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O-691-91 05/28/91ORDINANCE NO. AN ORDINANCE of the Village of Lemont, Cook County, Illinois, adopting Tax Increment Allocation Financing for the Downtown Redevelopment Project Area. WHEREAS, it is desirable and for the best interests of the citizens of the Village of Lemont, Cook County, Illinois (the "Municipality "), for the Municipality to adopt tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the "Act "); and WHEREAS, the Municipality has heretofore adopted a redevelopment plan and project (the "Plan" and "Project ") as required by the Act by passage of an ordinance and has heretofore designated a redevelopment project area (the "Area ") as required by the Act by the passage of an ordinance and has otherwise com- plied with all other conditions precedent required by the Act: NOW, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village of Lemont, Cook County, Illinois, as follows: Section 1. Tax Increment Financing Adopted. Tax incre- ment allocation financing is hereby adopted to pay redevelopment project costs as defined in the Act and as set forth in the Plan and Project within the Area as described in Exhibit A attached hereto and incorporated herein as if set out in full by this reference. The street location (as near as practicable) for the Area is described in Exhibit B attached hereto and incorporated herein as if set out in full by this reference. The map of the Area is depicted on Exhibit C attached hereto and incorporated herein as if set out in full by this reference. Section 2. Allocation of Ad Valorem Taxes. Pursuant to the Act, the ad valorem taxes, if any, arising from the levies upon taxable real property in the Area by taxing districts and tax rates determined in the manner provided in Section 11-74.4 - 9(c) of the Act each year after the effective date of this ordi- nance until the Project costs and obligations issued in respect thereto 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 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 attri- butable to the increase in the current equalized assessed valuation of each lot, block, tract or parcel of real prop- erty in the Area over and above the initial equalized as- sessed value of each property in the Area shall be allocated -2- to and when collected shall be paid to the municipal treas- urer who shall deposit said taxes into a special fund, hereby created, and designated the "1991 Lemont Downtown Redevelop- ment Project Area Special Tax Allocation Fund" of the Muni- cipality, and such taxes be used for the purpose of paying Project costs and obligations incurred in the payment there- of. Section 3. Invalidity of Any Section. If any section, paragraph or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or un- enforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this ordinance. Section 4. Superseder and Effective Date. All ordi- nances, resolutions, motions or orders in conflict herewith be, and the same hereby are, repealed to the extent of such conflict, and this ordinance shall be in full force and effect immediately upon its passage by the Corporate Authorities and approval as provided by law. AYES: NAYS: Passed this O(k day of Approved: ABSENT: / Recorded in Municipal Records: Attest: Municipal Clerk 1991. gEISIT *. DDNY t.7 .T $2C .1 10ESCP3P7IOW: ?hat part of the South 'half of Section 20. Township 37 North. Singe 11 test of the Third Principal Meridian. described as follows: ieeinning •t the Northeast corner of said South belf of Section 20; ti • thane* West •long the North line of said South !►elf (also being the North line of Lot 1 in County Clerks Division of Section 20) • distance - aDf 1460 feet snore or less to • bend in said Lot 1; thence Southwesterly ; >}'yy�•`- 960 feet *long the Northwesterly line of Lot. 1 and 2 in said County Clerk's Division to • North -South alley in Singer site lalcotts Stone Company Subdivision; thence Northwesterly 110 feet snore or less to the South line of Lot 209 in Sanitary District Trustee's Subdivision >q`t. rs� •ty•�* r••• • - in said Section 20; thence Southwest 340 feet *long last *aid South line to the Southeasterly line of the Atchison. Topeka •nd Santa fe &eiiroad sight - of -way; thence Southwesterly 560 feet •long lest said t - - k ` •.; sight -of -way line to the East line of the /Additional 'Railroad right•Df -way taken by said Railroad sender Document No. 22695261; thence Southeast t - %� :��= ; �i0 feet along last said East line to the South line of last said Document= -' ' - - *hence Southwesterly 114 feet along last said South line to Cho East line of the West 400.50 feet of Lot 9 in County Clerk's Division; thence South 310 feet along last said line to a line 60 feet North of - -nd parallel to the North line of the North Reserve of the Illinois *td * y= • lt�ehlgsn tonal; thence Westerly 400 feet along last described line to the East right -of -way lint of State Street; thence Northerly SD feel -- mlong last said East right -of -way line to the South line of the original Atchison. Topeka •nd Santa fe Railroad right -of -way; thence southeasterly 700 feet more or less along lest said original right -of -way to the Neat line of the East Ralf of the Southwest quarter of said Section 20; thence South •long lest said West line to the North line of the Gull. !Mobile end Ohio Railroad right -of -way; thence East 60 feet wore or less along lest said North right -of -way line to the West line of flock 9 in the Village of Lemont' thence Southeasterly 160 feet snore or less along last said West line to the South sight -of -way line of New Avenue; thence Easterly along lest said right -of -way line to • point 30 feet West of Lockport Street; thence Southeast to a point in the West lint of Lockport Street 20 feet South of the South line of New Avenue; thence Southeasterly •long the West line of Lockport - Street to the South line of the East -West alley in Olocks 7 end 5 of the Village of Lemont as recorded August S. 1674 as Document No. 1134242; thence Northeasterly 902 feet •long last said South line to the Nest line of Lemont Street; thence Southeosterly 196 feet *long last said west line to the South line of lobs street; thence Northeasterly 526 feet •long lest •sle South line to the test line of Stephen Street thence Northwesterly 30D feet snore or less to the South line of Illinois Street; thence Northeasterly 1990 feet snore or less •long last said South line to the East line of Pruyne Street in the Town of Athens; thence Northeasterly• •long the Southeast line of the Illinois Street cutoff to merge •ith 1Mein Street to the East line of said Section 20; thence North Sid feet snort or less alone last said Lest line to the North line of the South half of •aid Section 20 and being the place of beginning. •t1 in the Village of Lemont. took County. Illinois. f. t - - • • ■-_--FTREET 'LOCA • - • :• • : • ••• Generally bounded on the South by i-the Worth by the Village Limits, on the East by '..2: I. 7. .-:. :-...ff ..:. •;:::.. ;"'...: • :-;- --- i ,:. --.. Zrady Street, on the West sby Joliet Street. .. : . 7 :.---- - ---.--'-- - • . - . . . ,-- : --7,:-. !" -: .. ! - - ..- :: -..,:. - - -. -- -E.+ :----T ::----, . . • . • - ••• •• - • • . 2 • I •••■• • at .0r • al• • . • 1.• • • 0 Trustee moved and Trustee L�v( seconded the motion that said ordinance as presented and read by the Municipal Clerk be adopted. After a full and complete discussion thereof including 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, the President directed that the roll be called for a vote upon the motion to adopt the ordinance as read. Upon the roll being called, the following voted AYE: NAY: Whereupon the President declared the motion carried and the ordinance adopted, and henceforth did approve and sign the same in open meeting and did direct the Municipal Clerk to record the same in full in the records of the President and Board of Trustees of the Village of Lemont, Cook County, Illinois. Other business not pertinent to the adoption of said ordinances was duly transacted at said meeting Upon motion duly made and seconded, the meeting was adjourned. STATE OF ILLINOIS ) SS. COUNTY OF COOK CERTIFICATION OF ORDINANCE AND MINUTES I, the undersigned, do hereby certify that I am the duly qualified and acting Village Clerk of the Village of Lemont, Cook County, Illinois (the "Village "), and that as such official I am the keeping of the records and files of the President and Board of Trustees of the Village (the "Board "). I do further certify that the foregoing is a full, true and complete transcript of that portion of the minutes of the meeting of the Board held on the acffE day of `72'L,�c , 1991, insofar as same related to the adoption of an dinance entitled: AN ORDINANCE of the Village of Lemont, Cook County, Illinois, adopting Tax Increment Allocation Financing for the Downtown Redevelopment Project Area. a true, correct and complete copy of which said ordinance as adopted at said meeting appears in the foregoing transcript of the minutes of said meeting. I do further certify that the deliberations of the Board on the adoption of said ordinance were conducted openly, that the vote on the adoption of said ordinance was taken openly, that said meeting was held at a specified time and place convenient to the public, that notice of said meeting was duly given to all of the news media requesting such notice, that said meeting was called and held in strict compliance with the provisions of the Open Meetings Act of the State of Illinois, as amended, and the Illinois Municipal Code, as amended, and that the Board has complied with all of the provisions of said Act and said code and with all of the procedural rules of the Board. IN WITNESS WHEREOF, I hereuj�to affix my official signature and the seal of the Village, this -6? •- day of , 1991. (SEAL) ,r4.4r_f_ Al Village Clerk EXTRACT OF MINUTES of a L1�public meeting of the President and Board of Trustees of the Village of Lemont, Cook County, Illinois, held at Lemont, Illinois, at :ao'clock //.M., on the day of , 1991. The President called the meeting to order and directed the Municipal Clerk to call the roll. Upon roll call, the following answered present: President and Trustees The following were absent: Trustee presented and the Municipal Clerk read in full the following ordinance: