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HomeMy WebLinkAboutOrd 4013 12/20/1988ORDINANCE NO. 4013 AN ORDINANCE AMENDING ORDINANCE NO. 3556 ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE DISTRICT NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT AREA, TO PROVIDE TAX INCREMENT ALLOCATION FINANCING FOR AN ENLARGED PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECT PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES the 20th day of December, 1988 Published in pamphlet form by authority of the corporate authorities of the Village of Mount Prospect, Illinois, the 22nd day of December, 1988. RDINANCE NO. 4013 ORDINANCE AMENDING ORDINANCE NO. 3556 ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE DISTRICT NO. 1 TAX INCREMENT REDEVELOPMENT PROJECT AREA, TO PROVIDE TAX INCREMENT ALLOCATION FINANCING FOR AN ENLARGED PROJECT AREA IN THE VILLAGE OF MOUNT PROSPECT WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, as amended, constituting Division 74.4 of Article II of the Illinois Municipal Code, the Village of Mount Prospect has adopted Tax Increment Allocation Financing pursuant to ordinance No. 3556, adopted by the Board of Trustees of the Village of Mount Prospect on August 20, 1985; and WHEREAS, the exterior boundaries of the Redevelopment Project Area have been enlarged pursuant to an ordinance adopted by the Board of Trustees on December 20, 1988 and entitled: "Ordinance Enlarging the Redevelopment Project Area of the village of Mount Prospect, Illinois"; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, ILLINOIS, AS FOLLOWS: SECTION ONE: Section One of Ordinance No. 3556 is hereby amended by adding the following wording: "Tax Increment Financing is hereby adopte~ with respect to an enlarged Redevelopment Plan and Project pursuant to Amendment No. I approved and adopted pursuant to Ordinance No. of the Village of Mount Prospect approved December 20, 1988; and with respect to the Redevelopment Project Area designated as Tax Increment Finance District No. I as described in Exhibit A and an enlarged area of Amendment No. I described in Exhibit B and adopted by Ordinance No. on December 20, 1988 entitled an "Ordinance' Enl-~glng the Redevelopment Project Area of the Village of Mount Prospect." SECTION TWO: All other provisions of Ordinance No. 3556 are to remain in full force and effect with adoption of this ordinance adopting Tax Increment Financing for an enlarged project area. SECTION THREE: The village Clerk is hereby directed to publish this ordinance in pamphlet form and to file a certified copy of this Ordinance with the County Clerk of Cook county, Illinois. SECTION FOUR: This Ordinance shall be in full force and effect upon 1ts passage and approval. Adopted this 20th day of December , 1988, by roll call as follows: AYES: Farley, Floros, Murauskis, Van Geem NAYS: None ABSENT. ~- rthur, Wattenberg ? ATTEST £~',~- ~ VILLAGE C~,E ~(K ' EXHIBIT A TAX INCREMENT REDEVELOPMENT PROJECT AREA DISTRICT ~1 - LEGAL D~SCRIPTION Beginning at the intersection of che centerline of Main Street, State of Illinois Route 83, with the centerline of Central Road, 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 Resubdivision No. 3, a distan~ 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 riEht-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 Resubdivtsion 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 said 50.00 feet, along the Eastern property line of 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, s distance of approximately 3~1.88 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 ~roperty lines of Lots 1 through 8 of Block 11 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 11 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 ~ 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 ~ ~vergreen Avenue; thence Easterly alons the Northern right of way of Evergreen Avenue, a distance of approximately 567.20 feet, to apoint 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 ~91.00 feet, along the Western property lines of Lots I through 21 of Block 20 of Mount Prospect Subdivision in Section 12-41-11, Recorded September 2, 1874, to a point at the intersection of the Southwestern corner of said Lot 21 with the Northern property line of Lot I 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 111inois Route 14, 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 Northwes~ Highway with the centerline of Main 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 Main Street and Central_Road, extended; all located in the Northwest Quartet (1/4), and the Northeast Quarter (1/4) of Section 12, Township 41 North, Range 11 East of the Third Princ Meridian, located in the Village of Mount Prospect, EI~pal County Grove Township, of Cook, in ~he State of Illinois. EXHIBIT B LEGAL DESCRIPTION - AMENDMENT #1 That part of the west Half of the Northwest fractional Quarter of section 12, Township 41 North, Range 11, East of the Third Principal Meridian, described as follows: The East 44 feet of the West 64 feet of Lots I and 2 and all of Lots 16, 17, 18 and 19 in Block 7 in "Mount Prospect", a subdivision in part of the west Half of said Section 12, per plat thereof recorded September 2, 1874, as Document 188460 in Book 8 of Plats, page 90; also Lots E and F in Laudermllk's Subdivision of Lots 3, 4, 5, 6 and 7 in Block 7 in the aforesaid "Mount Prospect" subdivision, per plat thereof filed for record in the Office of the Registrar of Titles June 6, 1927, as L.R. 357250 together with the 16 foot wide public alley lying South of and adjoining said Lot F, said alley being the North 16 feet of Lot G in said Laudermilk's Subdivision, and also the 20 foot wide public alley lying West of and adjoining Lots A, B, C, D, E, F and the North 16 feet of Lot G in said subdivision, except the North 50 feet of said 20 foot wide alley now vacated; also The North 100 feet of Lot 2 in Block 3 in Busse and Wllle's Resubdivision in Mount Prospect in part of said' Northwest fractional Quarter of Section 12, per plat thereof recorded March 31, 1906, as Document 3839591; also Lots 1 and 2 in Mount Prospect Central District Resubdivzsion in part of the West Half of said section 12, pem plat thereof filed for record in the Office of the Registrar of Titles, December 23, 1949, as L.R. 1275902; also Lot 1, except the We~t 20 feet thereof, in Raymond R. Chmelik's Subdivision, a resubdivision of part of aforesaid Laudermilk's Subdivision, per plat thereof also filed for record in the Office of the Registrar of Titles, February 25, 1969, as L.R. 2437155; also Lot I in Huecker's Resubdivlsion of Lots 1 and 2 (except the West 64 feet thereof) in aforesaid Block 7 in "Mount Prospect", per plat thereof recorded September 9, 1969, as Document 20953597; also Lots I and 2 in the McLean Resubdlvision in Mount Prospect, being a resubdivision in part of the West Half of said Section 12 also field for record in the Office of the Registrar of Titles, October 20, 1975, as L.R. 2835833; also That part of Wllle Street in said West Half of Section 12 lying North of an extension West of the South line of the North 100 feet of Lot 2 in Block 3 in the aforesaid Busse and Wille's Resubdlvision, and lying South of the South line of Central Road; also That part of Main Street in said West Half of Section 12 lying North of an extension East of the most South line of Lot 2 in the aforesaid Mount Prospect Central District Resubdivision, and lying South of the South line of Central Road; also That part of Central Road in said West Half of Section 12 and in part of the South Half of Section 34, Township 42 North, Range 11, East of the Third Principal Meridian, lylng East of an extension North of the West line of the aforesaid Wille Street, and lying West of an extension North of the East line of the aforesaid Main Street, all of the above in cook County, Illinois.