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HomeMy WebLinkAboutOrdinance #0996t ORDINANCE NO. 9 9 6 AN ORDINANCE ADOPTING TAX INCRII~iT FINANCING (AREA NUMBER TWO) WHEREAS, the City of Canton desires to adopt tax increment financing pursuant to the Real Property Tax Increment Allocation Redevelopment Act, P.A. 79-1525, appearing as Sections 11-74.4-1 et seq., I11. Rev. Stat. (1981), hereinafter referred to as the "Act"; and, WfiEREAS, the City of Canton has adopted a Tax Increment Redevelopment Plan and Project, and designated a Redevelopment Project Area pursuant to the provisions of the Act, and has otherwise complied with all other condi- tions precedent required by the Act. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANTON, ILLINOIS, as follows: 1. Tax increment financing is hereby adopted in respect to the Redevelop- ment Plan and Project approved and adopted pursuant to Ordinance No. in the City of Canton in respect to the following described Redevelopment Project Area: Boundary Description Beginning at the intersection of the West ROW line of Van Buren Court with the South ROW line of Pine Street; thence, Southerly along the West ROW line of Van Buren Court to the South ROW line of Walnut Street; thence, Easterly along the South ROW line of Walnut Street to the West ROW line of the alley between First and Second Avenues; thence, Southerly along the West ROW line of said alley through Maple Street and the T.P. & W R.R. ROW to the South ROW line of Railroad Street; thence, Easterly along the South ROW line of Railroad Street through the Burlington Northern R.R. ROW to the East ROW line of Fourth Avenue; thence, Northerly along the East ROW line of Fourth Avenue to the South ROW line of the T.P. & W. R.R.; thence, Easterly along the South ROW line of the T.P. & W. R.R. to the East ROW line of the alley between Fourth and Fifth Avenues; thence, Northerly along the East ROW line of 'said alley to the North ROW line of Walnut Street; thence, Westerly along the North ROW line of Walnut Street to the SE corner of Lot 63 in Barnes & Jones Addition to the City of Canton; thence, Northerly along a line between Lots 63 & 64, 60 & 61, 58 & 59, 55 & 56, Northerly across Pine Street and between Lots 51 & 52, 48 & 49, 45 & 46, Northerly across Elm Street to the North ROW line of Elm Street, all of said Lots being in Barnes & Jones Addition to the City of Canton; thence, Westerly along the North ROW line of Elm Street to the East ROW line of Third Avenue; thence, Northerly along the East ROW line of Third Avenue to a point 32.5 feet North of the NW corner of Lot 31; thence, Westerly across Third Avenue and across Lot 15 on a line parallel to and 32.5 feet North of the South line of said Lot 15 to the West line of said Lot 15; thence, Southerly along the West line of Lot 15 to the SW corner of said Lot 15; thence, Westerly along the North lines of Lots 10 and 11 to the East line of Lot 5; thence, Southerly along the East line of Lot 5 to a point 33 feet South of the North line of Lot 5; thence, Westerly along a line 33 feet South of and parallel to the North line of Lot 5 to a point 99 feet East of the West line of Lot 5; thence, Northerly along a line 33 feet to the North line of Lot 5, said point also being the SE corner of Lot 4; thence, Northerly a distance of 8 feet along the East line of Lot 4 to a point; thence, Westerly along a line 8 feet North and parallel to the South line of Lot 4 to the East ROW line of Second Avenue, all of the aforesaid Lots being in Barnes & Jones Addition to the City of Canton; thence, Southerly along the East ROW line of Second Avenue to the South ROW line of Pine Street; thence, Westerly along the South ROW line of Pine Street to the Point of Beginning, all of the foregoing being situated in the City of Canton, County of Fulton and State of Illinois. In terms of a Project Area Description based on land platted to date, the following would properly reflect the area: Platted Lands Blocks 1 thru 6 (sometimes a/k/a "Lots") of the P & O Company's Subdivision to the City of Canton; and, All of the P & O Company's Second Subdivision to the City of Canton; and, Lots 1 thru 5, 12 thru 21, 28 thru 37, 44 thru 53, 65 thru 74, 87 thru 96, 109 thru 118, and 132 thru 141 in Wright's Addition to the City of Canton; and, The South 8' of even width off of Lot 4, Lot 5 excepting a portion thereof being 33' north-south by 82' east-west out of the Northeast corner of said Lot 5, Lots 6 thru 14, the. South 