1986-062•
ORDINANCE NUMBER 86- 62
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ORDINANCE APPROVING THE TOWN CENTER DISTRICT TAX INCREMENT
REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the Village of Buffalo Grove desires to
implement tax increment financing pursuant to the Illinois Tax
Increment Allocation Redevelopment Act, Ill. Rev. Stat. ch. 24,
Sections 11- 74.4 -1 et seq., as amended (hereinafter referred to
as the "Act ") for the proposed Village of Buffalo Grove Town
Center District Tax Increment Redevelopment Plan and Project
within the municipal boundaries of the Village of Buffalo Grove
and within the Redevelopment Project Area described in
Exhibit "A" of this Ordinance, which area constitutes in the
aggregate more than 1 -1/2 acres; and
WHEREAS, pursuant to Section 11- 74.4 -5 of the Act, the
President and Board of Trustees caused a public hearing to be
held relative to the Redevelopment Plan and Project and the
designation of a Redevelopment Project Area on October 6, 1986 at
the Village Hall, 50 Raupp Blvd., Buffalo Grove, Illinois; and
WHEREAS, due notice in respect to such hearing was given
pursuant to Sections 11- 74.4 -5 and 11- 74.4 -6 of the Act, said
notice being given to taxing districts by certified mail on Au-
gust 29, 1986, by publication on September 8, 1986 and Septem-
ber 22, 1986; and by certified mail to taxpayers on September 8,
1986; and
WHEREAS, the Redevelopment Plan and Project set forth
the conditions in the proposed Redevelopment Project Area
qualifying the area as a "blighted area," as defined in the Act,
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ORDINANCE NUMBER 86- 62
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ORDINANCE APPROVING THE TOWN CENTER DISTRICT TAX INCREMENT
REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the Village of Buffalo Grove desires to
implement tax increment financing pursuant to the Illinois Tax
Increment Allocation Redevelopment Act, Ill. Rev. Stat. ch. 24,
Sections 11- 74.4 -1 et seq., as amended (hereinafter referred to
as the "Act ") for the proposed Village of Buffalo Grove Town
Center District Tax Increment Redevelopment Plan and Project
within the municipal boundaries of the Village of Buffalo Grove
and within the Redevelopment Project Area described in
Exhibit "A" of this Ordinance, which area constitutes in the
aggregate more than 1 -1/2 acres; and
WHEREAS, pursuant to Section 11- 74.4 -5 of the Act, the
President and Board of Trustees caused a public hearing to be
held relative to the Redevelopment Plan and Project and the
designation of a Redevelopment Project Area on October 6, 1986 at
the Village Hall, 50 Raupp Blvd., Buffalo Grove, Illinois; and
WHEREAS, due notice in respect to such hearing was given
pursuant to Sections 11- 74.4 -5 and 11- 74.4 -6 of the Act, said
notice being given to taxing districts by certified mail on Au-
gust 29, 1986, by publication on September 8, 1986 and Septem-
ber 22, 1986; and by certified mail to taxpayers on September 8,
1986; and
WHEREAS, the Redevelopment Plan and Project set forth
the conditions in the proposed Redevelopment Project Area
qualifying the area as a "blighted area," as defined in the Act,
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and the President and Board of Trustees have reviewed and are
generally informed thereof; and
WHEREAS, the President and Board of Trustees have
reviewed the conditions pertaining to lack of private investment
in the proposed Redevelopment Project Area, since its designation
for Town Center development by Comprehensive Plan of the Village
in 1972, to determine whether private development would take
place in the proposed Redevelopment Project Area as a whole
without the adoption of the proposed Redevelopment Plan; and
WHEREAS, it is the intent of the Village to utilize tax
increment defined in the Illinois statutes known as the Municipal
Retailers' Occupation Tax Act, the Municipal Service Occupation
Tax Act, the Retailers' Occupation Tax Act, the Use Tax Act, the
Service Use Tax Act and the Service Occupation Tax Act, and the
proposed Redevelopment Project Area would not reasonably be de-
veloped without the use of such incremental revenues and such
revenues will be exclusively utilized for the development of the
Redevelopment Project Area; and
WHEREAS, the President and Board of Trustees have
reviewed the conditions pertaining to real property in the
proposed Redevelopment Project Area to determine whether
contiguous parcels of real property and improvements thereon in
the proposed Redevelopment Project Area would be substantially
benefited by the proposed Redevelopment Project improvements;
NOW, THEREFORE, BE IT HEREBY ORDAINED, BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, LAKE AND
COOK COUNTIES, ILLINOIS, as follows:
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Section 1. That the President and Board of Trustees of
the Village of Buffalo Grove hereby make the following findings:
a. The area constituting the proposed Town
Center Redevelopment Project Area of the Village of
Buffalo Grove, Illinois, is described as set forth in
the attached Exhibit "A ".
