INCREMENT ALLOCATION FINANCING FOR THE DOWNTOWN TIF NO.1 REDEVELOPMENT PROJECT AREA WHEREAS, it is desirable and in the best interest of the citizens of the Village of Mount Prospect, Cook County, Illinois (the "Village"), for the Village to implement tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 ofthe Illinois Municipal Code, as amended (the "Act"); and WHEREAS, the Village has heretofore amended a redevelopment plan and project (the "Plan and Project") as required by the Act by passage of an ordinance and has heretofore amended 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 Village President and Board of Trustees of the Village of Mount Prospect, Cook County, Illinois, as follows: Section 1. Tax Increment Financing Confirmed. That tax increment allocation financing is hereby confirmed to pay redevelopment proj ect costs as defined in the Act and as set forth in the Plan and Project within the Area as legally described in Exhibit A attached hereto and incorporated herein as if set out in full by this reference. The general street location 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 in Exhibit C attached hereto and incorporated herein as if set out in full by this reference. Section 2. Allocation of Ad Valorem Taxes. That 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 11-7 4.4-9( 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 that 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 that is attributable to the increase in the current equalized assessed valuation of each lot, block, tract, or parcel of real property in the Area shall be allocated to and when collected shall be paid to the municipal treasurer, who shall deposit said taxes into a special fund, hereby created, and designated the "Downtown TIP No.1" 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. This subsection (b) shall relate back to any subsequent reduction in the equalizes assessed valuation for the tax year 2005, the same, as if the reduction had occurred prior to the adoption of this Ordinance. Section 3. Invalidity of Any Section. That 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. That all ordinances, resolutions, motions, or orders in conflict herewith shall be, and the same hereby are, repealed to the extent of such conflict, and this Ordinance shall be in full force and effective immediately upon its passage by the Corporate Authorities and approval as provided by law. ATTACHMENTS: EXHIBIT A - Legal Description EXHIBIT B - General Street Location EXHIBIT C - Map of Redevelopment Project Area PASSED this 1 5th day of August, 2006. AYES 6 NAYS 0 ABSENT 0 APPROVED~~? p;~ LLAGE PRESIDENT ATTEST: '/?J~~~ VILLA E CLERK LEGAL DESCRIPTION Legal Description of Downtown TIP No.1 Redevelopment Project Area, As Amended is as follows: Beginning at the intersection of the east right-of-way line of Main Street, State oflllinois Route 83, with the north right-of-way line of Central Road, thence easterly along said north right-of-way line to a point of intersection with the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the west property line of Lots 1 through 11 of Block 5 in Busse and Wille's Resubdivision in Mount Prospect to the north right-of-way line of Busse Avenue, thence easterly along the north right-of-way line of Busse Avenue to a point ofintersection with the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect, thence southerly along the extension of the east property line of Lots 1 through 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect to the southeast comer of Lot 8 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect; thence easterly along the south property line of Lot 17 of Block 11 of Busse and Wille's Resubdivision in Mount Prospect extended to a point of intersection with the east right-of-way line of Elm Street, thence southerly along the east right-of-way line of Elm Street to the north right-of-way line of Evergreen Avenue; thence easterly along the north right of-way line of Evergreen Avenue to a point ofintersection with the extension of the west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12-41-1 1, recorded September 2, 1874, thence southerly along the extension of the west property line of Lots 1 through 21 of Block 20 of Mount Prospect Subdivision in Section 12- 41-1 1, recorded September 2, 1874 to the northwest comer of Lot 1 of Bruce's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Bruce's Resubdivision in Mount Prospect extended to a point of intersection with the east right-of-way line of Owen Street, thence southerly along the east right-of-way line of Owen Street extended to a point of intersection with the southerly right-of-way line of Northwest Highway, US Rode 14, thence northwesterly along the southerly right-of-way line of Northwest Highway, US Route 14 to a point of intersection with the north right-of-way line of Central Road; thence easterly along the north right-of-way line of Central Road to the southwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence northerly along the west property line of Trapani's Resubdivision in Mount Prospect to the northwest comer of Lot 1 of Trapani's Resubdivision in Mount Prospect, thence easterly along the north property line of Lot 1 of Trapani's Resubdivision in Mount Prospect extended to a point of intersection with the east right of-way line of Main Street, State oflllinois Route 83; thence southerly along the east right-of-way line of Main Street, State of lllinois Route 83 to the point of beginning at the point of intersection of the east right-of- way line of Main Street, State of Illinois Route 83, with the north right-of-way line of Central Road, all located in part of the Northeast Quarter and the Northwest Quarter of Section 12, and the Northeast Quarter of Section 11 all in Township 41 North, Range 11 East of the Third Principal Meridian, and in part of the Southwest Quarter and the Southeast Quarter of Section 34, Township 42 North, Range II East of the Third Principal Meridian all in Cook County, lllinois. EXHIBIT B GENERAL STREET LOCATION EXHIBIT B 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 (amendment #3) include property generally located at the southeast comer of Emerson Street and Busse A venue, and property generally located at northwest comer of Main Street and.Central Road. EXHIBIT C MAP OF AMENDED REDEVELOPMENT PROJECT AREA Area of Amendment #3 tj L--1 E CENTRAL I ~ I 1_ -r---.1 I- ~ I 'm~nt~ ] ~~~ ~ ~ Exhibit 1: -~- Tax Increment Rnance District #1 ~ ~ ~ As Amended ~ ~ ~ ~ ~ ~ Boundary Map ~ m ~ ?- m w m o 150 300 450 600 750 ~ L I I I I I I I 'Feet "lI ~ ~ r--r----, ~ ~n I ""'- b---l ~ ~-I _1.. .L-=J ~r z m z <( ~ runl ?- m -l~ ..J ~ Z ~ I-~t-~I- m m m Z w 3 ~ ~ w ~ < Z w :i :i Z w m ~ ~ .. I-- ~I 11 ~ '-- ~ I ~ I-- - ~ I- r= t- I r- - I-- I E HENRY 1 j~ o J: -1~ - - - - J - --+= I I a J t=C E BUSSE I --, EE lr- ~ I-- I- IWE1! R= - - - :=f= ~,~