322' of Lot 15, Lots 44, 45, 49, 50, 51, 56, 57, 58, 61, 62, 63, and Lots 154 thru 157 in Barnes and Jones Addiition to the City of Canton; and, Lots 71 thru 75 in Nathan Jones Second Addition to the City of Canton; and, Lots 1, 2, 3, 4, 5, and 12 in Block 1, Lots 1 thru 6 in Block 2, and Lots 1 thru 3 in Block 3 in Anderson's First Addition to the City of Canton; azd, All public ways, vacated former public ways, railroad right of ways, and all unplatted lands according to Map 1, all being situated in the City of Canton, County of Fulton and State of Illinois. which Redevelopment Project Area was designated pursuant to Ordinance No. 2. After the total equalized assessed valuation of taxable real property in the Redevelopment Project Area exceeds the total initial equalized assessed value of dll taxable real property in the Redevelopment Project Area, the ad valorem taxes, if any, arising from the levies upon real property in the Redev- elopment Project Area by taxing districts and the rates determined in the manner provided in Section 11-74.4-9 (b) of the Act each eyar 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) 'T'hat portion of taxes levied upon each taxable lot, block, tract or parcel of real property which is attributable to 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 alloca- tion financing. -2- (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 initial equalized assessed value of each property in the Redevelopment Project Area shall be allocated to and when collected shall be paid to the municipal treasurer who shall deposit said funds in a special fund called "the special tax allocation fund for the Central Industrial District" of the municipality for the purpose of paying Redevelopment Project costs and obligations incurred in the payment thereof, pursuant to such appropriations which may be subsequently made. 3. This Ordinance shall be in full force and effect upon its passage by the City Council of the City of Canton, Illinois and approval by the Mayor thereof . PASSID by the City Council of the City of Canton, Illinois and APPROVAL by the Mayor thereof at a regularly scheduled City Council meeting this 20th day of December , 1983, upon a roll call vote as follows: AYES: Aldermen Horr, May, Carl , 4Jorkman, Sarff, Hammond, Kovachevich. NAYS: None . ABSENT: Alderman Savi 11 . APPROVED: / ~ ~ ~5,~~ Donald .Edwards, Mayor ATTEST: S. tes, City Clerk -3- ~~~- ~~_ _J h t ~Z 2r~~~ rT UEC 2 3 X983 -~ ~-~ CC~UiVTY C!_E~'C ~'U~~A'T~~O~`'`f ~~t~I~NOI S , COUNTY OF FULTON , C E R T I F I C A T E SS, I, Nancy Whites, City Clerk of the City of Canton, in the County of Fulton and State of Illinois, do 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 copy of: ORDINANCE #996 An Ordinance Adopting Tax Increment Financing (Area Number two) adopted by the City Council of said City and approved by the Mayor thereof on the 20th day of December 19 83, WITNESS my hand and the Corporate Seal of the City of Canton, Illinois this 22nd day of December ]9 83. ncy W-'tes City Clerk. (S E A L) ORDINANCE N0, gg~_ AN ORDINANCE. DESIGNATING THE TAX INCREMENT REDEVELOPMENT PROJECT AREA (AREA NUMBER TWO). WHEREAS, the City Council has heretofore in Ordinance No. adopted and approved the Redevelopment Plan and Redevelopment Project with respect to which a public hearing was held on December 6, 1983 and it is now necessary and desirable to designate the area referred to in said plan as a Redevelopment Project Area. NOW, THEREFORE, IT IS HEREBY ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANTON, ILLINOIS that the following described area is hereby designated as a Redevelopment Project Area pursuant to Section 11-74.4-4 of the Real Property Tax Increment Allocation Redevelopment Act, P.A. 79-1525: Boundary Description Beginning at the intersection of the West ROW line of Van Buren Court with the South ROW line of Pine Street; thence, Southerly along the West ROW line of Van Buren Court to the South ROW line of Walnut Street; thence, Easterly along the South ROW line of Walnut Street to the West ROW line of the alley between First and Second Avenues; thence, Southerly along the West ROW line of said alley through Maple Street and the T.P.&W. R.R. ROW to the South ROW line of Railroad Street; thence, Easterly along the South ROW line of Railroad Street through the Burlington Northern R. R. ROW to the East ROW line of Fourth Avenue; thence, Northerly along the East ROW line of Fourth Avenue to the South ROW line of the T.P.