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HomeMy WebLinkAboutORDINANCES-1990-047-O-90-1/-JU 47-0-90 AN ORDINANCE Adopting and Approving a Tax Increment Financing Redevelopment Plan and Redevelopment Project WHEREAS, the City of Evanston, Cook County, Illinois i 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 called "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 June 11, 1990 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 i Main Street on the north, the Pitner Avenue Truck Route on the east, the North property line of Rustoleum on the south, and the Commonwealth Edison High Voltage Transmission Line on the west, all in the City of Evanston; and 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 April 26, 1990; and by publication on May 17, 1990 and May 24, 1990;-and by certified mail to all taxpayers of record in the proposed redevelopment area on May 14, 1990; 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 i Area; and 1 I 47-0-90 WHEREAS, the Mayor and City Council have reviewed the conditions pertaining to lack of private investment in the proposed Redevelopment Project Area to determine whether private development would take place in the proposed Redevelopment Project Area as a whole without the adoption of the proposed Redevelopment Plan; and WHEREAS, the Mayor and City Council have reviewed the l . conditions pertaining to real property in the proposed Redevelopment Project Area to determine whether contiguous parcels of real property and improvements thereon in a 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 deems it appropriate to approve the proposed project and plan to begin to initiate measures as rapidly as possible, for the promotion and protection of the health, safety, morals and welfare of the residents of the City of Evanston. 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 make the following findings: (a) The area constituting the proposed Redevelopment Project Area in the City of Evanston, Illinois, is described in "EXHIBIT A" 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 Conservation Area as defined in Section 11-74.4-3(b) of the Act. (c) The proposed Redevelopment Area Project on the whole has not been subject to growth and development through investment by private enterprise and would 2 i 47-0-90 not be reasonably anticipated to be developed ' without the adoption of the Redevelopment Plan. (d) The Redevelopment Plan and Redevelopment Project !f 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 i; the proposed Redevelopment Project Area. (f) The estimated date for final completion of the Redevelopment Project is July, 1995. (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 from their respective dates, and not more than 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 June 11, 1990 is hereby adopted and approved. A copy of the • i'. Redevelopment Plan and Redevelopment Project marked "EXHIBIT B" is attached hereto and made a part hereof by reference thereto. i I; SECTION 3: All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION 4: This ordinance shall be in full force i i, and effect from and after its passage, approval and publication in the manner provided by law. i' Introduced: tilZP /� , 1990 Adopted: S , 1990 v Appr ed : 1-w-e 1990 Mayor Ii ATTEST, •City Clerk 'i Ap rDved as to f orporation Couns6l 3 i r',