HomeMy WebLinkAboutORDINANCES-1993-131-O-9311-04-93
131-0-93
AN ORDINANCE
Adopting Tax Increment Financing
WHEREAS, the City of Evanston desires to adopt tax
increment financing pursuant to the Real Property Tax Increment
Allocation Redevelopment Act, P.A. 79-1525, appearing as Section
5/11-74.4-1 et seq., 65 Illinois Comviled Statutes hereinafter
referred to as the "Act"; and
WHEREAS, the City of Evanston has adopted a Tax
Increment Redevelopment Plan and Project, and designated a
Redevelopment Project Area 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 CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: Tax increment financing is hereby adopted
in respect to the Redevelopment Plan and Project approved and
adopted pursuant to Ordinance of the City of Evanston, passed in
respect to the Redevelopment Project Area described in Exhibit
"A" attached to this ordinance, which Redevelopment Project Area
was designated pursuant to ordinance passed by the City Council.
SECTION 2: After the total equalized assessed
valuation of taxable real property in the Redevelopment Project
Area exceeds the total initial equalized assessed value of all
taxable real property in the Redevelopment Project Area, the ad
valorem taxes, if any, arising from the levies upon real property
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in the Redevelopment Project Area by Taxing districts and the
rates determined in the manner provided in Section 5/11-74.4-9(b)
of the Act each year after the effective date of this ordinance
until the Redevelopment Project costs and obligations issued in •
respect thereto have been paid shall be divided as follows:
a. 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 or real
property in the Redevelopment Project Area shall be
allocated to and when collected 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.
b. 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 redevelopment project area over
and above the initial equalized assessed value of each
property in the Redevelopment Project Area shall be
allocated to and when collected shall be paid to the
municipal treasurer who shall deposit said funds in a
special fund called "the special tax allocation fund
for the Church Chicago Tax Increment Finance District,
of the municipality for the purposes set forth in the
Redevelopment Plan and Project referred to in Paragraph
1 of this Ordinance.
SECTION 3: All ordinances or parts of ordinances
in conflict herewith are hereby repealed.
SECTION 4: This ordinance shall be in full force and
effect from and after its passage, approval, and publication in
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the manner provided by law.
Introduced 19'93
Adopted: 1993
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City .::lerk
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orpor ltion Counsel
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Approved: ,1993
Mayor
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EXHIBIT A
LEGAL DESCRIPTION
A parcel of land in the South 1h of Section 18, Township 41 North, Range 14 East of Third
Principal Meridian comprising Lot 1 and Lots 12 to 16, both inclusive in Block 19 in The
Village of Evanston in Section 13, Township 41 North, Range 13 East of Third Principal
Meridian and Sections 7,18 and 19, Township 41 North, Range 13 East of Third Principal
Meridian, the 20 feet Northerly and Southerly public alley lying Westery of and adjoining
the Westerly line of said lots, Chicago Avenue lying Easterly of adjoining the Easterly line
said Lots and Church Street lying Northerly of the Northerly line, and the Northerly line
extend Westerly 20 feet and the Northerly line extended Southeasterly to the Easterly line
of said Lot 1 and more particularly described as follows: commencing at the point of
intersection of the North line of Church Street and the East line extended Northerly of
Chicago Avenue; thence Southwesterly along the said extended East line and the East
line of Chicago Avenue to its intersection with the extension Southeasterly of the
Southerly line of said Lot 12; thence Northwesterly along said extended line, the Southerly
line of said Lot 12 and the said Southerly line extended Northwesterly to the Westerly line
of aforesaid 20 feet Northerly and Southerly public alley; thence Northeasterly along said
Westerly line and said Westerly line extended Northerly of said 20 feet Northerly and
Southerly public alley to its intersection with the said north line of Church Street; thence
Southeasterly along said North line and said North line extended Southeasterly of Church
Street to the point of beginning, Cook County, Illinois.