&W. R. R.; thence, Easterly along the South ROW line of the T.P.&W. R. R. to the East ROW line of the alley between Fourth and Fifth Avenues; thence, Northerly along the East ROW line of said alley to the North ROW line of Walnut Street; thence, Westerly along the North ROW line of Walnut Street to the SE corner of Lot 63 of Barnes & Jones Addition to the City of Canton; thence, Northerly along a line between Lots 63 & 64, 60 & 61, 58 & 59, 55 & 56, Northerly across Pine Street and between Lots 51 & 52, 48 & 49, 45 & 46, Northerly across Elm Street to the North ROW line of Elm Street, all of said Lots being in Barnes & Jones Addition to the City of Canton; thence, Westerly along the North ROW line of Elm Street to the East ROW line of Third Avenue; thence, Northerly along the East ROW line of Third Avenue to a point 32.5 feet North of the NWcorner of Lot 31; thence, Westerly across Third Avenue and across Lot 15 on a line parallel to and 32.5 feet North of the South line of said Lot 15 to the West line of said Lot 15; thence, Southerly along the West line of Lot 15 to the- SW corner of said Lot 15; thence, Westerly along the North lines of Lots 10 and 11 to the East line of Lot 5; thence, Southerly along the East line of Lot 5 to a point 33 feet South of the North line of Lot 5; thence, Westerly along a line 33 feet South of and parallel to the North line of Lot 5 to a point 99 feet East of the West line of Lot 5; thence, Northerly along a line 33 feet to the North line of Lot 5, said point also being the SE corner of Lot 4; thence, Northerly a distance of 8 feet along the East line of Lot 4 to a point; thence, Westerly along a line 8 feet North and parallel to the South line of Lot 4 to the East ROW line of Second Avenue, all of the aforesaid Lots being in Barnes & Jones Addition to the City of Canton; thence, Southerly along the East ROW line of Second Avenue to the South ROW line of Pine Street; thence, Westerly along the South ROW line of Pine Street to the Point of Beginning, all of the foregoing being situated in the City of Canton, County of Fulton and State of Illinois. In terms of a Project Area Description based on land platted to date, the following would properly reflect the area: Platted Lands Blocks 1 thru 6 (sometimes a/k/a "Lots") of the P & 0 Company's Subdivision to the City of Canton; and, All of the P & 0 Company's Second Subdivision to the City of Canton; and, Lots 1 thru 5, 12 thru 21, 28 thru 37, 44 thru 53, 65 thru 74, 87 thru 96, 109 thru 118, and 132 thru 141 in Wright 's Addition to the City of Canton; and, The South 8' of even width off of Lot 4, Lot 5 excepting a portion thereof being 33' north-south by 82' east-west out of the Northeast corner of said Lot 5, Lots 6 thru 14, the South 322' of Lot 15, Lots 44, 45, 49, 50, 51, 56, 57, 58, 61, 62, 63, and Lots 154 thru 157 in Barnes and Jones Addition to the City of Canton; and, Lots 71 thru 75 in Nathan Jones Second Addition to the City of Canton; and, Lots 1, 2, 3, 4, 5 and 12 in Block 1, Lots 1 thru 6 in Block 2, and Lots 1 thru 3 in Block 3 in Anderson's First Addition to the City of Canton; and, All public ways, vacated former public ways, railroad right of ways, and all unplatted lands according to Map 1, all being situated in the City of Canton, County of Fulton and State of Illinois. This Ordinance shall be in full force and effect upon its passage by the City Council of the City of Canton, 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 ~~day of Decem be r 1983 upon a roll call vote as follows: AYES: Aldermen Horr, May, Carl, Workman, Sarff, Hammond, Kovachevich. NAYS: None. ABSENT: Alderman Savi 11 . APPRO ED: ~~ ~~ , Donald E. Edwards, Mayor. ATTEST: , Nancy Whit s, City Clerk. r ~. ~~ ~~ ~~ ~.tC Z 3 ~ ORDINANCE NO. 9 9 6 3 AN--ORD OPTING TAX INCREMENT FINANCING (AREA NUMBER TWO) ' CO ~ i`!'1 Y CLERK FUL"t0i~1~,{'t~e City of Canton desires to adopt tax increment financing pursuant to the Real Property Tax Increment Allocation Redevelopment Act, P.A. 79-1525, appearing as Sections 11-74.4-1 et seq., 111. Rev. Stat. (1981), hereinafter referred to as the "Act"; and, Wf3ERF.AS, the City of Canton has adopted a Tax Increment Redevelopment Plan and Project, and designated a Redevelopment Project Area pursuant to the provisions of the Act, and has otherwise complied with all other condi- tions precedent required by the Act. NOW, T1~REh'ORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANIC)N, ILLINOIS, as follows: 1. Tax