b. There exist conditions which cause the area
proposed to be designated as a Redevelopment Project
Area to be classified as a "blighted area" as defined
in Section 11- 74.4 -3(a) of the Act.
C. The proposed Redevelopment Project Area on
the whole has not been subject to growth and
development through investment by private enterprise
and would not be reasonably anticipated to be developed
without the adoption of the Redevelopment Plan.
d. The Redevelopment Project Area would not rea-
sonably be developed without the tax increment derived
from the Municipal Retailers' Occupation Tax Act, the
Municipal Service Occupation Tax Act, the Retailers'
Occupation Tax Act, the Use Tax Act, the Service Use
Tax Act and the Service Occupation Tax Act and the
increment from such revenues will be exclusively
utilized for the development of the Redevelopment
Project Area.
e. The Redevelopment Plan and Project conform to
the Comprehensive Plan for the development of the
Village as a whole.
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f. The parcels of real property in the proposed
Redevelopment Project Area are contiguous and those
contiguous parcels of real property and improvements
thereon, which will be substantially benefited by the
proposed Redevelopment Project improvements, are
included in the proposed Redevelopment Project Area.
g. The estimated date for final completion of
the Redevelopment Project is December 1, 1989.
h. The estimated date for retirement of
obligations incurred to finance Redevelopment Project
costs is not later than December 1, 1996.
Section 2. That the Redevelopment Plan and Project,
which was the subject matter of the hearing held October 6, 1986,
is hereby adopted and approved. A copy of the Redevelopment Plan
and Project, marked Exhibit "B ", is attached to and made a part
of this Ordinance.
Section 3. That a certified copy of this Ordinance,
accompanied by the materials and information required by Section
11- 74.4 -8a(3) of the Act, shall be filed with the Illinois
Department of Commerce and Community Affairs and the Department
of Revenue within 30 days of the adoption of this Ordinance.
Section 4. That this Ordinance shall be in full force
and effect upon its passage by the Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois and
approval by the President thereof.
Section 5. That all ordinances, resolutions, and
orders, and parts thereof, in conflict herewith, are hereby
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superseded to the extent of such conflict. This Ordinance shall
not be codified.
Ayes: 4 - Marienthal, Glover, Reid, Shields
Naye s:2 - O'Reilly, Kowalski
Absent: 0 - None
Adopted this 3rd day of November, 1986.
(SEAL)
Attest:
Villkgb Clerk
Approv
Verna L. Clayton - Pres' ent
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Trustee Marienthal made a motion that said ordi-
nance be adopted by said President and Board of Trustees, which
motion was duly seconded by Trustee Reid
After full discussion and consideration of the matter, the
roll was called as follows:
AYE: 4 - Marienthal, Glover, Reid, Shields
NAY: 2 - O'Reilly, Kowalski
ABSENT OR NOT VOTING:
O - None
Verna L. Clayton, President, announced the motion carried
and the Ordinance duly adopted.
(Other Business)
There being no further business to come before the President
and Board of Trustees, upon motion duly seconded and unanimously
adopted, the meeting was adjourned.
Verna L. Clayton - Pres' ent
(SEAL)
Attest:
g�aw-+, -M. &A&�
Villa Clerk
(787/DD)
MI-M
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I
REDEVELOPMENT PROJECT AREA
The Redevelopment Project Area is part of the area within
the intersections of Lake Cook Road; Illinois State Route #83
and Buffalo Grove Road. The project area lies entirely north
of Lake Cook Road and totally in Lake County, Illinois. The
Redevelopment Project Area is shown on Map 1 and the legal
descriptions of the included property are set forth at Appendix
B of the Village of Buffalo Grove Town Center District Tax
Increment Redevelopment Plan and Project.
