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Home My WebLink About#4067 Adopting Tax Increment CERTIFICATE THE UNDERSIGNED CERTIFIES THAT SHE IS THE CITY CLERK FOR THE CITY OF CANTON,ILLINOIS,AND THAT THE CITY COUNCIL AT A REGULARLY CONSTITUTED MEETING OF SAID CITY COUNCIL OF THE CITY OF CANTON ON THE STM DAY OF APRIL,2017 ADOPTED ORDINANCE NO,4067,A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. �-y� GIVEN UNDER MY HAND AND SEAL THIS eJ• DAY OF APRIL,2017. (SEAL) oTte AVL -R• K CITY CLERK CITY OF CANTON,ILLINOIS ORDINANCE NO. 4067 AN ORDINANCE ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR CANTON TAX INCREMENT FINANCING DISTRICT 3 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS, ON THE 5"'DAY OF APRIL,2017 PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS, THIS 5'"DAY OF APRIL,2017 EFFECTIVE:APRIL 5,2017 ORDINANCE 3 0F3 ORDINANCE NO.4067 CITY OF CANTON,FULTON COUNTY,ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR CANTON TAX INCREMENT FINANCING DISTRICT 3 WHEREAS, the City of Canton, Fulton County,Illinois, (the "City') desires to adopt Tax Increment Allocation Financing pursuant to the Tax Increment Allocation Redevelopment Act,65ILCS 5/11-74.4-1 dray.as amended,hereinafter referred to as the"Act";and WHEREAS, the City has adopted and approved a Redevelopment Plan and Projects, and designated a Redevelopment Project Area for the Area known as"Canton TIF District 3"pursuant to the provisions of the Act,and 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 CITY OF CANTON,FULTON COUNTY,ILLINOIS,THAT: 1. The City of Canton,Fulton County,Illinois,hereby adopts Tax Increment Financing for: () the Canton TIF District 3 Redevelopment Plan and Projects as approved by Ordinance No. 4065; and (d) the Redevelopment Project Area as designated by Ordinance No.4066 and further described in Exhibit A(Legal Description)and Exhibit B(Boundary Map),both of which are attached hereto and made part of this Ordinance. 2. After the equalized assessed valuation of each tract of taxable real property in the Redevelopment Project Area exceeds the initial equalized assessed value of each tract of taxable real property in the Redevelopment Project Area,the ad valorem taxes,if any, arising from the levies upon real property in the Redevelopment Area by taxing districts and the rates determined in the manner provided in Section 11-74.4-9(b)of the Act each year after the effective date of this Ordinance until the Redevelopment 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,tact or parcel of teal property which is attributable to 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 lot, block, tract or parcel of real property in the Redevelopment Project Area over and above the lower of the current equalized assessed value or the initial equalized assessed value of each parcel of property in the Redevelopment Project Area shall be allocated to and when collected shall be paid to the municipal treasurer who shall deposit said Page 1 ORDINANCE 3 OF3 funds in a special fund called the "Special Tax Allocation Fund" for the Redevelopment Project Area of the municipality for the purpose of paying the Redevelopment Project costs and obligations incurred in the payment thereof, pursuant to such appropriations which may be subsequently made. 3. All ordinances and parts of ordinances in conflict herewith are hereby repealed. 4. This Ordinance shall be in full force and effect from and after its passage and approval as provided by law. PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,Illinois on the S"day of April,A.D.,2017,and deposited and filed in the Office of the City Clerk of said City on that date. MAYOR&CITY COUNCIL AYE VOTE NAY VOTE ABSTAIN/ABSENT Gerald Ellis X Ryan Mahew X Angela Hale X Justin Nelson X Craig west X John Lovell X ABSENT Tad Putrich X ABSTAIN Jeffrey Frits,Mayor TOTAL VOTES: 5 0 2 APPROVED: Date: 0 5V6oi,470i9 ATTEST: .1• Date: Y�O,1/7 Clerk Exhibit(A)Attached,Canton TIP District 3 Legal Deaaiption Exhibit(B)Attached,Canton TIP District 3 Boundary Map Paget ORDINANCE3 OF3 EXHIBIT A CANTON TIP DISTRICT 3 LEGAL DESCRIPTION A part of Sections 27, 34 and 35 