increment financing is hereby adopted in respect to the Redevelop- ment Plan and Project approved and adopted pursuant to Ordinance No. in the City of Canton in respect to the following described Redevelopment Project Area: Boundary Description Beginning at the intersection of the West ROW line of Van Buren Court with the South ROW line of Pine Street; thence, Southerly along the West ROVJ line of Van Buren Court to the South ROW line of Walnut Street; thence, Easterly along the South ROW line of Walnut Street to the 47est ROW line of the alley between First and Second Avenues; thence, Southerly along the West ROW line of said alley through Maple Street and the T.P. & W R.R. ROW to the South ROW line of Railroad Street; thence, Easterly along the South ROW line of Railroad Street through the Burlington Northern R.R. ROW to the East ROW line of Fourth Avenue; thence, Northerly along the East ROW line of Fourth Avenue to the South ROW line of the T.P. & W. R.R.; thence, Easterly along the South ROW line of the T.P. & W. R.R. to the East FLOW line of the alley between Fourth and Fifth Avenues; thence, Northerly along the East ROW line of said alley to the~North ROW line of Walnut Street; thence, Westerly along the North ROW line of Walnut Street to the SE corner of Lot 63 in Barnes & Jones Addition to the City of Canton; thence, Northerly along a line between Lots 63 & 64, 60 & 61, 58 & 59, 55 & 56, Northerly across Pine Street and between Lots 51 & 52, 48 & 49, 45 & 46, Northerly across Elm Street to the North ROW line of Elm Street, all of said Lots being in Barnes & Jones Addition to the City of Canton; thence, Westerly along the North ROW line of Elm Street to the East ROW line of Third Avenue; thence, Northerly along the East ROW line of Third Avenue to a point 32.5 feet North of the NW corner of Lot 31; thence, Westerly across Third Avenue and across Lot 15 on a line parallel to and 32.5 feet North of the South line of said Lot 15 to the West line of said Lot 15; thence, Southerly along the West line of Lot 15 to the SW corner of said Lot 15; thence, Westerly along the North lines of Lots 10 and 11 to the East line of Lot 5; thence, Southerly along the East line of Lot 5 to a point 33 feet South of the North line of Lot 5; thence, Westerly along a line 33 feet South of and parallel to the North line of Lot 5 to a point 99 feet East of the West line of Lot 5; thence, Northerly along a line 33 feet to the North line of Lot 5, said point also being the SE corner of Lot 4; thence, Northerly a distance of 8 feet along the East line of Lot 4 to a point; thence, Westerly along a line 8 feet North and parallel to the South line of Lot 4 to the East ROW line of Second Avenue, all of the aforesaid Lots being in Barnes & Jones Addition to t1~e City of Canton; thence, Southerly along the East ROt~ 1 ine of S ~:.ond Avenue to the South ROW line of Pine Street; thence, Westerly along the South ROW line of Pine Street to the Point of Beginning, all of the foregoing being situated in the City of Canton, County of Fulton and State of Illinois. In terms of a Project Area Description based on land platted to date, the following would properly reflect the area: Platted Lands r Blocks 1 thru 6 (sometimes a/k/a "Lots") of the P & O Corrrpany's Subdivision to the City of Canton; and, All of the P & O Company's Second Subdivision to the City of Canton; and, Lots 1 thru 5, 12 thru 21, 28 thru 37, 44 thru 53, 65 thru 74, 87 thru 96, 109 thru 118, and 132 thru 141 in Wright's Addition to the City of Canton; and, The South 8' of even width off of Lot 4, Lot 5 excepting a portion thereof being 33' north-south by 82' east-west out of the Northeast corner of said Lot 5, Lots 6 thru 14, the South 32~' of Lot 15, Lots 44, 45, 49, 50, 51, 56, 57, 58, 61, 62, 63, and hots 154 thru 157 im Barnes and Jones Addiition to the City of Canton; and, Lots 71 thru 75 in Nathan Jones Second Addition to the City of Canton; and, Lots 1, 2, 3, 4, 5, and 12 in Block 1, Lots 1 thru 6 in Block 2, and Lots 1"thru 3 in Block 3 in Anderson's First Addition to the City of Canton; aid, All public ways, vacated former public ways, railroad right of ways, and all unplatted lands according to Map 1, all being situated in the City of Canton, County of Fulton and State of Illinois. which Redevelopment Project Area was designated pursuant to Ordinance No. . 