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O-33-11 Ord Continuing Tax Increment Financing for Downtown Redevelopment Project(3) ORDINANCE NO. 3 AN ORDINANCE CONTINUING TAX INCREMENT FINANCING FOR THE VILLAGE OF LEMONT, ILLINOIS DOWNTOWN LEMONT 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 housing impact study, public meeting, public hearing and joint review board actions, preliminary to the designation of the amended Downtown Lemont Redevelopment Project Area (the "Redevelopment Project Area," as described in the attached Exhibit A), the approval of the Downtown Lemont Amended Redevelopment Project Area, Further Amended Redevelopment Project and Plan Project (the "Redevelopment Plan" and "Redevelopment Project ") and the adoption of tax increment financing to finance the amended Redevelopment Plan and 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, as amended, 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, as amended, 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 amended 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 (but shall be 24 years in connection with the Municipality's right under the TIF to receive the 23r year of incremental property taxes (for levy year 2014) by December 31 in the 24th year, i.e. December 31, 2015) from the initial adoption (May 28, 1991) 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. [The remainder of this page is intentionally left blank.] Upon motion by Trustee Blatz r Miklos , adopted this 9th day of Nay as follows: Voting "Aye" (names): Voting "Nay" (names): Absent (names): , seconded by Trustee , 2005 by roll call vote, Blatzer, Chialdikas, Miklos, Sniegowski, Stapleton Virgilio Approved this 9th day of May , 2011 ATTEST: rian K. Reeves, q illage President Charlene M. Srollen, Village Clerk Recorded in the Municipality's Records on May9 , 2011. EXHIBIT A DOWNTOWN CANAL DISTRICT I REDEVELOPMENT PROJECT AREA LEGAL DESCRIPTION THAT PART OF THE SOUTH HALF OF SECTION 20, TOWNSHIP 37 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF SAID SOUTH HALF OF SECTION 20; THENCE WEST ALONG THE NORTH LINE OF SAID SOUTH HALF (ALSO BEING THE NORTH LINE OF LOT 1 IN COUNTY CLERK'S DIVISION OF SECTION 20) A DISTANCE OF 1460 FEET MORE OR LESS TO A BEND IN SAID LOT 1; THENCE SOUTHWESTERLY 960 FEET ALONG THE NORTHWESTERLY LINE OF LOTS 1 AND 2 IN SAID COUNTY CLERK'S DIVISION TO A NORTH -SOUTH ALLEY IN SINGER AND TALCOTT'S STONE COMPANY SUBDIVISION; THENCE NORTHWESTERLY 180 FEET MORE OR LESS TO THE SOUTH LINE OF LOT 209 IN SANITARY DISTRICT TRUSTEE'S SUBDIVISION IN SAID SECTION 20; THENCE SOUTHWEST 140 FEET ALONG LAST SAID SOUTH LINE TO THE SOUTHEASTERLY LINE OF ATCHISON, TOPEKA AND SANTA FE RAILROAD RIGHT -OF -WAY; THENCE SOUTHWESTERLY ALONG LAST SAID RIGHT -OF -WAY LINE TO THE WESTERLY LINE OF STEPHEN STREET; THENCE SOUTHEASTERLY ALONG THE WESTERLY LINE OF STEPHEN STREET TO THE NORTH LINE OF LOTS 6 THRU 10 OF BLOCK 28 IN THE VILLAGE OF KEEPOTAW, A PART OF THE EAST 1/2 OF THE SOUTHEAST 1/4 OF SAID SECTION 20; THENCE WEST ALONG THE NORTH LINE OF SAID LOTS 6 THRU 10 AND ITS WEST EXTENSION TO THE EAST LINE OF LOT 17 IN COUNTY CLERK'S DIVISION, A SUBDIVISION IN THE SOUTH 1/2 OF SAID SECTION 20; THENCE SOUTH ALONG THE EAST LINE OF SAID LOT 17 TO THE NORTH LINE OF CANAL STREET; THENCE WEST ALONG THE NORTH LINE OF CANAL STREET TO THE SOUTHEAST CORNER OF LOT 1 IN VILLAGE OF LEMONT, BEING A SUBDIVISION IN THE SOUTH 1/2 OF SAID SECTION 20; THENCE SOUTHERLY ALONG THE SOUTHERLY EXTENSION OF THE EAST LINE OF SAID LOT 1 AND ALONG THE EAST LINE OF BLOCK 10 IN SAID VILLAGE OF LEMONT TO A POINT ON A LINE PARALLEL AND CONCENTRIC