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HomeMy WebLinkAboutOrdinance #0623-- j L • ~ + s ORDINANCE N0. ~ ~ J AN ORDINANCE ADOPTING TAX INCREMENT FINANCING WHEREAS, the City of Canton desires to adopt tax increment financing pursuant to the Real Property Tax Increment Allocation Re- s 'f{ development Act, P.A. 79-1525, appearing as Sections 11-74.4-1 et seq., S.H.A., hereinafter referred to as the "Act". 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 conditions 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 Redevelopment Plan and Project approved and adopted pursuant to Ordinance No. ~_ in the City of Canton in respect to the following described Re- development Project Area: Commencing at the point of intersection of the southerly right-of-way line of East Locust Street and the easterly right-of-way line of North Second Avenue; Thence in a southerly direction along said easterly right-of- way line and extension thereof to its intersection with the southerly right-of-way line of East Pine Street; Thence in a westerly direction along said southerly right-of- way line and extension thereof to its intersection with the easterly right-of-way line of South White Court; Thence in a southerly direction along said easterly right-of- way line and extensions thereof to its intersection with the southerly right-of-way line of East Walnut Street; Thence in a westerly direction along the southerly right-of- way line of East and West Walnut Street and extensions thereof to a point 181.5 feet, more or less, west of the westerly right-of-way line of South Main Street; Thence in a northerly direction along a line parallel to and 181.5 feet, more or less, west of the westerly right-of-way line of South Main Street to its intersection with the southerly right-of-way line of West Pine Street; Thence in a westerly direction along said southerly right-of- way line to its intersection with the extended westerly right-of-way line of South Avenue "A"; Thence in a northerly direction along said westerly right-of- way line and extensions thereof to its intersection with the - 1 - 1~ ~ ~ • ~~ , . ; - ,.- ,. ,. , - • ~ 4 ~ southerly right-of-way line of West Locust Street; Thence in a easterly direction along the southerly right-of- way line of West and East Locust Street and extensions thereof to its intersection with the easterly right-of-way line of North Second Avenue, the Point of beginning. Excepting therefrom those areas bounded by the southerly right-of-way line of West Locust Street, the westerly right- of-way line of North Market Court, the northerly right-of-way line of West Chestnut Street, the easterly right-of-way line of North Avenue "A"; and the southerly right-of-way line of East Elm Street, the westerly right-of-way line of South Second Avenue, the northerly right-of-way line of East Pine Street, the easterly right-of-way line of South Van Buren Court. In terms of a Project Area Description based on land platted to date, the following would properly reflect the area: Original Town - Swans First Recorded Addition: Parcels 94 through 99 and 106, 107, 108 Swans Second Addition: Parcels 109, 110, 111, 120, 124 and 125 Nathan Jones First Addition: Parcels 1 through 11 and 14 through 30 Nathan Jones Second Addition: Parcels 35 through 60 Nathan Jones Third Addition: Parcels 1 through 5 and 7 through 10 Plus all Public Rights-of-Way including streets, alleys and that area commonly known as Jones Park lying between the easterly right-of-way line of North and South Second Avenue and the westerly right-of-way line of North and South Avenue "A"; the southerly right-of-way line of East and West Locust Street and the southerly right-of-way line of East and West Pine Street; and the entire right-of-way of South Main Street and South White Court between East and West Pine Street and East and West Walnut Street; and the entire right-of-way of East and West Walnut Street between a point 181.5 feet more or less west of the westerly right-of-way line of South Main Street and the easterly right-of-way line of South White Court. whic/h~~Redevelopment Project Area was designated pursuant to Ordinance No . ~p~ 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 Redevelopment Project Area 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 - 2 - ~ ~ +.y ~ '+ ~, 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 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 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 Business District" of the municipality for the purpose of paying Re- development 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. PASSED by the City Council of the City of Canton, Illinois and APPROVED by the Mayor thereof this t ~ day of December, 1977. ~. /~ APPROVE r`~L~~% R ~6 HARLAN E. CROUCH ATTEST: . ~.~~^-c-~',gt;ITY CLERK NCY S. ITES