HomeMy WebLinkAboutORDINANCES-1992-010-O-922-11-92
3-18-92
• 10-0-92
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 Sections
11-74.4-1 et seq., Illinois Revised Statutes, 1983, 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 on G/oZ % , 1992.
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
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Project Area, the ad valorem taxes, if any, arising from thb •
levies upon real property in the Redevelopment Project Area by
Taxing districts and the rates determined in the manner provided
in Section 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 Howard-Hartrey 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,
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• ' approval, and publication in the manner provided by law.
Introduced :,)zd-' ' '%
Adopted: C��-t� aZ %
ATTEST'
nz
City Clerk
Ap?r ved as to f rm:
i
-torporati'5 Cou el
•
, 1992
1992
Approved:
Qr/9
j/ Mayor
K
,1992
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