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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: April 6, 2016
SUBJECT:
To approve the third and final ordinance necessary to add the City-owned property at 2065 Bilter Road to Tax Increment Financing District No. 8.
PURPOSE:
This ordinance allows for the collection of any tax increment coming from this site in the future pursuant to the TIF Act.
BACKGROUND:
The City acquired the property and annexed it into the City over the past year. It is being considered for an additional access drive into the Chicago Premium Outlets.
DISCUSSION:
By having the property included in TIF No. 8, the acquisition costs and driveway construction become TIF eligible expenses.
IMPACT STATEMENT:
The action being recommended will have no negative impact on the City and its residents.
RECOMMENDATIONS:
It is recommended that the Ordinance be approved.
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
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An Ordinance of the City of Aurora, DuPage, Kane, Kendall, and Will Counties, Illinois, Confirming Tax Increment Allocation Financing for East Farnsworth TIF District No. 8 Redevelopment Project Area
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, it is desirable and in the best interest of the citizens of the City of Aurora, DuPage, Kane, Kendall, and Will Counties, Illinois (the "City"), for the City to implement 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 City has heretofore approved 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 complied with all other conditions precedent required by the Act.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Aurora, Illinois, as follows:
Section 1. Tax Increment Financing Confirmed. That tax increment 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 amended Area as legally described in Exhibit A attached hereto and incorporated herein as if set out in full by this reference. The general street location for the amended 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 as amended is depicted in Exhibit C attached hereto and incorporated herein as if set out in full by this reference.
Section 2. Allocation of Ad Valorem Taxes. That 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 Ordinance until the Project costs and obligations issued in respect thereto have been paid shall be divided as follows:
That portion of taxes levied upon each taxable lot, block, tract, or parcel of real property that 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 Counties collectors to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing.
That portion, if any, of such taxes that 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 Project Area shall be allocated to and when collected shall be paid to the municipal treasurer, who shall deposit said taxes into a special fund, hereby created, and designated the "East Farnsworth TIF District No. 8" Redevelopment Project Area Special Tax Allocation Fund" of the City and such taxes shall be used for the purpose of paying Project costs and obligations incurred in the payment thereof.
Section 3. Invalidity of Any Section. That 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 4. Superseder and Effective Date. That all ordinances, resolutions, motions, or orders in conflict herewith shall be, and the same hereby are, repealed to the extent of such conflict, and this Ordinance shall be in full force and effective immediately upon its passage by the Corporate Authorities and approval as provided by law.
ATTACHMENTS:
EXHIBIT A - Amended Legal Description
EXHIBIT B - General Street Location as Amended
EXHIBIT C - Map of Amended Redevelopment Project Area
PASSED this ____ day of _________, 2016.
AYES _________ NAYS _________ ABSENT _________
APPROVED:_________________________
MAYOR
ATTEST:
_________________________
CITY CLERK