HomeMy WebLinkAboutOrdinance #1067
ORDINANCE NO. 1067
AN ORDINANCE AMENDING ORDINANCE NUMBER 1059, ENTITLED:'"AN
ORDINANCE ABATING THE CITY OF CANTON'S PORTION OF REAL PROPERTY
TAXE5 ATTRIBUTABLE TO INCREASES IN ASSESSED VALUATION RESULTING
FROM THE CONSTRUCTION OR REHABILITATION OF COMMERCIAL OR INDUST-
RIAL FACILITIES WITHIN THE CITY OF CANTON ENTERPRISE ZONE".
WHEREAS, the Canton City Council on or about April 16, 1985
passed the above entitled Ordinance Number 1059; and,
WHEREAS, subsequent to such passage the Illinois Department
of Commerce and Community Affairs has recommended amendment of
Ordinance Number 1059 as hereinafter set forth; and,
WHEREAS, the Canton City Council has determined such amendment
to be necessary and in the best interest of the City of Canton.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF CANTON, Fulton County, Illinois as follows:
1. That numerical paragraph two (2) of Ordinance Number 1059
is hereby amended to read as follows:
"2. That the City of Canton authorizes and directs the County
Clerk to abate ad valorem taxes imposed upon real property located
within the Enterprise Zone as set forth in Exhibit A hereto, upon
which new improvements have been constructed or upon which exist-
ing improvements have been renovated or rehabilitated, subject to
the following provisions:
a. Such abatement shall apply only to real property presently
or hereafter zoned business, commercial or industrial, or,
to presently existing valid nonconforming uses of any of
the aforesaid character as long as such nonconforming
use shall continue to be used for business, commercial
or industrial purposes;
b. Such abatement shall be at the rate of: 100 of the
increased assessment for a 5 year period begining with
the tax year in which the new increased assessment due
to new construction, rehabilitation or renovation would
be levied, and 50~ of the increased assessment due to the
new construction, rehabilitation or renovation for the
succeeding 5 years;
c. During the abatement period, the "pre-project" assessment
amount for the land and existing improvements involved
would continue to be paid annually in accordance with the
annual multiplier and rate in effect for the tax year in-
volved;
d. Such abatement shall apply to projects the nature and
scope of which require a permit;
e. Any abatement of taxes on any parcel shall not exceed
the amount attributable to the construction of the
improvements and the renovation or rehabilitation
of existing improvements on such parcel; and,
f. Such abatement shall not be effective after the
termination of the Enterprise Zone."
2. That, to the extent inconsistent herewith, Ordinance
Number 1059 is hereby amended or repealed, as applicable; in
all other respects, Ordinance Number 1059 is hereby specifically
reaffirmed.
3. That this Ordinance shall be in full force and effect
immediately upon its passage by the City Council of .the City,
of Canton, Fulton County, Illinois and approval by the Mayor
thereof .
PASSED by the City Council of the City of Canton, Fulton
County, Illinois at a regular meeting this 4th day of
June 1985. upon a roll call vote as follows:
AYES• Aldermen Kovachevich, Zilly, Falcone, Sarff, Bohler,
• May, Chapman.
NAYS: None.
ABSENT: Alderman Workman.
APPROVED:
onald E. Edwards, Mayor.
ATTEST:
~~~ ~
Nan Whit , City Clerk.
C E R T I F I C A T E
STATE C~ ILLINOIS, )
SS.
COUN'T'Y OF FUL'PON. )
I, Nancy GThites, City Clerk of the City of Canton, in the County of Fulton
and State of Illinois, cb hereby certify that as the City Clerk of the City
of Canton, I am the keeper of records, minutes, ordinances and other books,
records and papers of said City, and that the foregoing is a true and correct
coT~y of :
ORDINANCE N0. 1067
AN ORDINANCE AMENDING ORDINANCE NUMBER 1059,
Ei1TITLED: "AN ORDINANCE ABATING THE CITY OF
CANTON'S PORTTON OF REAL PROPERTY TAXES
ATTRIBUTABLE TO INCREASES IN ASSESSED
VALUATION RESULTING FROM THE CONSTRUCTION OR
REHABILITATION OF COMMERCIAL OR INDUSTRIAL
FACILITIES [JITHIN THE CITY Ok' CANTON ENTERT'RISE
ZONE`.' .
adopted by the City Council of said City and approved by the Mayor thereof
on the 4th day of .T, m P 19 ~_-
WITNESS rry hand and the Corporate Seal of the City of Canton, Illinois
this 1 7th ~Y of D _c .mher~ ~ 19 $5__•
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ORDINAi~CE N0. 1067
AN ORDINANCE AI~fENDIN~".' ORDINANCE NUMBT,P~ 1059 ,
ENTITLED: "AN ORDINA~~C~; ABATING THE CITY OF
CANTON'S PORTION OF REAL PROPERTY TArCES
ATTRIBUTABt,E TO INCREASES IN ASSESSED VALUATION
RESULTING FROM THE CONSTRUCTION OR REHABILITATION
OF COr~!~.RCIAL OR INDUSTRIAL FACILITIES WITHIN
THE CITY" OF CANTON =;NTr,~,.nRISE 7.ONr:".
~ ~ 1° 85
o~~~ _~~~ -~~n ~ o_ June
-'- -~ ; 16th _=_~~ o~ July ~ ' 85 .
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