O-39-05 Ord Adopting TIF Canal Dis I(3)
ORDINANCE NO.
AN ORDINANCE ADOPTING TAX INCREMENT
FINANCING FOR THE VILLAGE OF LEMONT, ILLINOIS
DOWNTOWN CANAL DISTRICT I REDEVELOPMENT
PROJECT AREA
WHEREAS, the Village of Lemont, Illinois (the "Municipality "), acting through
its President and Board of Trustees (the "Corporate Authorities ") and other officers and
representatives, has duly noticed, held and conducted all proceedings, including the required
public meeting, public hearing and joint review board actions, preliminary to the designation of
the Downtown Canal District I Redevelopment Project Area (the "Redevelopment Project
Area," as described in the attached Exhibit A), the approval of the Downtown Canal District I
Redevelopment Plan and Project (the "Redevelopment Plan" and "Redevelopment Project ")
and the adoption of tax increment financing to finance the Redevelopment Plan and the
Redevelopment Project, all under and pursuant to the Tax Increment Allocation Redevelopment
Act (65 ILCS 5/11- 74.4 -1 et seq., as supplemented and amended (the "TIF Act ")).
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, ILLINOIS, as follows:
Section 1. Findings. The Municipality, by its Corporate Authorities, hereby
finds, as follows:
(1) The Redevelopment Project Area on the whole has not been subject to
growth and development through investment by private enterprise and would not
reasonably be anticipated to be developed without the adoption of the
Redevelopment Plan.
(2) The Redevelopment Plan and Project conform to the comprehensive
plan for the development of the Municipality as a whole.
Section % 2. Adopt Tax Increment Financing. Under the TIF Act, the
Municipality hereby adopts, approves and authorizes the application of tax increment financing
with respect to the Redevelopment Plan, Redevelopment Project and Redevelopment Project
Area.
Section 3. Term. The Redevelopment Project Area, and the estimated dates of
completion of the Redevelopment Project and the retirement of obligations issued to finance
redevelopment project costs shall be not more than 23 years from the initial base date of the date
of adoption of this ordinance (but shall be 24 years in connection with the Municipality's right
under the TIF to receive the 23`d year of incremental property taxes by December 31 in the 24th
year, i.e. December 31, 2029) from the adoption of the ordinance approving the Redevelopment
Project Area.
Section 4. Incremental Taxes. The Municipality hereby adopts tax increment
financing and directs that the ad valorem taxes, if any, arising from the levies upon taxable real
property in the Redevelopment Project Area by taxing districts and tax rates determined in the
manner provided in paragraph (c) of Section 11- 74.4 -9 of the TIF Act each year after the
effective date of this ordinance until redevelopment project costs and all municipal obligations
financing redevelopment project costs incurred under the TIF Act 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 lower of the current equalized assessed value or the initial
equalized assessed value of each such taxable lot, block, tract or parcel of 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 taxable 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
Municipality's treasurer who shall deposit such taxes into a special fund called the "Special Tax
Allocation Fund" of the Municipality for the purpose of paying redevelopment project costs and
obligations incurred in the payment thereof.
Section 5. Filing. The Village Clerk shall file a certified copy of this ordinance
with the County Clerk of Cook County, Illinois, and under the TIF Act shall obtain a certificate
from such County Clerk as to the total initial equalized assessed value "EAV" of all taxable
property in the Redevelopment Project Area. In providing this certification, the County Clerk
shall use the levy year 2004 in determining such total initial EAV.
[The remainder of this page is intentionally left blank.]
Upon motion by &c -eS , seconded by &,
adopted this 1 day of ; / , 2005 by roll call vote, as follo
Voting "Aye" (names):
Voting "Nay" (names):
Absent (names):
ATTEST:
ittt-
harlene M. Smollen, Village Clerk
Approved this 1$ day of , 2005
iazza, Village Pr- •ident
Recorded in the Municipality's Records on app; I l8 , 2005.
