HomeMy WebLinkAboutORDINANCES-1992-008-O-922-11-92
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AN ORDINANCE
Adopting and Approving Tax Increment
Financing Redevelopment Plan and
Redevelopment Project
WHEREAS, the City of Evanston, Cook County, Illinois
desires to implement municipal real property tax increment
allocation redevelopment financing as authorized by the Real
Property Tax Increment Allocation Redevelopment Act (Chapter 24,
Section 11-74.4-1 et seq., of the Illinois Revised Statutes,
hereinafter referred to as the "Act"), in connection with a
proposed redevelopment plan and redevelopment project, within
the boundaries of the said City of Evanston, as hereinafter
described in this Ordinance; and
WHEREAS, pursuant to Section 11-74.4-5 of the Act a
public hearing was held on March 23, 1992 at the Council
Chambers, Evanston Civic Center, Evanston; and
WHEREAS, said public hearing dealt with a proposed
redevelopment plan, redevelopment project and a specified
redevelopment project area within an area generally bounded by
the following:
Beginning at the southwest corner of the City limits,
at the center line of Howard Street, then northerly
along the City limits, to the northern boundary of the
Bell & Howell property line, then easterly to the
western edge of the Skokie Swift embankment, then
easterly to the eastern edge of Hartrey Avenue, then
southerly to the center line of Howard Street (the
City's southern boundary), then westerly to the point
of beginning.
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WHEREAS, due notice in respect to said hearing was
given pursuant to Section 11-74.4-5 and 11-74.4-6 of the Act,
said notice having been given to the appropriate public taxing
districts by certified mail on January 31, 1992; and by
publication on February 27, 1992 and March 5, 1992; and by
certified mail to all taxpayers of record in the proposed
redevelopment area on March 6, 1992; and
WHEREAS, the Mayor and City Council have reviewed the
information concerning the area presented at the public hearing
and have reviewed other studies and is generally informed of the
conditions of the area in the proposed Redevelopment Project
Area; and
WHEREAS, the Mayor and City Council have reviewed the
conditions pertaining to real property in the proposed
Redevelopment Project Area to determine whether contiguous
parcels of real property and improvements thereon in the proposed
Redevelopment Project Area would be substantially benefited by
the proposed Redevelopment Project improvements; and
WHEREAS, the Mayor and City Council have reviewed the
proposed Redevelopment Plan and Project and Comprehensive Plan
for development of the municipality as a whole to determine
whether the proposed Redevelopment Plan and Project conform to
the Comprehensive Plan of the City; and
WHEREAS, the Mayor and City Council of the City of
Evanston now deem it appropriate to approve the proposed project
and plan to begin to initiate measures as rapidly as possible,
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for
the promotion
and protection of the
health, safety, morals
and
welfare of the
residents of the City
of Evanston.
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NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: FINDINGS: The City Council of the
City of Evanston hereby makes the following
findings:
(a) The area constituting the proposed Redevelopment
Project Area in the City of Evanston, Illinois, is
described in "EXHIBIT All attached hereto and
incorporated herein by reference.
(b) There exist conditions which cause the area
proposed to be designated as a Redevelopment Project
Area to be classified as a blighted area as defined in
Section 11-74.4-3 of the Act.
(c) The proposed Redevelopment Area Project on the
whole has not been subject to a growth and development
through investment by private enterprise and would not
be reasonably anticipated to be developed without the
adoption of the Redevelopment Plan.
(d) The Redevelopment Plan and Redevelopment Project
conform to the Comprehensive Plan for the development
of the municipality as a whole.
(e) The parcels of real property in the proposed
Redevelopment Project Area are contiguous parcels of
real property and improvements thereon which will be
substantially benefited by the proposed Redevelopment
Project improvement are included in the Proposed
Redevelopment Project Area.
(f) The estimated date for final completion of the
Redevelopment Project is December, 1997.
(g) The obligations issued to finance Redevelopment
project costs may be issued in one or more series
bearing interest at such rate or rates as the corporate
authorities of the City shall determine by ordinance.
Such obligations shall bear such date or dates and
mature at such time or times not exceeding twenty (20)
years form their respective dates, and not more than
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twenty-three (23) years from the date of adoption
hereof, as the corporate authorities may designate.
SECTION 2: APPROVAL OF PLAN AND PROJECT: The
Redevelopment Plan and Redevelopment
Project which were the subject matter of the hearing held on
March 23, 1992, are hereby adopted and approved. A copy of the
Redevelopment Plan and Redevelopment Project marked "EXHIBIT B"
is attached hereto and made a part hereof by reference thereto.
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 the manner provided by law.
Introduced �?-3
Adopted:
erk
/ '.
tion
sel
, 1992
1992
Approved:
Mayor
4
,1992
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