all in Township 7 North, Range 4 East of the Fourth Principal Meridian, Fulton County, Illinois, further described as follows: Beginning at a point being the intersection of the north right-of-way line of East Walnut Street and the east right-of-way line of South Second Avenue; Thence southerly along the east right-of-way line of South Second Avenue,crossing East Walnut Street and East Maple Street, to a point being 100 feet, more or less, south of the intersection of the south right-of-way line of East Maple Street and the east right-of-way line of South Second Avenue;Thence easterly 188 feet,more or less,to the west right-of-way line of the alley east of South Second Avenue;Thence southerly along said west right-of-way line of the alley east of South Second Avenue 150 feet,more or less;Thence westerly 188 feet,more or less,to the east right-of-way line of South Second Avenue;Thence southerly 150 feet,more or less,along the cast right-of-way line of South Second Avenue to the intersection of the east right-of-way line of South Second Avenue and the northerly right-of-way line of the T.P. & W. Railroad; Thence westerly along said northerly right-of-way line of the T.P.&W.Railroad which crosses South Second Avenue,South First Avenue, South Main Street, South Avenue A and South Avenue B to a point on the west right of way line of South Avenue B;Thence southerly along the west right-of-way line of South Avenue B,to a point being the intersection of said west right-of-way line of South Avenue B and the south right-of-way line of the T.P.&W. Railroad;Thence easterly along the southerly tight-of-way line of the T.P.&W. Railroad which crosses South Avenue B and South Avenue A to a point where the southerly right-of-way line of the T.P.&W.Railroad intersects the west right-of-way line of South Main Street;Thence southerly 466 feet,more or less,along said west right-of-way line of South Main Street to the Intersection of said west right-of-way line of South Main Street and the south right-of-way line of East Oak Street;Thence easterly along said south right-of-way line of East Oak Street which crosses South Main Street,South First Avenue,South Second Avenue,South Third Avenue and South Fourth Avenue to the intersection of said south right-of-way line of East Oak Street and the cast right-of-way line of South Fourth Avenue;Thence northerly along said east right-of-way line of South Fourth Avenue which tosses East Oak Street, Anderson Place, and East Maple Street to a point being the intersection of said east right-of-way line of South Fourth Avenue and the north right-of-way line of East Maple Street Thence westerly along said north right-of-way line of East Maple Street to the intersection of said north right-of-way line of East Maple Street and the east right-of-way line of South Third Avenue;Thence northerly along said east right-of-way line of South Third Avenue to the intersection of said east right-of-way line of South Third Avenue and the south right-of-way line of East Elm Street Thence westerly along said south right-of-way IS of East Elm Street across South Third Avenue and South Second Avenue to the intersection of said south right-of-way line of East Elm Street and the west right-of-way line of South Second Avenue;Thence southerly along said west right-of-way line of South Second Avenue,which crosses Pine Street and continues to the intersection of said west right-of-way line of South Second Street and the north right-of-way line of East Walnut Street Thence easterly 49 feet,more or less,across South Second Street to the Point of Beginning. Page 3 ORDNANCE 3 OF3 EXHIBIT B CAN'T'ON TIP DISTRICT 3 BOUNDARY MAP Page 4 I I -1 1 I. ^t 1 :I • � I _ H _ 1 #--j 1 � a s � 1 . � iii , r I ' I Y L 1 t, 31- _ ! 11 1 i ITS'I fit- L , —1,..f -: . rt ItLt: T _ _ t ;I f I 1 ! • r . - l IL , . , .L1 — i — _ 1 '`L 11 ! + - I • i !1 I 1 LI 1 �..I .iL . 1 ,, . ;1 __. - I _# 4 —atth- -- _ ; I ....... _J -i 1 i._ Fillip _ T n61 1 ® . r , - # �M1B1or _ a { LJ , ', yI, ., '- y 1 . -j 1 ICa 7f i n- :', .__ r � I . I I e it.. _i,� I [ , I E_i t ' Li ir- W Val I: IIF; i I.- I 1 ' _ � � I.- l ` -- ' 1 • TL f , Al _ .. ! r