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Home My WebLink About#4159 Adopting tax increment allocation financing for the first amendment 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 20TH DAY OF AUGUST, 2019 ADOPTED ORDINANCE NO. 4159, A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS oC DAY OF AUGUST,2019. (SEAL) �L- DIANA PAVLEY-ROCK CITY CLERK CITY OF CANTON, ILLINOIS ORDINANCE NO. 4159 AN ORDINANCE ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE FIRST AMENDMENT TO CANTON TAX INCREMENT FINANCING DISTRICT 3 PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 20TH DAY OF AUGUST, 2019 PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 20TH DAY OF AUGUST, 2019 EFFECTIVE: AUGUST 20, 2019 ORDINANCE 3 OF 3 ORDINANCE NO.4159 CITY OF CANTON, FULTON COUNTY, ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE FIRST AMENDMENT TO 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 RedevelopmentAct,65 ILCS 5/11-74.4-1 et seg.as amended,hereinafter referred to as the"Act";and WHEREAS, the City has adopted and approved the First,Amendment to the Redevelopment Plan and Projects, and designated a Redevelopment Project Area for the Amended 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 BYTHE 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: (i) the First Amendment to the Canton TIF District 3 Redevelopment Plan and Projects as approved by Ordinance No.4157;and(ii)the Redevelopment Project Area as amended and designated by Ordinance No.4158 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 as amended exceeds the initial equalized assessed value of each tract of taxable real property in the Redevelopment Project Area as amended,the ad valorem taxes, if any, arising from the levies upon real property in the Redevelopment Area as amended 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, tract or parcel of real 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 as amended 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 as amended 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 as amended shall be allocated to and when collected shall be paid to the municipal treasurer Page 1 ORDINANCE 3 OF 3 who shall deposit said funds in a special fund called the"Special Tax Allocation Fund"for the Redevelopment Project Area as amended 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 20`'day of August,A.D.,2019,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 Angie Lingenfelter X Ryan Mahew X Angela Hale X Justin Nelson X Craig West X John Lovell X Quin Mahew X Jeffrey Fritz X Kent McDowell,Mayor TOTAL VOTES: 8 0 0 APPROVED: Date: j 1)-61 ayor (� ATTEST: Date: lerk Exhibit(A)Attached,Canton TIF District 3 Amended Legal Description Exhibit(B)Attached,Canton TIF District 3 Amended Boundary Map Page 2 ORDINANCE 3 OF 3 EXHIBIT A CANTON TIF DISTRICT 3 FIRST AMENDMENT AMENDED 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 the intersection of the southerly right-of-way line of East Elm Street and the easterly right- of-way line of South Third Avenue; Thence southerly along the easterly right-of-way line of South Third Avenue to the intersection of the easterly right-of-way line of South Third Avenue and the northerly right-of-way line of East Maple Street; Thence easterly along the northerly right-of-way line of East Maple Street to the intersection of the northerly right-of-way line of East Maple Street and the easterly right-of-way line of South Fourth Avenue; j Thence southerly along the easterly right-of-way line of South Fourth Avenue which crosses East Maple Street,Anderson Place and East Oak Street to the intersection of the easterly right-of-way line of South Fourth Avenue and the southerly right-of-way line of East Oak Street; Thence westerly along the southerly right-of-way line of East Oak Street which crosses South Fourth Avenue,South Third Avenue,South Second Avenue,South First Avenue and South Main Street to the intersection of the southerly right-of-way line of West Oak Street and the westerly right-of-way line of South Main Street; Thence northerly along the westerly right-of-way line of South Main Street to the intersection of the westerly right-of-way line of South Main Street and the southerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence westerly along the southerly right-of--way line of the Keokuk Junction Railway Co. Railroad which crosses South Avenue A and South Avenue B to the intersection of the southerly right-of-way line of the Keokuk Junction Railway Co. Railroad and the westerly right-of-way line of South Avenue B; Thence northerly along the westerly right-of-way line of South Avenue B to the intersection of the westerly right-of-way line of South Avenue B and the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence easterly along the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad to the intersection of the northerly right-of-way line of the Keokuk Junction Railway Co.Railroad and the westerly right-of-way line of South Avenue A; Thence northerly to the intersection jof the westerly right-of-way line of South Avenue A and the southerly right-of-way line of West Maple Street; Thence westerly along the southerly right-of-way line of West Maple Street to the intersection of the southerly right-of-way line of West Maple Street and the westerly right-of-way line of South Avenue B; Thence northerly along the westerly right-of-way line of South Avenue B to the intersection of the westerly right-of-way line of South Avenue B and the northwesterly right-of-way line of Martin Avenue; Thence northeasterly along the northwesterly right-of-way line of Martin Avenue to the intersection of the northwesterly right-of-way line of artinAvenue and the southerly right-of-way line of West Walnut Street; Thence westerly along the southerly right-of-way line of West Walnut Street 170 feet,more or less, to the northeast corner of Lot 1 in Joseph Krischke's Addition to the City of Canton; Thence northerly across West Walnut Street to the southwest corner of Lot 21 in Nathan Jones Third i Page 3 ORDINANCE 3 OF 3 Addition to the City of Canton, said corner being on the northerly right-of-way line of West Walnut Street; Thence continuing northerly along the west line of Nathan Jones Third Addition to the