HomeMy WebLinkAboutOrd 4511 01/05/1993 ORDINANCE NO. 4511
AN ORDINANCE CONFIRMING, EXTENDING AND ADOPTING
TAX INCREMENT FINANCING FOR THE AMENDMENT NO. 2
TO THE TAX INCREMENT REDEVELOPMENT PROJECT AREA
FOR DISTRICT NO. 1 IN THE~VILLAGE OP MOUNT PROSPECT, ILLINOIS
PASSED AND APPROVED BY
THE PRESIDENT AND BOARD OF TRUSTEES
the 5th day of January , 1993
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
5th day of January , 1993.
VILLAGE OF MOUNT PROSPECT
ORDINANCE NO. 4511
AN ORDINANCE CONFIRMING, EXTENDING AND ADOPTING TAX
INCREMENT FINANCING FOR THE AMENDMENT NO. 2 TO THE TAX
INCREMENT REDEVELOPMENT PROJECT AREA FOR DISTRICT NO. 1
IN THE VILLAGE OF MOUNT PROSPECT, ILLINOIS
WHEREAS, the Village of Mount Prospect desires to confirm, extend
and adopt tax increment financing pursuant to the Tax Increment
Allocation Redevelopment Act, as amended, Ill.Rev. Stat. Ch.24
Sec.11-74.4-1 et seq. (hereinafter referred to as the "Act"); and
WHEREAS, the Village of Mount Prospect has adopted the Amendment
No. 2 to the Tax Increment Redevelopment Plan and Redevelopment
Project for District NO. 1, and designated the Amendment No. 2 to
the Tax Increment Redevelopment Project Area for District No. 1
pursuant to the provisions of the Act, and has otherwise complied
with all other conditions precedent required by the Act;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT OF THE BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUI~TY, ILLINOIS,
as follows:
Section 1:
Tax increment financing is hereby confirmed, extended and adopted
with respect to the Amend~ent No. 2 to the Tax Increment Redevelop-
ment Plan and Redevelopment Project for District No. 1, approved
and adopted pursuant to Ordinance No. 4509 of the Village of
Mount Prospect passed, approved andpublished January 5 , 1993
(hereinafter referred to as the "Plan"), and with respect to the
Amendment No. 2 to the Tax Increment Redevelopment Project Area for
District No. 1 and described in Exhibit A attached to Ordinance No.
4510 of the Village of Mount Prospect passed, approved and
published on January 5 , 1993 (hereinafter referred to as
the "Area").
section 2:
After the total equalized assessed valuation of taxable real
property in the Area exceeds the total initial equalized assessed
value of all taxable real property in the Area, the ad valorem
taxes, if any, arising from the levies upon real property in the
Area by taxing districts and the rates determined in the manner
provided in Sec. 11-74.4-9(b) of the Act each year after the
effective date in this Ordinance until the Redevelopment Project
costs and obligations issued in respect thereto have been paid,
shall be divided as follows:
1) 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 Area shall be allocated to and when
corrected 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.
2) 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 lot, block, tract or parcel of
real property in the Area shall be allocated to and when
collected shall be paid to the Village Treasurer who
shall deposit said funds in a Special Tax Allocation Fund
for the Area, for the purposes set forth in the Plan.
Section 3: The Village Clerk shall publish this Ordinance in
pamphlet form and shall file this Ordinance with the Cook County
Clerk pursuant to the Act.
Section 4: This Ordinance shall be in full force and effect upon
its passage and approval as provided by law.
PASSED BY THE FOLLOWING ROLL CALL VOTE THIS 5th DAY OF January
, 199/3_.
AYES: Busse, Corcoran, Floros, Hoefert, Wilks
NAYS: Clowes
ABSENT: None
ABSENT FROM COMMENT AND VOTE: None
APPROVED this 5th day of January , 199~.
~vill~ge P~eslder~ /
Village Clork
PUBLISHED IN PAMPh~LET FORM BY T~ VlL~GE CLE~ OF THE VlL~GE OF
M~NT PROSPECT, THIS ..~h DAY OF 3~m,mvy , 199 3 .
2