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HomeMy WebLinkAboutORDINANCES-1990-049-O-905-1/-9U 49-0-90 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 June 25, 1990. 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 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: 1 49-0-90 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 Southwest 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 the manner provided by law. Introduced:c�9�P Adopted: 7 C.G2e r� ATT City ler Appro as to for.: Corporation �ounse]� , 1990 1990 Appr ed: , 1990 Mayor 2 -. - - -- EXHIBIT A -- ORDINANCE 49-0-90 REDEVELOPMENT PROJECT AREA LEGAL DESCRIPTION f LEGAL DESCRIPTION THOSE PARTS -OF THE SOUTHWEST % OF SECTION 24, TOWNSHIP 41 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN, COMPRISING ALL OF PARTS OF THE FOLLOWING LOTS AND BLOCKS, =-LOTS . 16-_ T0= :24-_-BOT_I :-_INCLUSIVE_ _IN_ BLOCK-.2_=:1N _ TRAVERS:'_ SDB ` DIVISION OF THE NORTH OF THE MIDDLE 1/3 OF -THE --NORTH _ - -- _ _OF- THE.. SOUTHWEST OF SAID SECTION 24 ALSO -LOT 1- ZERA SUB-.__ DIVISION NO. 2 OF PART OF THE SOUTHWEST OF SAID SECTION 24 ALSO LOT 1 IN HESS' SUBDIVISION OF PART OF THE NORTH : 300 FEET OF THE WEST 2/3 OF THE SOUTHWEST 4 OF THE SOUTH- WEST 4 OF SAID SECTION 24 ALSO LOTS 1 AND 2 IN HARTREY-KEENEY CORPORATION RESUBDIVISION OF PART OF THE NORTH 5 FEET OF - LOT 'A' IN OAKTON CONSOLIDATION IN THE SOUTHWEST 4 OF THE SOUTHWEST 4 OF SAID SECTION 24 AND ALL OF LOT 2 IN THE HESS' SUBDIVISION, AFORESAID ALSO INCLUDING ALL THOSE CERTAIN STREETS AND ALLEYS ADJOINING AND CONTIGUOUS TO TO AFORESAID LOTS AND BLOCKS FALLING WITHIN THE FOLLOWING DESCRIBED TRACT OF LAND: BEGINNING AT THE POINT OF INTER- SECTION OF THE WESTERLY EXTENSION OF THE NORTH LINE OF WASHINGTON STREET AND THE NORTHERLY EXTENSION OF THE EAST LINE OF WIDENED PITNER AVENUE; THENCE SOUTH ALONG THE SAID EAST LINE OF WIDENED PITNER AVENUE AND ITS EAST LINE EXTENDED NORTH TO THE INTERSECTION OF THE CENTER LINE OF CLEVELAND STREET AND THE SOUTHERLY EXTENSION OF THE EAST LINE OF WIDENED PITNER AVENUE; THENCE WEST ALONG THE SAID CENTER LINE OF CLEVELAND STREET TO ITS INTERSECTION OF THE EAST LINE AND EAST LINE EXTENDED NORTH TO A POINT ON A LINE MEASURED 100 FEET NORTH OF AND PARALLEL TO THE NORTH LINE OF LOT 'E' IN MACTAGGART AND NEWTON'S SUBDIVISION OF A PART OF THE EAST � OF THE SOUTHWEST 4 OF THE SOUTHWEST a OF SAID SECTION 24; THENCE WEST ALONG SAID PARALLEL LINE, TO THE EAST LINE OF -LOT 'A' IN OAKTON CONSOLIDATION AFORESAID; THENCE NORTH ALONG SAID EAST LINE TO THE NORTHEAST CORNER OF SAID LOT 'A'; THENCE WEST ALONG THE NORTH LINE OF SAID LOT 'A' TO, ITS INTER- SECTION WITH THE EAST LINE OF LOT 2 IN HARTREY-KEENEY CORPORATION RESUBDIVISION, AFORESAID, AT A POINT 5 FEET NORTH OF THE SOUTH- EAST CORNER THEREOF, THENCE SOUTH ALONG SAID EAST LINE TO THE • SOUTHEAST CORNER OF SAID LOT 2; THENCE WEST ALONG THE SOUTH