Exhibit A
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TOWN CENTER - BUFFALO GROVE
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PAYYp A_ Kuprll[ A Ae•etl•1>e ArtMl+tt
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TAX INCREMENT FINANCING DISTRICT
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Village of Buffalo Grove
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Town Center District Tax Increment
Redevelopment Plan and Project
August, 1986
Exhibit B
TABLE OF CONTENTS
1 1
I•
INTRODUCTION
II.
GENERAL GOALS
III.
TAX INCREMENT FINANCING REDEVELOPMENT (TIF)
IV.
BLIGHTED AREA CONDITIONS EXISTING IN THE RE-
DEVELOPMENT PROJECT AREA
V.
REDEVELOPMENT PLAN AND PROJECT OBJECTIVES
VI.
ESTIMATED REDEVELOPMENT PROJECT COSTS
VII.
SOURCES OF FUNDS TO PAY FOR REDEVELOPMENT
PROJECT COSTS
VIII.
ISSUANCE OF OBLIGATIONS TO PAY FOR REDEVELOP-
MENT
IX.
LAST CURRENT ASSESSED VALUATION OF REAL
PROPERTY IN THE REDEVELOPMENT PROJECT AREA
X.
ANTICIPATED EQUALIZED ASSESSED VALUATION AND
SALES TAX INCREMENT
XI.
TERMINATION OF THE REDEVELOPMENT PLAN
XII.
AMENDMENT OF THE REDEVELOPMENT PLAN
MAP 1
MAP 2
MAP 3
APPENDIX A - PUBLIC IMPROVEMENT PLAN
APPENDIX B - LEGAL DESCRIPTIONS OF PROPERTY
IN REDEVELOPMENT PROJECT AREA
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2
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7
8
9
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I. INTRODUCTION
The Village of Buffalo Grove is located 29 miles north-
west of downtown Chicago with 1.8 square miles of its total 6.9
square miles in Cook County and the remaining 5.1 square miles in
Lake County. The Village's adjacent Cook County neighbors in-
clude the Villages of Arlington Heights and Wheeling. The Vil-
lage of Long Grove shares a common boundary with Buffalo Grove to
the west and northwest. Significant unincorporated, undeveloped
land area separates the Village from the Village of Lincolnshire
to the northeast and Riverwoods to the east.
Buffalo Grove became one of the fastest growing commu-
nities in the Northwest suburbs following its incorporation in
1958. The Village has grown from its original size of 67.4 acres
and population of 164 in 1958 to its present size of 4,416 acres
(6.9 square miles) and population of 26,168. During the decade
of the '70's, Buffalo Grove's population increased by more than
80 percent, a rate of growth exceeded by only two other northwest
suburban communities. Continued planned development of the Vil-
lage is expected to result in an ultimate incorporated area of
7,104 acres (11.1 square miles) and a population of approximately
52,000.
The Village has met the challenges associated with such
rapid growth through sound management and planning. Unlike many
other suburban communities which exhibit the problems and charac-
teristics of rapid urbanization, Buffalo Grove has retained the
qualities that attracted its early residents.
The Town Center area was first designated for such
development in the Village's Comprehensive Plan adopted in 1972.
That designation has been reiterated since then, and B -5, Town
Center zoning adopted in 1976. It is the only logical and natu-
ral location for the creation of a new central downtown for the
Village by reason of location, existing road access, under -
utilization and no alternative development. Despite such desig-
nation, to date no significant development has taken place in the
area, existing structures are old and deteriorating and vacant
land has been used for incidental agricultural purposes.
II. GENERAL GOALS
The President and Board of Trustees of the Village of
Buffalo Grove are committed to a long -term public and private
improvement of the quality of life and spirit of its community.
The Trustees have identified the following major goals that are
essential for Town Center development and planning:
A. Create new, attractive, and interesting down-
town space, maintaining a human size and scale;
B. Develop the crowd drawing potential for the
entire Town Center, emphasizing open spaces, recreation
and leisure activities;
C. Create an attractive blend of retail, res-
idential, restaurants, and office spaces, integrated
into a single, economically viable Town Center;
D. Develop attractive architectural and land-
scape designs, compatible with the environment, while
maintaining the traditional aesthetics of the communi-
ty;
E. Provide adequate and accessible parking with
good traffic flow; and
F. Provide public utilities to insure adequate
capacity for the entire Town Center development.
