HomeMy WebLinkAboutRESOLUTIONS-1999-044-R-99. RESOLUTION NO. 44-R-99
RESOLUTION OF INDUCEMENT TO
DEVELOP/REDEVELOP CERTAIN PROPERTY IN THE
CITY OF EVANSTON. ILLINOIS AND FINANCE THE SAME
WHEREAS, the City of Evanston, Cook County, Illinois (the
"City") is a duly organized existing municipality created under
the provisions of the laws of the State of Illinois; and
WHEREAS, the City is authorized to take certain actions
pertaining to redevelopment activities; and
WHEREAS, the City Manager and City Council find and hereby
declare that it is in the best interest of the City that certain
0 property generally described in Exhibit 1 attached hereto and
made a part hereof (the "Site") be amended and redeveloped; and
WHEREAS, in order to redevelop the Site, it may be necessary
to undertake certain public improvements and to pay certain site
preparation and related costs; and
WHEREAS, the Site has not been subject to growth and
development through investment by private enterprise and it is
not reasonably anticipated to be developed without certain public
assistance by the City; and
WHEREAS, the City is desirous of having the Site
redeveloped, and the City believes that it is not economically
feasible to do so, given the impediments to redevelopment which
characterize the Site; and
WHEREAS, the corporate authorities have reviewed the •
conditions on the Site and have reason to believe that the cost
of the necessary public improvements, site acquisition and
preparation costs, and certain other costs to be incurred may
qualify for Tax Increment Financing pursuant to State of Illinois
statute (the "TIF District"), provide the corporate authorities,
within their sole discretion -approve a formal agreement which
provides for such Program; and
WHEREAS, the corporate authorities reasonably anticipate the
issuance of obligations in connection with the TIF District in an
amount not to exceed $25 million.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION ONE: The foregoing recitals shall be and are
hereby incorporated in this Section One as if said recitals were
fully forth herein.
SECTION TWO: The corporate authorities will consider the,
use of Tax Increment Financing pursuant to State of Illinois
statutes for the Site and may take such actions as they deem
appropriate and necessary to induce quality development of the
Site and, with their sole discretion, adopt a Program to
implement the same. 0
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. SECTION THREE: All undertakings of the City set forth herein
are specifically contingent upon the ability of the City to.
determine, within its discretion, that the
development/redevelopment project includes costs that would
quality for Tax Increment Financing.
SECTION FOUR: The Resolution is a declaration of official
- ---intent under Treas:-Reg-. Section 1.103-18.
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SECTION FIVE: If any section, paragraph, clause or
provisions of this resolution shall be held invalid, thereof
shall not affect any other provision of this resolution.
SECTION SIX: This Resolution shall be in full force and
effect from and after its passage and approval in the manner
provided by law.
ATTEST:
Adopted: 21 J 1999
Mayor
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