LINE OF SAID LOT 2 TO THE MOST SOUTHERLY SOUTHWEST CORNER THEREOF; THENCE NORTH ALONG THE MOST WESTERLY LINE OF SAID LOT 2 TO THE WESTERLY -MOST CORNER OF SAID LOT 2, SAID CORNER BEING COMMON WITH THE SOUTHEASTERLY LINE OF LOT 1 IN ZERA SUBDIVISION NO. 3, A SUBDIVISION OF PARTS OF THE SOUTHWEST OF SECTION 24 AND THE SOUTHEAST 4 OF SECTION 23, TOWNSHIP 41 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID SOUTHEASTERLY LINE ALSO BEING THE EASTERLY LINE OF THE FORMER C81CAGO AND NORTHWESTERN RAILROAD RIGHT OF WAY; THENCE NORTH- EASTERLY ALONG SAID COMMON LINE TO THE NORTHEAST CORNER OF LOT 1 IN ZERA.SUBDIVISION NO. 3 AFORESAID; THENCE NORTHWESTERLY AND SOUTHERLY LINES OF LOT 1 IN SAID ZERA SUBDIVISION NO. 3 AND LOT 1 IN ZERA SUBDIVISION NO. 2 RESPECTIVELY, TO THE SOUTHWEST CORNER OF LOT 1 IN ZERA SUBDIVISION NO. 2, AFORESAID; THENCE NORTHEASTERLY ALONG THE WESTERLY AND NORTHWESTERERLY LIVES OF SAID LOT 1 TO ITS MOST NORTHERLY NORTHWEST CORNER, BEING COMMON WITH THE SOUTHWEST CORNER OF LOT 1 IN GENERAL DYNAMICS-EVANSTON INDUSTRIAL PARK, A SUBDIVISION OF PART OF THE SOUTHWEST i OF SAID SECTION 24; THENCE DUE SOUTH ALONG AN EAST LINE OF LOT 1 IN ZERA SUBDIVISION NO. 2, AFORESAID, WHICH IS THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 1 IN SAID GENERAL DYNAMICS- EVANSTON INDUSTRIAL PARK SUBDIVISION, A DISTA.NCEOF' 47.62 FEET TO A POINT ON THE NORTH LINE OF LOT 1 IN SAID ZERA SUBDIVISION NQ. 2i TH-MC8 NORTIiEA4 TBRLY ALONG THE MOST SOUTHERLY NORTHWEST LINE OF SAID LOT 1 AND ITS NORTHEASTERLY EXTENSION, TO THE POINT • • OF INTERSECTION WITH A LINE BEING 25 FEET NORTHWESTERLY -AND .PARALLEL TO THE CENTERLINE OF THE FORMER MOST NORTHWESTERLY (NORTHBOUND) MAIN TRACK OF THE CHICAGO AND NORTHWESTERN TRANSPORTATION COMPANY; THENCE NORTHEASTERLY ALONG SAID PARALLEL LINE TO THE NORTH LINE OF THE SOUTHWEST OF SAID SECTION 24; THENCE EAST ALONG SAID NORTH LINE TO THE INTER- SECTION OF THE NORTHERLY EXTENSION OF THE 21 FOOT ALLEY IN BLOCK 2 IN TRAVERS' SUBDIVISION, AFORESAID; THENCE SOUTH ALONG SAID EAST LINE AND EAST LINE EXTENDED NORTH, TO THE INTERSECTION OF THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 16 IN SAID BLOCK 2; THENCE WEST ALONG SAID SOUTH LINE AND SOUTH LINE EXTENDED EAST, TO THE EASTERLY LINE OF THE FORMER CHICAGO AND NORTHWESTERN RAILROAD RIGHT OF WAY, AFORESAID; THENCE SOUTHWESTERLY ALONG SAID FORMER.RIGHT OF WAY TO ITS INTERSECTION OF THE WESTERLY EXTENSION OF THE NORTH LINE OF WASHINGTON STREET; THENCE EAST ALONG SAID NORTH LINE EXTENDED WEST TO THE POINT OF BEGINNING (EXCEPTING THERE: -- FROM, THAT PART IF ANY, LYING SOUTHEASTERLY OF A_tLINE.PARALLEL WITH AND DISTANT 15 FEET NORTHWESTERLY, MEASURED AT RIGHT ANGLES FROM THE CENTERLINE OF CHICAGO AND NORTHWESTERN TRANSPORTATION COMPANY YARD TRACK ICC NO. B-23, AS NOW LOCATED, BEING THE FIRST TRACK EASTERLY OF THE ABOVE DESCRIBED REAL ESTATE), ALL IN COOK COUNTY, ILLINOIS.