2. After the total equalized assessed valuation of taxable real property in the Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Redevelopment Project Area, the ad valorem taxes, if any, arising from the levies upon real property in the Redev- elopment Project Area by taxing districts and the rates determined in the manner provided in Section 11-74.4-9 (b) of the Act each eyar 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 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 alloca- tion financing. -2- (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 redeveloprr~nt project area over and above the initial equalized assessed value of each property in the Redevelopment Project Area shall be allocated to and when collected shall be paid to the municipal treasurer who shall deposit said funds in a special fund called "the special tax allocation fund for the Central Industrial District" of the municipality for the purpose of paying Redevelopment Project costs and obligations incurred in the payment thereof, pursuant to such appropriations which may be subsequently made. 3. This Ordinance shall be in full force and effect upon its passage by the City Council of the City of Canton, Illinois and approval by the Mayor thereof . PASSID by the City Council of the City of Canton, Illinois and APPROVAL by the Mayor thereof at a regularly scheduled City Council meeting this 20th day of December , 1983, upon a roll call vote as follows: Ate: Aldermen Horr, May, Carl, 4Jorkman, Sarff, Hammond, Kovachevich. NAYSz None.. ~IDT= Alderman Savill. APPROVID ~2~~ ~~~~~~-.~~~ , Donald Edwards, Mayor ATT'FST: N S. ~'tes, City Clerk -3- . ; .. ~ ~ ~\ U ~ I... ,.~ ~ECZJ ~(~ C E R T I F I C A T E CC~UiUTY CLEF;:'; FU~~Rf'~E~O~`"f~L~L I~NOI S , ) ) SS, COUNTY OF FULTON ) I, Nancy Whites, City Clerk of the City of Canton, in the County of Fulton and State of Illinois, do 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 fpregoing is a true and correct copy of: ORDINANCE #996 An Ordinance Adopting Tax Increment Financing (Area Number two) adopted by the City Council of said City and approved by the Mayor thereof on the 20th day of December 19 83. WITNESS my hand and-the Corporate Seal of the City of Canton, Illinois this 22nd day of December 19 83. ncy W ites City Clerk. (S E A L) ~~ •~ ~~c 2 3~ ORDINANCE No. 9 9 6 3 ~i1~ORD ~HOPTING TAX INCREMENT FINANCING (AREA NUMBER 'IWO) ~' f/ :/ ~-/ L- ~. : ' .,- , ~CflC`'•`Y CLERYC FUL-~p~dck~Y't~e City of Canton desires to adopt tax increment financing pursuant to the Real Property Tax Increment Allocation Redevelopment Act, P.A. 79-1525, appearing as Sections 11-74.4-1 et seq., I11. Rev. Stat. (1981), hereinafter referred to as the "Act"; and, WHEREAS, the City of Canton has adopted a Tax Increment Redevelopment Plan and Project, and designated a Redevelopment Project Area pursuant to the provisions of the Act, and has otherwise complied with all other condi- tions precedent required by the Act. NOW, Tf~REr~ORE, BE IT ORDAINID BY THE CITY COUNCIL OF THE CITY OF CANIC)N, ILLIlVOIS, as follows: 1. Tax increment financing is hereby adopted in respect to the Redevelop- ment Plan and Project approved and adopted pursuant to Ordinance No. in the City of Canton in respect to the following described Redevelopment Project Area: Boundary Description Beginning at the intersection of the West ROW line of Van Buren Court with the South ROW line of Pine Street; thence, Southerly along the West KOVJ line of Van Buren Court to the South ROW line of Walnut Street; thence, Easterly along the South ROW line of Walnut Street to the West ROW line of the alley between First and Second Avenues; thence, Southerly along the West ROW line of said alley through Maple Street and the T.P. & W R.R. ROW to the South ROW line of Railroad Street; thence, Easterly along the South ROW line of Railroad Street through the Burlington Northern R.R. ROW to the East ROW line of Fourth Avenue; thence, Northerly along the East ROW line of Fourth Avenue to the South ROW line of the T.P. & W. R.R.; thence, Easterly along the South ROW line of the T.P. & W. R.R. to the East ROW line of the alley between Fourth and Fifth Avenues; thence, Northerly along the East FLOW line of said alley to the North ROW line of Walnut Street; thence, Westerly along the North ROW line of Walnut Street to the SE corner of Lot 63 in Barnes & Jones Addition to the City of Canton; thence, Northerly along a line between Lots 63 & 64, 60 & 61, 58 & 59, 55 & 56, Northerly across Pine Street and between Lots 51 & 52, 48 & 49, 45 & 46, Northerly across Elm Street to the North FLOW line