III. TAX INCREMENT FINANCING REDEVELOPMENT (TIF)
After a blighted area is designated as a Redevelopment
Project Area, and Tax Increment Financing is adopted, pursuant to
the Real Property Tax Increment Allocation Redevelopment Act (the
"ACT ") as amended, all taxing districts will continue to receive
the real estate tax revenue they received prior to redevelopment.
The new real estate tax revenue generated by the application of
tax rates due to the increase in assessed values is described as
tax increment revenue. New state legislation enables the Village
to obtain State sales tax increment generated by business in the
Redevelopment Project Area. As soon as redevelopment project
costs are paid, the surplus revenue will be distributed to-the
state and other taxing districts which have real property in the
Redevelopment Project Area. All taxing districts are, therefore,
the beneficiaries of the redevelopment. The increase in the Town
Center tax base also helps to minimize the real property tax
burden on the homeowners in the Village.
As a preliminary step, the President and Board of
Trustees adopted a resolution supporting Tax Increment Financing
on June 2, 1986. A Redevelopment Project Area is to be estab-
lished which designates the area to be included. The boundaries
encompass areas previously designated for Town Center develop-
ment, and are shown on Map 1.
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BOUNDARY DESCRIPTION
The Redevelopment Project Area is part of the area
within the-intersections of Lake Cook Road, Illinois State Route
#83 and Buffalo Grove Road. The project area lies entirely north
of Lake Cook Road and totally in Lake County, Illinois. The
Redevelopment Project Area is shown on Map 1 and the legal
descriptions of the included property will be attached to
Appendix B.
IV. BLIGHTED AREA CONDITIONS EXISTING IN THE REDEVELOPMENT PROJ-
ECT AREA
Based on surveys, inspections, and analyses of the
Redevelopment Project Area, the Project Area would qualify as a
"blighted area" as defined by the Act, as amended.
The area is not less than 50 nor more than 100 acres
and 75% of which is vacant, notwithstanding the fact that such
area has been used for commercial agricultural purposes within 5
years prior to the designation of the redevelopment project area,
and which area meets one or more of the following additional
blighting characteristics:
1. Obsolete platting of the vacant land;
2. Diversity of ownership of such land;
3. Tax and special assessment delinquencies on
such land;
4. Deterioration of structures or site improve-
ments in neighboring areas adjacent to the
vacant land; and
the area has been designated as a town or village center by
ordinances or comprehensive plan adopted prior to January 1,
1982, and the area has not been developed for that designated
purpose. The designation of the Buffalo Grove Town Center for
tax increment financing redevelopment is expressly authorized by
Sec. 11- 7.4.4- 3(a)(7) of the Act as amended.
V. REDEVELOPMENT PLAN AND PROJECT OBJECTIVES
The Village of Buffalo Grove proposes to accomplish the
redevelopment goals and objectives through public financing meth-
ods, including, but not limited to, Tax Increment Financing. The
Village may accomplish these goals and objectives by other meth-
ods including:
1. Assisting the developer in acquiring addi-
tional property for contiguous land development;
2. The use of Village owned land;
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3. Assisting in the relocation of displaced
businesses, if any; and
4. Providing public improvements which include:
Roads, Utilities, Parking, Parks /Public Open Spaces,
Streescapes, etc., as described in Appendix A.
A. Criteria for Redevelopment.
The following controls and criteria shall apply to all
areas in the Redevelopment Project. For more on the public im-
provements, see Appendix A.
Concept
In general, the intent is to achieve the goals and
objectives as currently applicable to the original published
criteria for the Town Center development.
Open Spaces
Public open spaces, plazas and open air patios should
be provided, to create an atmosphere which is comfortable, relax-
ing and visually identifiable to pedestrians in all age groups.
Pedestrian Movement
Direct and contiguous pedestrian linkage should form a
network connecting all uses in the Redevelopment Project Area.
All pedestrian linkages must be aesthetically attractive and
compatible within the framework of Town Center design.
Architectural
Develop a unifying theme with buildings consistent in
design within the development and with the surrounding environs.
Landscaping
Maintain an integrated landscape program, providing
various scales, seasonal variations and support with a well de-
tailed maintenance program.
Parking
Parking is imperative for support and success of a
mixed use development. Parking should be convenient, accessible
and compatible with the new development.
Traffic Patterns and Movements
Traffic flow must complement mixed use access to all
uses in the Redevelopment Project Area and be in harmony with the
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public improvements, with full attention being paid to the devel-
opment of bicycle pathways and walkways.
