HomeMy WebLinkAboutOrdinance #2039 ORDINANCE NU. 2 0 3 9
CXTY OF CANTON, ILLINOIS
APPROVJ~iG T~ TERNI~NATION UF THE
CANTON 4A INUDSTRIAL TAX INCREIVIENT ~INANCIl~TG DI5TRICT
WgEREAS, the statutes of the State of Illinois by the "Tax Inc~eme~t Allocation
Redevelopmeat Act," 65 II.CS 5/11-74.4-8 et seq, ae ~mmended, hereinafter referred to as
the `TIF Act", provides a method for municipal:ities to te~minate established Tax
Incrernent Financing Reclevelopment ("TTF District") Areas; and
W73EgEA,S, the Cit~y af Canton, Fwlton County, Illinois ("Cit~') by its duly
elected Mayor and City Council heretofore adopted a Redevelapmen.t Plan and Projects;
adopted Tax Increment Financing pursuant to the T~ Act; and designated a
Redeve}.opment Pr+oject Area known as the Canton 4-A Industrial Tax Increment
Financing Redevelopm~rnt Pmject Area TIF District ("Canton 4-A TIF District"} on 31°~
day of December,1987; and
WHERF..AS, the City desires to teaminate the exi$ting Cantan ~-A T 6 D ILCS
pursuant to t
he Tax Inerement A1location Redevelopment Act (the "Act'~,
S/11/74-4.8 et seq., as am~ded; and
WHEREAS, the City has or will pmvide Notice af the Tezmination to be
provided to all affected Taxing Disbricts as r~quired by Section 7~-4.8 of the Act.
NOW, THEREFORE, BE TT ORl?AINED BY TH~ CORPORATE
AUTHDR~TIES UF THE CITY OF CANT4N, ILLINOIS, THAT:
Sectton 1. The adoption of tt~e Cantan 4-A TIF Recievelopment Plan and Projects> as
set foxth by City Ordinence is ha'eby te~minated.
Sectlon 2. The designation of the Redevelopment Pmject Area, as set forth by City
prdinance is hereby terminateti.
Sectioa 3. The adaption of Tax Increment Financing as set forth by City Ordinance is
hereby termisiatod. ,
Seet[on 4. The Canton 4-A Industrial Special Tax Allocation ~d for the
Redevelopment Project Area is hembY cfissolved as of Dccember 31, 2011.
Sectfon 5. From and after the effective date of this Ordinance, the rates af the taxing
districts shall b~ extaided and taxes levied, collected and distributed in the
~nanner applieable in the absence of Tax Tncreinent Allocation Financing.
Section 6. An~ and all obligations, Redevelopment Agreements ar Inter$overt~mental
Agreements, iacluding but not limited to the paymertt of Eligible Project
Casts, are terniinat.ed as of the efEective date of the ordinance.
Section A11 ordinances and parts of ordinances in couflict herewith are heceby
repealed.
5ection 8. This Ordinance shall be in ~Il f~,o
p~1
ca~tt'on~as required nb ~31, 2011,
and after its passaBe, sPPro
PASSED, APPROVED and ADOPTED by the Mayor and City ~~cil °
A
D CZOl lf
Canton, Fulton County, Illinoi,s, on the 6 day of . September ,
and deposited and filed in the Office of the City of Canton of said City on that date.
NAY VOTE ABSTA7N/ABSENT
CITY COUNCIL AYE VOTE
David Pickel
Jamcs Hartford
Jef&ey Pritz
Craig West X
Gersld. ~llis X
Justin Nelson X .
Eric Schenck X
Rick ibeee~ ctS 1~
TOTAL V S:
APPR¢
~ 2011
Date:
K R. eade, Mayor '
~1~ /
Date: ~ ( ~ 2Q1 l
Di~na Tucker, CitY C1erk
NOTICE OF TERMINATION OF
CANTON 4-A
TAX INCREMENT FINANCING DISTRICT
TO: All Ta~ng Districts within Canton 4-A TIF District
Redevelopment Project Area
RE: Termination of Canton 4-A TIF District Redevelopment Plan and
Projects
DATE: October 25, 2011
Pursuant to the statutes of the State of Illinois by the "Tax Increment Allocation
RedevelopmentAct", 65 ILCS 5/11-74.4-1 et seq., as amended (the "TIF Act"), on the 31't day
of December, 1987, the City of Canton, Illinois (the "City") approved a Redevelopment Plan
and Projects; designated a Redevelopment Project Area known as the Canton 4-A Tax
Increment Financing ("TIF") District; and adopted Tax Increment Financing pursuant to the
TIF Act.
Pursuant to Secrion 74.4-8 of the TIF Act, Notice of the Termination of a TIF District is to be
provided to all affected ta~ng districts. The City approved Ordinance No. 2039 on September
6, 2011, Approving the Termination of the Canton 4-A Tax Increment Financing District. A
copy of the Ordinance is enclosed.
If you have any questions regarding the termination of the Canton 4-A TIF District, please
contact Jim Snider, City Administrator, City of Canton, 2 North Main Street, Canton, IL 61520
(ph. 309-647-0065).
CITY OF CANTON
Diana Tucker
Ciry Clerk