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Ordinance 2001-27 ORDINANCE No.c1 d"1 AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS, ADOPTING TAX INCREMENT r ALLOCATION FINANCL\"G FOR THE INDUSTRIAL PARK,AREA TAX L\CREM ENT REDEVELOPMENT PROJECT AREA WHEREAS, k is desirable and in the best interests of the citizens of the United City of Yorkville, Kendall County, Illinois (the "Municipality"), for the Municipality to adopt tax increment allocation f=cing pursuant to the Tax Increment Allocation Redevelopment Act, as amended (the "Act") 65 ILCS 5111-74.4-1 et. seq.; and, WHEREAS, the Mayor and City Council of the Municipality(the "Corporate Authorities") have heretofore approved a redevelopment project and plan (the "Project and Plan") as required by the Act by passage of an ordinance and have heretofore designated a redevelopment project area (the "Area") as required by the Act by the passage of an ordinance and the Municipality has otherwise complied with all other conditions precedent required by the Act. NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the United City of Yorkville, Kendall County, Illinois, as follows: Section 1. Tax Increment Financing Adopting. Tax increment allocation financing is hereby adopted to pad- redevelopment project costs as defined in the Act and as set forth in the Project and Plan within the Area as legally described in Exhibit A-1 attached hereto and incorporated herein as if set out in full by this reference. The map of the Area is depicted on Exhibit A-2 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 Y rates determined in the manner provided in Section 11-74.4-9(c) of the Act each year after the effective date of this Ordinance 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 attributable to the increase in the current equalized assessed valuation of each lot, block, tract or parcel of real property in the Area over and above the initial equalized assessed value.of each property in the Area shall be allocated to and when collected shall be paid to the municipal treasurer or to his designee pursuant to Section 207A of the Revenue Act of 1939 of the State of Illinois, as amended, who shall deposit said taxes into a special fund, hereby created, and designated the "United City of Yorkville Tax Increment Financing Redevelopment Project Area Special Tax Allocation Account" of the Municipality, and such taxes shall be used for the purpose of paying Project costs and obligations incurred in the payment thereof. 2 Section 2. 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 unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. Section 3. Superseder and Effective Date All ordinances, resolutions, motions or orders in conflict here«ith 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. APPROVED this day of 2001, pursuant to a roll call vote as follows: PAUL JAMES MARTY MUNNS RICHARD STICKA MIIXE ANDERSON VALERIE BURD ROSE SPEARS LARRY KOT JOSEPH BESCO PIQ APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this� day of A.D. 2001. MAYOR PASSED by the City Council of the United City of Yorkville, Kendall County. Illinois, this Day of A.D. 2001. ttest: CI Y CLERK Exhibit A-1 Legal Description The boundaries of the Project Area have been carefully drawn to include only those contiguous parcels of real property and u provements substantially benefited by the proposed Redevelopment Project to be undertaken as part of this Redevelopment Plan. The boundaries are shown in Figure 1, Project Area Boundary, and n generally described below: The Proiect Area is generally bounded by the north property line of parcels fronting Beaver Street and a portion of Route 126 on the north, Deer Street on the east, the south property line of parcels fronting Wolf Street and a po don extended to Illinois Route 47 on the south, and Illinois Route 47 on the west. The boundaries for the Project Area are legally described as follows: That par of the NW quarter of Section 4, Township 36 North, Range 7 East of the Third Principal 'Meridian. and that part of th,-- --E quarter of Section 5, township and range aforesaid, commencing at the northeast corner of said Section 5, thence South 89°40'05" West along the north line of the northeast quarter of Section 5, 655.52' to the centerline tangent of Illinois Route No. 47 extended from the south, thence South 1°x=1'07"East along said centerline tangent and along the centerline of said Illinois Route No. 47, 475.21', thence South 89°58'06" East, 470.23 to the Point of the Beginning, also being the Northwest Corner of Lot 4, Block 1 of Fox Industrial Park Unit 1, thence South 89°58'06" East, 1056.06', thence North 0°25'09" East, 191.58' to the southwesterly right-of- way line of Illinois Route No. 126, thence South 57°34'51" East along said right-of-way line, 357.661, thence North 89°53'06" West 15.64 , thence South 09 109'49" West, 354.49' to the intersection of the northerly line of Beaver Street and the westerly line of Deer Street, thence South 09°09'49" West along said westerly line a distance of 15')5.60' to the Southwest Corner of Fox Industrial Park Unit 4, there-- North 81°52'08" West, 1410.60' along the south line of said Fox Industri al Park Unit 4 extended to the east line of Illinois Route 47, thence along said line North 1°44'07" West, 390.06' to the southwest corner of Fox Industrial Park Unit 5, thence North 81°52'08" West, 65.98' to the centerline of Illinois Route No. 47, thence North 1°44'07" West, 886.00' thence North 88 015'53" East, 469.01', thence North 1°44'07" West 368.36' to the Point of Beginning, containing 62.576 acres, more or less. Exhibit A-2 I Legal Description 19041� { ey �i 105 C 049 104 I -012 Oz -001 �. I ' -050 i -002 t 013 -048 -010 � r , Beaver St. -001 -001 ' -002 -001 03 -002 j I r ' -004 -005 ' -003 O -0 11 06 , 004 CO -0❑ ' i , 229 -007 Cn ' 005 N m 152 -013 -008 i -006 J- -002 J L -007 -014 u -016 I Wolf St. 276 -014 -002 -008 I 015 -010 -012 I i i Project Area:curdary 276 Block Numcer I I -008 Parcel Numcer i I rl� Project Area Boundary Fbx tridustrfar'Park- Yorkville, Tax Irc7er7ent Financ'ng Redevelopment Proje Prepared 3,.,:Trkla, Pettigrew,Allen &Payne,Inc.