WITH AND 25 FEET NORTHERLY FROM THE SOUTH BOUND MAIN TRACK OF THE ILLINOIS CENTRAL RAILROAD COMPANY; THENCE WESTERLY ALONG THE LAST DESCRIBED LINE TO THE EAST LINE OF THE EAST 1/2 OF THE SOUTHWEST 1/4 OF SAID SECTION 20; THENCE SOUTH ALONG THE LAST DESCRIBED LINE TO THE WEST LINE OF LOTS 1 THRU 14 INCLUSIVE IN BLOCK 10 IN SAID VILLAGE OF LEMONT; THENCE WESTERLY ALONG THE LAST DESCRIBED LINE TO THE NORTHWEST CORNER OF LOT 14 IN BLOCK 10 IN SAID VILLAGE OF LEMONT; THENCE WESTERLY TO THE EAST LINE OF BLOCK 2 IN THE VILLAGE OF LEMONT AT A POINT THAT IS 25 FEET SOUTHERLY OF THE CENTER LINE OF THE NORTHBOUND MAIN TRACK OF SAID ILLINOIS CENTRAL RAILROAD COMPANY; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID BLOCK 2 TO THE NORTH LINE OF NEW AVENUE; THENCE WESTERLY ALONG THE NORTH LINE OF NEW AVENUE TO THE WEST LINE OF BLOCK 9 IN SAID VILLAGE OF LEMONT; THENCE SOUTHEASTERLY ALONG THE LAST SAID WEST LINE TO THE SOUTH RIGHT -OF -WAY LINE OF NEW AVENUE; THENCE EASTERLY ALONG THE LAST SAID RIGHT -OF -WAY LINE TO A POINT 30 FEET WEST OF LOCKPORT STREET; THENCE SOUTHEAST TO A POINT IN THE WEST LINE OF LOCKPORT STREET 20 FEET SOUTH OF THE SOUTH LINE OF NEW AVENUE; THENCE SOUTHEASTERLY ALONG THE WEST LINE OF LOCKPORT STREET TO THE SOUTH LINE OF THE EAST -WEST ALLEY IN BLOCKS 7 AND 8 OF THE VILLAGE OF LEMONT AS RECORDED AUGUST 8, 1974 AS DOCUMENT NO. 184242; THENCE NORTHEASTERLY 902 FEET ALONG THE LAST SAID SOUTH LINE TO THE WEST LINE OF LEMONT STREET; THENCE SOUTHEASTERLY 198 FEET ALONG LAST SAID WEST LINE TO THE SOUTH LINE OF CASS STREET; THENCE NORTHEASTERLY 526 FEET ALONG LAST SAID SOUTH LINE TO THE EAST LINE OF STEPHEN STREET; THENCE NORTHWESTERLY 300 FEET MORE OR LESS TO THE SOUTH LINE OF ILLINOIS STREET; THENCE NORTHEASTERLY 1990 FEET MORE OR LESS ALONG LAST SAID SOUTH LINE TO THE EAST LINE OF PRUYNE STREET IN THE TOWN OF ATHENS; THENCE NORTHEASTERLY ALONG THE SOUTHEAST LINE OF THE ILLINOIS STREET CUTOFF TO MERGE WITH MAIN STREET TO THE EAST LINE OF SAID SECTION 20; THENCE NORTH 660 FEET MORE OR LESS ALONG LAST SAID EAST LINE TO THE NORTH LINE OF THE SOUTH HALF OF SAID SECTION 20 AND BEING THE PLACE OF BEGINNING, ALL IN THE VILLAGE OF LEMONT, COOK COUNTY, ILLINOIS. ALSO, THOSE PARTS OF VACATED HINSDALE STREET AND VACATED LAWRENCE STREET IN THE VILLAGE OF LEMONT LYING NORTHERLY OF THE NORTHERLY LINE OF CANAL STREET AND SOUTHERLY OF THE NORTH LINE OF LOT 6 IN BLOCK 28 IN KEEPOTAW IN SAID SECTION 20, EXTENDED WEST, AND DUE WEST OF A LINE COMMENCING AT A POINT OF SAID NORTHERLY LINE OF CANAL STREET 56.96 FEET EASTERLY OF THE SOUTHWEST CORNER OF SAID LOT 17; THENCE NORTHERLY ALONG A LINE WHICH IS 56.96 FEET EASTERLY FROM AND PARALLEL WITH THE WESTERLY LINE OF SAID LOT 17, A DISTANCE OF 68.65 FEET; THENCE EASTERLY ALONG A LINE PARALLEL TO THE NORTH LINE OF SAID CANAL STREET, A DISTANCE OF 6 FEET MORE OR LESS TO ITS INTERSECTION WITH A LINE 15 FEET WEST OF AND PARALLEL WITH THE WEST LINE OF SAID LOT 6 IN BLOCK 28 IN KEEPOTAW; THENCE NORTH ALONG SAID LAST MENTIONED PARALLEL LINE TO ITS INTERSECTION WITH THE NORTH LINE OF SAID LOT 6 IN BLOCK 28 IN KEEPOTAW EXTENDED WEST IN COOK COUNTY, ILLINOIS. NORTH laidade Village of Lemont, Illinois Downtown Lemont AMENDED REDEVELOPMENT PROJECT AREA • EHLERS k A:O YCCIATES IN 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 May 9 2011, insofar as same relates to the adoption of Ordinance No. 0- 33 -11, entitled: AN ORDINANCE CONTINUING TAX INCREMENT FINANCING FOR THE VILLAGE OF LEMONT, ILLINOIS DOWNTOWN LEMONT 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 the1ViJlage of Lemont, Illinois, this 9th day of May , 2011. (SEAL) ,,,,e,),Lu Village Clerk