northwest corner of Lot 17 in Nathan Jones Third Addition,said corner being on the southerly right-of-way line of West Pine Street; Thence westerly along the southerly right-of-way line of West Pine Street 157 feet,more or less,to the intersection of the southerly right-of-way line of West Pine Street and the extended westerly line of Lot 15 in Hulit's Addition to the City of Canton; Thence northerly which crosses West Pine Street and West Elm Street to the intersection of the extended westerly line of Lot 15 in Hulit's Addition and the northerly right-of-way line of West Elm Street; Thence easterly along the northerly right-of-way line of West Elm Street 310 feet,more or less,which crosses North Avenue B to the intersection of the northerly right-of-way line of West Elm Street and the east line of the west 41 feet of the east half of Lot 29 in Nathan Jones First Addition to the City of Canton; Thence northerly 197.5 feet,more or less, to the intersection of the extended east line of the west 41 feet of the east half of Lot 28 in Nathan Jones First Addition and the south line of lot 25 in Nathan Jones First Addition,said south line also being the northerly right-of-way line of a 16 foot wide alley; Thence easterly along the northerly right-of-way line of said alley 65 feet,more or less,to the southwest corner of Lot 26 in Nathan Jones First Addition, said corner also being on the easterly line of a 16.5 foot wide alley; Thence southerly along the easterly right-of-way line of said alley to the intersection of the easterly right- of-way line of said alley and the northerly right-of-way line of West Elm Street; Thence easterly along the northerly right-of-way line of West Elm Street to the intersection of the northerly right-of-way line of West Elm Street and the westerly right-of-way line of North Avenue A; Thence southerly across West Elm Street and continuing along the westerly right-of-way line of Avenue A to the intersection of the westerly right-of-way line of South Avenue A extended and the southerly right-of-way line of Pine Street; Thence continuing southerly 260 feet,more or less; Thence easterly 89 feet,more or less; Thence southerly 160 feet,more or less,to a point on the northerly right-of-way line of West Walnut Street; Thence easterly along the northerly right-of-way line of Walnut Street which crosses South Main Street to the intersection of the northerly right-of-wap line of East Walnut Street and the westerly right-of-way line of White Court; Thence southerly across East Walnut Street,66 feet,more or less,to the northwest corner of a 20 feet wide alley; Thence easterly along the southerly right-of-way line of East Walnut Street 20 feet,more or less,to the northeast corner of said 20 foot wide alley; Thence southerly along the easterly right-of-way line of said alley 671 feet,more or less,which crosses East Maple Street to the intersection of the easterly right-of-way line of said alley and the south line of the north 5 feet of Lot 120 in Wright's Addition; Thence easterly to the intersection of the extended south line of the north 5 feet of Lot 120 in Wright's Addition and the easterly right-of-way line of South First Avenue; Thence southerly along the easterly right-of-way line of South First Avenue 33 feet,more or less,to the intersection of the easterly right-of-way line South First Avenue and the north line of the south 12 feet of Lot 119 in Wright's Addition; Page 4 ORDINANCE 3 OF 3 Thence easterly to the intersection of the north line of the south 12 feet of Lot 119 in Wright's Addition and the east line of Lot 119 in Wright's Addition,said east line also being the westerly right-of-way line of a 20 foot wide alley; Thence southerly along the westerly right-of-way line of said alley to the intersection of the westerly right-of-way line of said alley and the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad; Thence easterly along the northerly right-of-way line of the Keokuk Junction Railway Co. Railroad to the intersection of the northerly right-of-way line of the Keokuk Junction Railway Co.Railroad and the easterly right-of-way line of South Second Avenue; Thence northerly along the easterly right-of-wap line of South Second Avenue 150 feet,more or less, to the northwest corner of Lot 117 in Wright's Addition; Thence easterly 188 feet,more or less,to the northeast corner of Lot 117 in Wright's Addition, said corner also being on the westerly right-of-way line of a 20 foot wide alley; Thence northerly 150 feet,more or less,along the westerly right-of-way line of said alley to the southeast corner of Lot 73 in Wright's Addition; Thence westerly 188 feet,more or less, to the southwest corner of Lot 73 in Wright's Addition, said corner also being on the easterly right-of-way line of South Second Street; Thence northerly along the easterly right-of-way line of South Second Avenue which crosses East Maple Street and East Walnut Street to the intersection of the easterly right-of-way line of South Second Avenue and the northerly right-of-way line of East Walnut Street; Thence westerly along the northerly right-of-way line of East Walnut Street to the intersection of the northerly right-of-way line of East Walnut Street and the westerly right-of-way line of South Second Avenue; Thence northerly along the westerly right-of-way line of South Second Avenue which crosses East Pine Street to the intersection of the westerly right-of-way line of South Second Avenue and the southerly right-of-way line of East Elm Street; Thence easterly along the southerly right-of-way line of East Elm Street to the Point of Beginning. Page 5 ORDINANCE 3 OF 3 EXHIBIT B CANTON TIF DISTRICT 3 FIRST AMENDMENT AMENDED BOUNDARY MAP Page 6 June 5,2019 As:Emended. 2 2 2 2 2 e 2 �Tl ,. WEfm St V.St 4 ,f T■ � � � Polnt o1Ll j ! Beginning I iyj — .WPine St u EPine St EPine St TT -J V I fl] g :L, h W Walnut St "' E.1-1St E Walnut St ' � q 2 EMaple St (� WMople St _ c ,� —1 ¢ EMople St Qi �• LRE h ■ �— N .��..� • I Anderson PI[01 FIT, —� • dSt ERa11road5t — 1 W vj Rollroa —1 Fulton P1 N may+ I 71— Grant P! d! l anlfrood5 Legend —' W Oak St EOokSt !-"'—! Canton 3-TIF District ice' �---•-� (First Amendment) WOok S[ m5 - Canton 3-TIF District J ® o lao zeo spa ^_�• - _ N (First Amendment) ( FcCL - -� — - -