HomeMy WebLinkAboutORDINANCES-1984-154-O-8412/7/84
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i 154-0-84
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= 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
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pursuant to Ordinance passed by the City Council on j
i� January 28, 1985. I
SECTION 2: After the total equalized assessed
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valuation of taxable real property in the
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I� Redevelopment Project Area exceeds the total initial equalized
assessed value of all taxable real property in the
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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:
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154-0-84
a. That portion of taxes levied upon each taxable
i 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 of real
property in the Redevelopment Project Area shall be
;i 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 Central Business 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.
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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: f /] , 1984.
Adopted:
ATTEST:
City Clerk
A rov d as to fo
Nn
Corporatio Counsel
, 198r.
Approve'"i 198S--.
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CPA
Exhibit "A"
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A tract of land consisting of Lots and Blocks or
parts thereof and streets and alleys of Blocks 1, 2, and
3 in the West part of the N.W. ; of Section 18, Blocks
6, 7, 8 and 18 in the East part of the N.W. 4 of Section
18, and Block 66 in the East part of the S.W. 4 of Section
18, all in the Village of Evanston, Section le, Township
41 North, Range14:, East of the Third Principal Meridian,
in the City of Evanston, County of Cook, State of Illinois
and bounded as follows:
Beginning at a point at the intersection of the cen-
ter line of Church Street and the East line of Benson
• Avenue, thence North along the East line of Benson Avenue
to the South line of Clark Street, thence East along the
South line of Clark Street to the East line of Sherman
Avenue, thence North along the East line of Sherman Avenue
to the North line of Elgin Road, thence Northwesterly along
the North line of Elgin Road to the North line of Emerson
Street, thencei,�7est along the North line of Emerson Street
to the East line of Ridge Avenue, thence South along the
East line of Ridge Avenue to the West line of the Chicago
and North Western Railroad right-of-way, thence South-
easterly along said West right-of-way line to the South
line.of Davis Street, thence East along the South line of
Davis Street to the East line of Benson Avenue, thence
North along the East line of Benson Avenue to the center
line of Church Street, said point being the point of be-
ginning, all in the N.W. and the S.W. a of Section 18,
Township 41 North, Range 14, East of the Third Principal
Meridian, in the City of Evanston, County of Cook, State
of Illniois.
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