HomeMy WebLinkAboutRESOLUTIONS-1992-102-R-92102-R-92
A RESOLUTION
Indicating an Intent to Use Tax Increment
Financing for Development of a Certain Area
in Evanston
WHEREAS, under Chapter 24, Section 11-74.4-1, et seq.,
Illinois Revised Statutes, which Sections are known as the "Tax
Increment Allocation Redevelopment Act," (hereinafter referred to
as "The Act"), the City of Evanston is empowered to undertake the
redevelopment of blighted or conservation areas through tax
increment financing; and pursuant to said Act, the City is
empowered to incur redevelopment project costs; and
WHEREAS, pursuant to said Act, to implement tax increment
• financing it is necessary for the City Council to adopt a
redevelopment plan, redevelopment project, designate a
redevelopment area on the basis of findings that the area
qualifies as a blighted area or a conservation area, and make a
finding that the redevelopment project area on the whole has not
been subject to growth and development through investment by
private enterprise and would not reasonably be anticipated to be
developed without the adopting of a redevelopment plan which
contains a commitment to use public funds; and
WHEREAS, prior to the adoption of a redevelopment plan,
redevelopment project and designation of a redevelopment area, it
is necessary and desirable for the City Council to determine the
feasibility of tax increment financing and determine whether
conditions exist from which the City Council may make a finding
as to the existence of a blighted area or the existence of a
conservation area; and
WHEREAS, the City of Evanston has undertaken preliminary
analyses to determine whether findings may be made in respect to
the general area bounded by the centerline of Davis Street on the
South, the centerline of Orrington Avenue on the West, the
centerline of Church Street on the North, and the centerline of
Chicago Avenue on the East. The stated general area is shown in
Exhibit A hereto attached and made part of this resolution which
may be designated as a redevelopment project area, to qualify as .
a conservation or blighted area; and
WHEREAS, it is deemed to be necessary, essential and in the
best interests of the citizens of the City of Evanston to employ
tax increment financing and use the proceeds of obligations to
acquire necessary real property or finance necessary public
improvements located within the area shown in Exhibit A hereto
attached; and
WHEREAS, the preliminary studies show that the area is
characterized and influenced by a combination of factors by which
the area may be eligible for tax increment financing; and
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WHEREAS, redevelopment may be feasible if tax increment
financing is utilized pursuant to said Act as one of potential
redevelopment tools,
NOW, THEREFORE, BE IT RESOLVED as follows:
SECTION 1: Redevelopment of the above -described area in
accordance with the provision of the "Tax
Increment Allocation Redevelopment Act," is feasible and the City
intends that said Act be utilized as may be appropriate as one of
the redevelopment tools for redevelopment of the above -described
area, or such portion thereof and such additional contiguous area
as may be determined.
SECTION 2: A proposed redevelopment plan and project
should be developed for the above -described
area or such portion thereof and said area should be considered
for designation as a "redevelopment project area" as defined in
the Illinois Municipal Code, Chapter 24, Section 11-74.4-3(K).
SECTION 3: The above -described area contains factors
which may support a finding that the area
qualifies as a blighted or conservation area within the meaning
of the Illinois Municipal Code, Chapter 24, Section 11=74.4=2(a).
SECTION 4: The redevelopment project area on the whole
has not been subject to growth and
development through investment by private enterprise and will not
reasonably be anticipated to be developed without the adoption of
a redevelopment plan.
SECTION 5:
That this Resolution shall be in full force
and effect immediately upon its passage and
approval as provided by law.
Mayor
ATTEST:
City Clerk
Adop ed: .
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