HomeMy WebLinkAboutOrdinance #2024ORDINANCE NO. 2 0 2 4
CITY OF CANTON
FULTON COUNTY, ILLINOIS
AN ORDINANCE APPROVING AND ADOPTING
AN EXTENSION TO THE COMPLETION OF THE
REDEVELOPMENT PLAN; PROJECTS; AREA AND
OBLIGATIONS FOR TAX INCREMENT FINANCING
CANTON 4-A TAX INCREMENT FINANCING DISTRICT
ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF CANTON, FULTON COUNTY, ILLINOIS,
ON THE 21 DAY OF DECEMBER, 2010.
ORDINANCE NO. 2 0 2 4
CITY OF CANTON
FULTON COUNTY, ILLINOIS
AN ORDINANCE APPROVING AND ADOPTING AN EXTENSION TO THE
COMPLETION OF THE REDEVELOPMENT PLAN; PROJECTS; AREA AND
OBLIGATIONS FOR TAX INCREMENT FINANCING
CANTON 4-A TAX INCREMENT FINANCING DISTRICT
WHEREAS, the statutes of the State of Illinois by the "Tax Increment Allocation
Redevelopment Act," 65 ILCS 5/11-74.4-1 etseq., as amended, hereinafter referred to as the "TIF Act,"
provides for municipalities to create within their corporate boundaries Tax Increment Financing
Redevelopment Areas ("TIF District"), Plans and Projects and to amend them; and
WHEREAS, the City of Canton, Fulton County, Illinois ("City") by its duly elected Mayor and
City Council heretofore adopted a Redevelopment Plan and Projects; adopted Tax Increment Financing
pursuant to the TIF Act; and designated a Redevelopment Project Area known as the "Canton 4-A
TIF District" on the 315C day of December, 1987; and
WHEREAS, Section 74.4-3.5 (a) of the TIF Act provides that the estimated dates of completion
of the redevelopment project and retirement of obligations may not be later than December 3150 of the
year in which the payment is made to the Treasurer with respect to real estate taxes levied in the 23`d
calendar year after the year in which the ordinance approving the redevelopment project area was
adopted; and
WHEREAS, Section 74.4-3.5 and Section 74.4-3(n)(J)(3) of the TIF Act allows the Ciry to
extend the property tax increment financing component of the Canton 4-A TIF District to December
31, 2011 in order to utilize the property tax growth which will result from the real estate taxes levied
during the 23`d year of the TIF District; and
WHEREAS, the Canton 4-A Tax Increment Financing District Redevelopment Plan and
Projects contains more than $200,000 of unexpended public and private redevelopment project costs,
including, but not limited to, the construction of streets, utilities and other public infrastructure for
which the Ciry anticipates will be incurred prior to December 31, 2011 in furtherance of the objectives
of the Redevelopment Plan; and
WHEREAS, pursuant to Section 74.4-4(~ and prior to December 31, 2011, the City may utilize
property tax growthwhich will result from the real estate taxes levied during the 23`d year of the Canton
4-A TIF District for eligible costs in contiguous redevelopment project areas.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND THE CITY
COUNCIL OF THE CITY OF CANTON, ILLINOIS, THAT:
1. The above recitals are incorporated herein and made a part hereof.
2. The Mayor and City Council of Canton hereby make the following findings:
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a. On December 31, 1987, the City of Canton adopted a Redevelopment Plan and
Projects; designated a Redevelopment Project Area; and adopted Tax Increment
Financing known as the Canton 4-A TIF District pursuant to the TIF Act.
b. The taxes levied in year 2010 will not be received by the Treasurer until year 2011
3. That the estimated dates of completion of the redevelopment project and retirement of
obligations of the Canton 4-A TIF District are hereby extended in order to utilize the
property tax growth resulting from real estate taxes levied in the 23`d year of the Canton 4-A
TIF District and received the following year.
4. Said property tax growth resulting from real estate taxes levied in the 23`d year of the Canton
4-A TIF District and received the following year shall be used to pay TIF eligible public and
private project costs provided in the Canton 4-A TIF District Redevelopment Plan or for
eligible costs in another redevelopment project area that is contiguous to the Canton 4-A TIF
District.
5. All ordinances and parts of ordinances in conflict herewith are hereby repealed.
6. 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 21 day of December, A.D. 2010, and deposited and filed in the Office of
the City Clerk of said City on that date.
MAYOR & ALDERMEN AYE VOTE NAY VOTE ABSTAIN /ABSENT
David Pickel X
Larry Sarff ~{
James Hartford
Craig West X
Gerald Ellis X
Jorge Rivexo X
Eric Schenck X
Rick Reed g
Kevin R. Meade, Mayor
TOTAL VOTES: g 0 0
The motion carried.
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APPROVED: ~ ~
Date: ~~'/ ~- ,~ ~°
Kevin Meade, Mayor
ATTEST:
Date• ~°'Z ~%
• na Tucker, City Clerk
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