Signs
Signage for the Redevelopment Project Area will be
considered in accordance with the development, and applicable
ordinances of the Village.
Service
The intent is for service docks to be off - street and
screened from the streets. Specific service plans will be sub-
ject to review of the pending development proposal.
Building Setbacks
The relationships among building facades, first floor
activities, focal points, open space and streetscape are impor-
tant throughout the redevelopment area.
Security
The Redevelopment Project will adopt ways to make this
area a safe place to work, shop and live. Techniques to enhance
security include the location and orientation of entrances, easy
surveillance of enclosed public spaces within mixed -use struc-
tures, specialized lighting, and the provision of facilities and
activities which will attract people from early morning until
late evening.
B. Proposed Land Use Plan.
The following land use provisions have been established
for the Redevelopment Project Area. All of these uses are per-
mitted in accordance with the applicable B -5 Zoning Ordinances
and allowable variances therefrom. It is the intent of the plan
to encourage mixed use development. The following are the char-
acteristics of the uses the Village requires in the Redevelopment
Plan:
Retail Uses
Retail uses should be developed in order to make the
Town Center one of the preferred shopping destinations in the
Village. The retail mix should stress quality over quantity in
retail.development.
Office Uses
Office development details will be set forth in a
development plan.
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Restaurant and Entertainment Uses
Restaurant and Entertainment uses (including a movie
theater) are permitted throughout the Redevelopment Project Area.
Several restaurants, with possible outdoor facilities, should
emphasize places where people can meet.
Residential Uses
Residential uses are encouraged in the Redevelopment
Project Area. All residential development should emphasize land-
scape greenery and open recreational spaces, in keeping with the
present character of the Village.
Parking Uses
Full realization of the economic development potential
of the Town Center is directly related to the provision of auto-
mobile parking that is conveniently located close to the Town
Center's activity centers. The intent is for parking uses to be
off - street. It is important, however, to provide the pedestrian
linkages and amenities that allow and encourage patrons to
combine their downtown trip into a one - stop, multipurpose trip,
just as they would at an area shopping center.
Existing and Intended Future Land Uses
Existing land uses are shown on Map 2. Intended future
Town Center land uses are indicated on Map 3.
C. Specific Project Proposed in Redevelopment Area
(1) Existing Uses
At present the Redevelopment Project Area consists
primarily of unimproved land, used most recently for commercial
agricultural purposes with some aging single family homes and
related structures in the Project Area and adjacent thereto.
(2) New Development Parameters
Development use parameters are approximately as
follows:
Total open space: 40 acres.
Total green space: 15.5 acres.
Retail uses: 230,000 sq. ft.
Parking (retail): 1250 spaces
Office uses: 100,000 sq. ft.
Parking (office): 340 spaces
Residential uses:
Multifamily: 300 units
Senior Housing: 180 units
Parking (residential): 590 spaces
•
The anticipated starting date for construction in the
Redevelopment Project Area is March 1, 1987.
VI. ESTIMATED REDEVELOPMENT PROJECT COSTS
The Village of Buffalo Grove's Redevelopment Project
Costs mean and include the sum -total of all reasonable or neces-
sary costs incurred or estimated to be incurred, and any such
costs incidental to the Town Center project and the Redevelopment
Plan.
A list of development activities for the Redevelopment
Project, for which public costs may be incurred, may include,
without limitation, the following:
(1) Cost of studies and surveys, plans and speci-
fications, professional services including, but not
limited to, architectural, engineering, legal, market-
ing, financial, planning, and special services;
(2) Property assembly costs, including, but not
limited to, acquisition of land and other property,
real or personal, or rights or interests therein, demo-
lition of buildings, and the clearing and grading of
land to the extent the Village determines that costs
shall be paid by the Village in accordance with State
and Federal laws;
(3) Relocation costs to the extent that the Vil-
lage determines that relocation costs shall be paid or
that the Village is required to make payment of relo-
cation costs by Federal or State laws;
(4) Financing costs, including but not limited to
all necessary and incidental expenses related to the
issuance of obligations and which may include payment
of interest on any obligation issued under the Act
accruing during the estimated period of construction of
any redevelopment project for which such obligations
are issued and for not exceeding 18 months thereafter
and including reasonable reserves related thereto;
(5) In addition to capitalized interest, there
shall also be included in the cost of financing the
ordinary and accustomed reasonable charges and out-
-of-pocket disbursements associated with the issuance of
obligations;
(6) All or a portion of a taxing district's capi-
tal costs resulting from the Redevelopment Project
necessarily incurred or to be incurred in furtherance
of the objectives of the Redevelopment Plan and Proj-
ect, to the extent the Village, by written agreement,
accepts and approves such costs; and
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(7) Construction costs for public works and
streetscape improvements.
