HomeMy WebLinkAboutOrd 5128 07/18/2000 ORDINANCE NO. 5128
AN ORDINANCE AMENDING APPROVING AN AMENDMENT
TO THE REDEVELOPMENT PLAN AND PROJECT FOR
THE MOUNT PROSPECT TAX INCREMENT REDEVELOPMENT
PROJECT AREA NUMBER ONE
Passed and approved by
' the President and Board of Trustees
the 18th day of July, 2000
Published in pamphlet form by
authority of the corporate
authorities of the Village of
Mount Prospect, Illinois, the
19th day of July, 2000
ORDINANCE NO. $128
AN ORDINANCE APPROVING AN AMENDMENT TO THE REDEVELOPMENT PLAN AND
PROJECT FOR THE MOUNT PROSPECT TAX INCREMENT REDEVELOPMENT PROJECT
AREA NUMBER ONE
WHEREAS, on August 20, 1985, the President and Board of Trustees (the "Corporate
Authorities") of the Village of Mount Prospect, Illinois, in accordance with the provisions of the Tax
Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq. (the "Act"), adopted (i) Ordinance
Number 3554 (the "Redevelopment Plan Approving Ordinance") approving the Village of Mount
Prospect Redevelopment Plan and Project (the "Redevelopment Plan") for the Village of Mount Prospect
Redevelopment Project Area Number One (the "Area"); (ii) Ordinance Number 3555 (the
"Redevelopment Area Designation Ordinance") designating the Area as a redevelopment project area
pursuant to the Act; and (iii) Ordinance Number 3556 adopting tax increment allocation financing for the
Area (the "TIF Adoption Ordinance"; the Redevelopment Plan Approving Ordinance, the Redevelopment
Area Designation Ordinance and the TIF Adoption Ordinance are collectively referred to in this ordinance
as the "TIF Ordinances"); and
WHEREAS, the Redevelopment Plan established the estimated dates of completion of the
redevelopment project described in the Redevelopment Plan and of the retirement of obligations issued to
finance redevelopment project costs to be August 20, 2008, which date is not mom than twenty-three (23)
years from the date of the adoption of the Redevelopment Area Designation Ordinance, and the Corporate
Authorities made a finding in the Redevelopment Plan Approving Ordinance that such dates were not
more than twenty-three (23) years from the date of the adoption of the Redevelopment Area Designation
Ordinance in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect as of August
20, 1985; and
WHEREAS, Public Act 91-478 (the "Amendatory Act"), which became effective November 1,
1999, amended the Act, among other things, to (i) change the dates set forth in Section 11-74.4-3(n)(3) of
the Act by which redevelopment projects must be completed and obligations issued to finance
redevelopment project costs must be retired to be no later than December 31 of the year in which the
payment to a municipal treasurer as provided in Section 11-74.4-8(b) of the Act is to be made with
respect to ad valorem taxes levied in the t~venty-third calendar year after the year in which the ordinance
approving a redevelopment project area is adopted, and (ii) provide that a municipality may amend an
existing redevelopment plan to conform such redevelopment plan to Section 11-74.4-3(n)(3) of the Act,
as amended by the Amendatory Act, by an ordinance adopted without further hearing or notice and
without complying with the procedures provided in the Act pertaining to an amendment to or the initial
approval of a redevelopment plan and project and designation of a redevelopment project area; and
WHEREAS, the Corporate Authorities desire to amend the Redevelopment Plan to conform the
Redevelopment Plan to Section 11-74.4-3(n)(3) of the Act, as amended by the Amendatory Act, in
accordance with the procedures set forth in amended Section 11-74.4-3(n)(3); now, therefore
BE IT ORDAiNED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF
MOUNT PROSPECT, COOK COUNTY, ILLiNOIS ACTING PURSUANT TO ITS HOME RULE
POWERS:
SECTION 1. Recitals. The above recitals are incorporated herein and made a part hereof.
SECTION 2. Approval of Amendment to Redevelopment Plan. The Village hereby approves
this Amendment to the Village of Mount Prospect Redevelopment Plan and Project, providing that the
Village may use ad valorem property taxes levied in the year 2008 and collected in the year 2009 to pay
eligible TIF expenses for the Mount Prospect Tax Increment Financing District No. 1, as mended.
SECTION 3. Transmittal to County Clerk. The Corporate Authorities hereby authorize and
direct the Village Clerk to send a copy of this ordinance to the Cook County Clerk to inform the County
Clerk about the additional year that the County Clerk shall collect and disburse tax increment revenues to
the Village of Mount Prospect.
SECTION 4. Finding. The Corporate Authorities hereby make the finding that the estimated
dates of completion of the redevelopment project described in the Redevelopment Plan and of the
retirement of obligations issued to finance redevelopment project costs set forth in the Redevelopment
Plan, as amended by the Amendment to Redevelopment Plan, conform to the provisions of Section 11-
74.4-3(n)(3) of the Act, as amended by the Amendatory Act.
SECTION 5. Invalidity of Any Section; Severability. If any provision of this ordinance shall
be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision
shall not affect any of the remaining provisions of this ordinance, and to that effect all provisions of this
ordinance are deemed severable.
SECTION 6. Superseder. All ordinances (including, without limitation, the TIF Ordinances),
resolutions, motions or orders in conflict with this ordinance are hereby repealed to the extent of such
conflict.
SECTION 7. Effective Date. This ordinance shall be in full rome and effect immediately upon
its passage.
AYES: Hoefert, Lohrstorfer, Skowron, Wilks
NAYES: None
ABSENT: Corcoran, Prikkel
PASSED and APPROVED this i8th dayof July ,2000.
ATTEST: _- -'~;7 .
V~lma W. Lowe, Village Clerk