of Elm Street, all of said Lots being in Barnes & Jones Addition to the City of Canton; thence, Westerly along the North ROW line of Elm Street to the East ROW line of Third Avenue; thence, Northerly along the East ROW line of Third Avenue to a point 32.5 feet North of the NW corner of Lot 31; thence, Westerly across Third Avenue and across Lot 15 on a line parallel to and 32.5 feet North of the South line of said Lot 15 to the West line of said Lot 15; thence, Southerly along the West line of Lot 15 to the SW corner of said Lot 15; thence, Westerly along the North lines of Lots 10 and 11 to the East line of Lot 5; thence, Southerly along the East line of Lot 5 to a point 33 feet South of the North line of Lot 5; thence, Westerly along a line 33 feet South of and parallel to the North line of Lot 5 to a point 99 feet East of the West line of Lot 5; thence, Northerly along a line 33 feet to the North line of Lot 5, said point also being the SE corner of Lot 4; thence, Northerly a distance of 8 feet along the East line of Lot 4 to a point; thence, Westerly along a line 8 feet North and parallel to the South line of Lot 4 to the East FLOW line of Second Avenue, all of the aforesaid Lots being in Barnes & Jones Addition to the City of Canton; thence, Southerly along the East RCXa line of Second ,. Avenue to the South ROW line of Pine Street; thence, Westerly along the South ROW line of Pine Street to the Point of Beginning, all of the foregoing being situated in the City of Canton, County of Fulton and State of Illinois. In terms of a Project Area Description based on land platted to date, - the following would properly reflect the area: Platted bands Blocks 1 thru 6 (sometimes a/k/a "Lots") of the P & O Company's Subdivision to the City of Canton; and, All of the P & O Company's Second Subdivision to the City of Canton; and, Lots 1 thru 5, 12 thru 21, 28 thru 37, 44 thru 53, 65 thru 74, 87 thru 96, 109 thru 118, and 132 thru 141 in Wright's Addition to the City of Canton; and, The South 8' of even width off of Lot 4, Lot 5 excepting a portion thereof being 33' north-south by 82' east-west out of the Northeast corner of said Lot 5, Lots 6 thru 14, the South 32~' of Lot 15, Lots 44, 45, 49, 50, 51, 56, 57, 58, 61, 62, 63, and Lots 154 thru 157 in Barnes and Jones Addiition to the City of Canton; and, Lots 71 thru 75 in Nathan Jones Second Addition to the City of Canton; and, Lots 1, 2, 3, 4, 5, and 12 in Block 1, Lots 1 thru 6 in Block 2, and Lots 1 thru 3 in Block 3 in Anderson's First Addition to the City of Canton; azd, All public ways, vacated former public ways, railroad right of ways, and all unplatted lands according to Map 1, all being situated in the City of Canton, County of Fulton and State of Illinois. which Redevelopment Project Area was designated pursuant to Ordinance No. 2. After the total equalized assessed valuation of taxable real property in the Redevelopment Project Area exceeds the total initial equalized assessed value of all taxable real property in the Redevelopment Project Area, the ad valorem taxes, if any, arising from the levies upon real property in the Redev- elopment Project Area by taxing districts and the rates determined in the manner provided in Section 11-74.4-9 (b) of the Act each eyar 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 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 alloca- tion financing. -2- ~. .; (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 initial equalized assessed value of each property in the Redevelopment Project Area shall be allocated to and when collected shall be paid to the municipal treasurer who shall deposit said funds in a special fund called "the special tax allocation fund for the Central Industrial District" of the municipality for the purpose of paying Redevelopment Project costs and obligations incurred in the payment thereof, pursuant to such appropriations which may be subsequently made. 3. This Ordinance shall be in full force and effect upon its passage by the City Council of the City of Canton, Illinois and approval by the Mayor thereof . PASSID by the City Council of the City of Canton, Illinois and APPROVAL by the Mayor thereof at a regularly scheduled City Council meeting this 20th day of December , 1983, upon a roll call vote as follows: AYES: Aldermen Horr, May, Carl, 4lorkman, Sarff, Hammond, Kovachevich. NAYS: None. ABSENT: Alderman Savi 11 . APPROVID: Donald .Edwards, Mayor ATTEST: ~~ .~.~ 'o;~; N" S. 'tes, City Clerk -3-