EXHIBIT A
DOWNTOWN CANAL DISTRICT I
REDEVELOPMENT PROJECT AREA
LEGAL DESCRIPTION
THAT PART OF SECTION 20, TOWNSHIP 37 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN, BOUNDED AND DESCRIBED AS FOLLOWS: BEGINNING AT THE
INTERSECTION OF THE EASTERLY LINE OF STEPHEN STREET AND THE SOUTHERLY
LINE OF THE SANITARY DRAINAGE AND SHIP CANAL; THENCE SOUTHWESTERLY,
ALONG SAID SOUTHERLY LINE OF THE SANITARY DRAINAGE AND SHIP CANAL TO THE
WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 20; THENCE SOUTH,
ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 20 TO THE
SOUTHERLY LINE OF THE ATCHISON, TOPEKA AND SANTA FE RAILROAD; THENCE
EASTERLY, ALONG THE SOUTHERLY LINE OF THE ATCHISON, TOPEKA AND SANTA FE
RAILROAD TO THE WEST LINE OF THE EAST HALF OF THE SOUTHWEST QUARTER OF
SAID SECTION 20; THENCE SOUTH, ALONG THE WEST LINE OF THE EAST HALF OF
THE SOUTHWEST QUARTER OF SAID SECTION 20 TO THE NORTHERLY LINE OF THE
GULF, MOBILE AND OHIO RAILROAD; THENCE EASTERLY, ALONG THE NORTHERLY
LINE OF THE GULF, MOBILE AND OHIO RAILROAD TO THE NORTHERLY EXTENSION OF
THE WESTERLY LINE OF BLOCK 9 IN THE VILLAGE OF LEMONT, BEING A SUBDIVISION
OF PART OF SAID SECTION 20, TOWNSHIP 35 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN; THENCE SOUTHERLY, ALONG THE NORTHERLY EXTENSION OF
THE WESTERLY LINE OF SAID BLOCK 9 TO THE NORTHERLY LINE OF SAID BLOCK 9,
ALSO BEING THE SOUTHERLY LINE OF NEW AVENUE; THENCE EASTERLY, ALONG THE
SOUTHERLY LINE OF NEW AVENUE TO THE NORTHERLY LINE OF MAIN STREET;
THENCE EASTERLY, ALONG THE NORTHERLY LINE OF MAIN STREET TO THE
EASTERLY LINE OF STATE STREET AS WIDENED; THENCE NORTHERLY, ALONG THE
EASTERLY LINE OF STATE STREET AS WIDENED, TO THE SOUTHERLY LINE OF SAID
GULF, MOBILE AND OHIO RAILROAD; THENCE EASTERLY, ALONG THE SOUTHERLY
LINE OF SAID GULF, MOBILE AND OHIO RAILROAD TO SAID NORTHERLY LINE OF MAIN
STREET; THENCE EASTERLY, ALONG THE NORTHERLY LINE OF MAIN STREET TO THE
SOUTHERLY EXTENSION OF THE WESTERLY LINE OF THE SUBDIVISION OF LOT 3 IN
THE SUBDIVISION OF LOTS 4 AND 5 OF BLOCK 34 IN THE VILLAGE OF KEEPOTAW,
BEING A SUBDIVISION OF PART OF THE EAST HALF OF THE SOUTHEAST QUARTER OF
SAID SECTION 20 LYING BETWEEN CANAL STREET AND THE RAILROAD, ALSO THAT
PART OF HINSDALE STREET AND LAND ADJACENT LYING BETWEEN SAID CANAL
STREET AND THE RAILROAD AND EAST OF LEMONT STREET; THENCE NORTHERLY,
ALONG THE LAST DESCRIBED LINE TO THE SOUTHERLY LINE OF LAWRENCE STREET,
ALSO KNOWN AS CANAL STREET; THENCE EASTERLY, ALONG THE SOUTHERLY LINE
OF SAID LAWRENCE STREET TO THE SOUTHERLY EXTENSION OF THE EASTERLY LINE
OF THE QUIT CLAIM DEED RECORDED AS DOCUMENT NUMBER 25963776; THENCE
NORTHERLY, ALONG THE LAST DESCRIBED LINE TO THE NORTHERLY LINE OF SAID
LAWRENCE STREET; THENCE CONTINUING NORTHERLY ALONG THE WESTERLY LINE
OF SAID DOCUMENT NUMBER 25963776, THE FOLLOWING 3 COURSES: 1.)
