(A) The city council hereby makes the following findings:
1. The area constituting the proposed central area redevelopment project area in the city is described as provided for in section 1-17-2 of this chapter.
2. There exist conditions which cause the area to be designated as redevelopment project area to be classified as a blighted/conservation area as defined in 65 Illinois Compiled Statutes 5/11-74.4-3(b).
3. The proposed central area redevelopment project area on the whole has not been subject to growth and development through investment by private enterprise and would not be reasonably anticipated to be developed without the adoption of the central area redevelopment plan.
4. The central area redevelopment plan and central area redevelopment project conform to the comprehensive plan for the development of the municipality as a whole.
5. The parcels of real property in the proposed redevelopment project area are contiguous and only those contiguous parcels of real property and improvements thereon which will be substantially benefited by the proposed redevelopment project improvement are included in the proposed central area redevelopment project area.
6. The estimated date for final completion of the central area redevelopment project is twenty three (23) years from the effective date of this chapter.
7. The estimated date for retirement of obligations incurred to finance the central area redevelopment project area costs shall be not later than twenty three (23) years from the effective date of this chapter.
(B) The central area redevelopment plan and redevelopment project which were the subject matter of the hearing held December 4, 1986, are hereby adopted and approved. A copy of the central area redevelopment plan and central area redevelopment project marked exhibit A is attached to and made a part of the ordinance codified herein and by this reference made a part hereof as if set out in full. (Ord. 13/86, 12-22-1986)
The area described in exhibit A attached to the ordinance codified herein and by this reference made a part hereof as if set out in full, is hereby designated as the central area redevelopment project area pursuant to section 11-74.4-4 of the real property tax increment allocation redevelopment act, PA 79-1525 1 . (Ord. 14/86, 12-22-1986)
Notes
| 1 | 1. 65 ILCS 5/11-74.4-1 et seq. |
(A) Tax increment financing is hereby adopted in respect to the central area redevelopment area plan and project approved and adopted pursuant to this chapter in respect to the central area redevelopment project area described in section 1-17-2 of this chapter.
(B) After the total equalized assessed valuation of the taxable real property in the central area redevelopment project area exceeds the total initial equalized assessed value of all taxable real property in the central area redevelopment project area, the ad valorem taxes, if any, arising from the levies upon real property in the central area redevelopment project area by taxing districts and the rates determined in the manner provided in 65 Illinois Compiled Statutes 5/11-74.4-9(b) each year after the effective date of this chapter until the central area redevelopment project costs and obligations issued in respect thereto have been paid shall be divided as follows:
1. That portion of taxes levied upon each taxable lot, block, tract or parcel of real property which is attributable to lower of the existing equalized assessed value or the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the central area 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.
2. 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 lower of the existing equalized assessed value or the initial equalized assessed value of each property in the central area redevelopment project area shall be allocated to and when collected shall be paid to the municipal treasurer (city comptroller) who shall deposit said funds in a special fund called "the special tax allocation fund for the central area redevelopment project area" of the municipality for the purpose of paying the central area redevelopment project costs and obligations incurred in the payment thereof, pursuant to such appropriations which may be subsequently made. (Ord. 15/86, 12-22-1986)
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