HomeMy WebLinkAboutResolution #0739' ~
RESOLUTION N0._ rI ~
RESOLUTION INDICATIPdG AN INTENT TO USE TAX INCREMENT FINANCING
FOR DEVELOPMENT OF A CERTAIN AREA IN THE CITY OF CANTON
WHEREAS, under Chapter 24, Section 11-74.4-1, et seq., Illinois Revised
Statutes, which Sections are known as the "Real Property Tax Increment
Allocation Redevelopment Act," (hereinafter referred to as ''The Act"), the
City of Canton is empowered to undertake the redevelopment of blighted or
conservation areas through tax increment financing; and pursuant to said
Act, the City is empowered to incur redevelopment project costs; and,
WHEREAS, pursuant to said Act, to implement tax increment financing
it is necessary for the corporate authorities to adopt a redevelopment plan,
redevelopment project, designate a redevelopment area on the basis of find-
ings that the area qualifies as a blighted area or a conservation area, and
make a finding that the redevelopment project area on the whole has not been
subject to growth and development through investment by private enterprise
and would not reasonably be anticipated to be developed without the adoption
of the redevelopment plan which plan contains a commitment to use public funds;
and
WHEREAS, one area in respect to which tax increment financing may be
utilized is described in the attached exhibit marked "Schedule A" and incor-
porated herein; and
WHEREAS, prior to the adoption of a redevelopment plan, redevelopment
project and designation of a redevelopment area, it is necessary and desirable
for the corporate authorities to determine the feasibility of tax increment
financing and determine whether conditions exist from which the corporate
authorities may make a finding as to the existence of a blighted area or the
existence of a conservation area; and
WHEREAS, the corporate authorities have undertaken preliminary studies
to determine whether findings may be made in respect to the area which may be
designated as a redevelopment project area, to qualify the area as a conser-
vation area or blighted area, and stud ies to determine that whether the re-
development project area on the whole has not been subject to growth and de-
velopment through investment by private enterprise and would not reasonably be
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anticipated to be developed without the adoption of the redevelopment
plan, and have incurred the costs of said studies as well as other costs
related to possible redevelopment projects utilizing tax increment fi-
nancing; and,
WHEREAS, the preliminary studies show that the area is characterized
and influenced by a combination of factors by which the area may be eligible
for tax increment financing; and
WHEREAS, the studies show that the proposed redevelopment project area
on the whole has not been subject to growth and development through invest-
ment by private enterprise and would not reasonably be anticipated to be
developed without the adoption of a redevelopment plan committing public
funds to improvements; and
WHEREAS, said studies also show that redevelopment is feasible if tax
increment financing is utilized pursuant to said Act as one of the redevelop-
ment tools and the tax base of all taxing districts in the redevelopment area
will be benefitted by redevelopment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CAN-
TON, FULTON COUNTY, ILLINOIS, as follows:
SECTION l: The conclusions and recommended program contained in the
preliminary feasibility report submitted by Urban Planning Consultants, Inc.
are deemed acceptable in terms of meeting the City's Central Business Dis-
tract objectives.
Based on this study, the City of Canton desires to implement a CBD
program through the use of tax increment financing which entails the formu-
lation and preparation of a tax increment plan and projects and the designa-
tion of an area within the boundaries of the municipality for use in tax in-
crement financing.
SECTION 2: A proposed redevelopment plan and project should be developed
for all or part of the area described in Schedule "A", and said area should be
considered for designation as a "redevelopment project area" as defined in the
Illinois Municipal Code, Ch. 24, X11-74.4-2 (h).
SECTION 3s The proposed redevelopment project area on the whole has
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(3)
not been subject to growth and development through investment by private
enterprise and will not reasonably be anticipated to be developed without
the adoption of a redevelopment plan commiting the use of public funds.
SECTION 4: The City Council hereby retains Urban Planning Consultants
and the firm of Boodell, Sears, Sugrue, Giambalvo and Crowley for the purpose
of undertaking the work necessary to implement tax increment financing in
the City of Canton, Illinois and in connection therewith to prepare a re-
development plan, redevelopment projects and the designation of a redevelop-
ment area, said services to be performed pursuant to two agreements for ser-
vices, the first agreement to be entered into between Urban Planning Con-
sultants and the City of Canton, and the second agreement between Boodell,
Sears, Sugrue, Giambalvo and Crowley and the City of Canton; that the City
Council has reviewed the agreements for services submitted to it by Urban
Planning Consultants and Boodell, Sears, Sugrue, Giambalvo and Crowley and
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said contra s are hereby approved and the Mayor and the City Clerk are di-
rected to execute the same.
SECTION 5; It is hereby found that the work performed under these
contracts, as well as work performed to date by Urban Planning Consultants
and Boodell, Sears, Sugrue, Giambalvo and Growley to date in connection with
the use of tax increment financing for use in the City of Canton are re-
development project costs and may be reimbursed from proceeds of obligations
issued pursuant to the "Real Property Tax Increment Allocation Act."
SECTION 6;' That this Resolution shall be in full force and effect
immediately upon its passage and approval as provided by law.
PASSED this 7th day of June
APPROVED this 7th day of
June
1977.
,1977.
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MAYOR
ATTEST: ~/ J,
TY CLERK
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