NORTHERLY 68.65 FEET; 2.) EASTERLY 6.00 FEET; 3.) NORTHERLY TO THE
SOUTHERLY LINE OF THE SUBDIVISION OF PART OF THE NORTH HALF OF BLOCK 28 IN
KEEPOTAW LYING WEST OF STEPHEN STREET ALSO THE 30 FEET LYING WEST OF
AND ADJOINING SAID NORTH HALF OF BLOCK 28 ALSO THE LAND LYING NORTH OF
THE ABOVE DESCRIBED PROPERTY AND SOUTH OF THE CANAL AND WEST OF
STEPHEN STREET BEING ALL IN SUBDIVISION OF SECTION 20, TOWNSHIP 37 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN; THENCE EASTERLY, ALONG THE
SOUTHERLY LINE OF THE LAST DESCRIBED SUBDIVISION TO THE WESTERLY
EXTENSION OF THE NORTHERLY LINE OF SINGER AND TALCOTT'S FIRST ADDITION TO
LEMONT, BEING A SUBDIVISION OF PART OF THE WEST HALF OF THE SOUTHEAST
QUARTER OF SAID SECTION 20, TOWNSHIP 37 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN; THENCE EASTERLY, ALONG SAID WESTERLY EXTENSION TO
THE NORTHWESTERLY CORNER OF SAID SINGER AND TALCOTT'S FIRST ADDITION
TO LEMONT, ALSO BEING A POINT ON THE EASTERLY LINE OF STEPHEN STREET;
THENCE NORTHERLY, ALONG THE EASTERLY LINE OF STEPHEN STREET TO THE
SOUTHERLY LINE OF THE AFORESAID ATCHISON, TOPEKA AND SANTA FE RAILROAD;
THENCE NORTHERLY, ALONG THE LAST DESCRIBED LINE TO THE NORTH LINE OF THE
WEST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 20; THENCE WESTERLY,
ALONG THE NORTH LINE OF THE WEST HALF OF THE SOUTHEAST QUARTER OF SAID
SECTION 20 TO THE WESTERLY LINE OF SAID ATCHISON, TOPEKA AND SANTA FE RAIL
ROAD; THENCE SOUTHERLY, ALONG THE LAST DESCRIBED LINE TO SAID EASTERLY
LINE OF STEPHEN STREET; THENCE NORTHERLY, ALONG SAID EASTERLY LINE OF
STEPHEN STREET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS
STATE OF ILLINOIS )
COUNTY OF COOK ) SS.
VILLAGE OF LEMONT )
CERTIFICATION OF ORDINANCE
I, Charlene M. Smollen, do hereby certify that I am the duly selected, qualified
and acting Village Clerk of the Village of Lemont, Cook, DuPage and Will Counties, Illinois (the
"Municipality "), and as such official I am the keeper of the records and files of the Municipality
and of its President and Board of Trustees (the "Corporate Authorities ").
I do further certify that the attached ordinance constitutes a full, true and correct
excerpt from the proceedings of the Municipality's Corporate Authorities held on Arti.213 ,
2005, insofar as same relates to the adoption of Ordinance No. - .39,05; entitled:
AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE VILLAGE
OF LEMONT, ILLINOIS DOWNTOWN CANAL DISTRICT I REDEVELOPMENT
PROJECT AREA,
a true, correct and complete copy of which ordinance as adopted at such meeting appears in the
minutes of such meeting and is hereto attached. Such ordinance was adopted and approved on
the date thereon set forth by not less than a affirmative vote of a majority of the Corporate
Authorities and approved by the Village President on the date indicated thereon.
I do further certify that the deliberations of the Corporate Authorities on the
adoption of the above ordinance were taken openly, that the vote on the adoption of such
ordinance was taken openly and was preceded by a public recital of the nature of the matter
being considered and such other information as would inform the public of the business being
conducted, that such meeting was held at a specified time and place convenient to the public, that
notice of such meeting was duly given to all of the news media requesting such notice, that such
meeting was called and held in strict compliance with the provisions of the Open Meetings Act
and the Illinois Municipal Code, as amended, and that the Corporate Authorities have complied
with all of the applicable provisions of such Act and such Code and their procedural rules in the
adoption of such ordinance.
IN WITNESS WHEREOF, I hereunto affix my official signature and the seal of
the Village of Lemont, Illinois, this a day of �l , 2005.
(SEAL)
Village Clerk