The Redevelopment Project Area would not reasonably be
developed without the use of the incremental revenues as provided
by Section 8(a) of the Act, as amended, and as it may be amended.
The incremental revenues received by the Village from the State
will be exclusively utilized for redevelopment of the Redevelop-
ment Project Area.
First year public improvement costs are estimated in
Appendix A. A budget for the overall development is set forth
below. Costs are estimated and amounts shown in line items may
be moved from line item to line item.
REDEVELOPMENT PROJECT COSTS
The Village of Buffalo Grove's Redevelopment Project
Costs include the sum total of all reasonable and necessary costs
incurred, or estimated to be incurred, and any such costs inci-
dental to the Redevelopment Plan, including the following:
ITEM PROJECTED COSTS
Site work
$ 700,000
Utilities
1,400,000
Streets
2,400,000
Parks /Landscaping
1,500,000
Lighting
400,000
Streetscape /Other public
facilities
600,000
Total Projected Costs
$7,000,000
VII. SOURCES OF FUNDS TO PAY FOR REDEVELOPMENT PROJECT COSTS
Funds necessary to pay for Redevelopment Project Costs
are to be derived principally from tax increment revenues and
proceeds from municipal obligations, not to be secured by the
full faith and credit of the Village, which have as their repay-
ment source tax increment revenue. To secure the issuance of
these obligations; the Village may permit the utilization of
guarantees, deposits and other forms of security, made available
by the private sector, including the project developers.
The tax increment revenue which will bd used to fund
tax increment obligations and Redevelopment Project Costs shall
be the incremental taxes attributable to the increase in the
current equalized assessed value of each taxable lot, block,
tract or parcel of real property in the Redevelopment Project
Area, over and above the initial equalized assessed value of each
such property in the Redevelopment Project Area, and Sales and
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Use Tax increments, as permitted by the Act, or the Act as it may
be amended from time to time. Other sources of funds which may
be used to pay for Redevelopment Project Costs and obligations
issued, the proceeds of which are used to pay for such costs, are
land disposition proceeds, Industrial Development Bonds, County,
State and Federal government grants, and other investment income.
VIII. ISSUANCE OF OBLIGATIONS TO PAY FOR REDEVELOPMENT
The Village intends to issue obligations secured by the
tax increment special tax allocation fund pursuant to Section
11- 74.4 -7 of the Act, and its Home Rule Powers under the Consti-
tution of the State of Illinois. Any such obligations shall be
retired not more than twenty -three years from the adoption of the
ordinance approving the Redevelopment Project Area, such ultimate
retirement date occurring not later than October 1, 2009. In any
event, the final maturity date of any such obligations may not be
later than twenty (20) years from their respective dates. One or
more series of obligations may be sold at one or more times in
order to implement this Redevelopment Plan. The amounts payable
in any year as principal of and interest on all obligations is-
sued by the Village, pursuant to the Redevelopment Plan and the
Act, shall not exceed the amounts available, or projected to be
available, from tax increment revenues and from such bond sinking
funds, capitalized interest funds, debt service reserve funds and
other sources of funds as may be provided by ordinance.
Revenues shall be used for the scheduled and /or early
retirement of obligations, and for reserves, sinking funds and
redevelopment project costs, and; to the extent not used for such
purposes, may be declared surplus and shall then become available
for distribution annually to the State and taxing districts in
the Redevelopment Project Area in the manner provided by the Act.
IX. LAST CURRENT ASSESSED VALUATION OF REAL PROPERTY IN THE
REDEVELOPMENT PROJECT AREA
The last current equalized assessed valuation of real
property in the Redevelopment Project Area for 1985 is estimated
to be $428,350.00.
X. ANTICIPATED EQUALIZED ASSESSED VALUATION AND SALES TAX
INCREMENT
It is estimated that all anticipated redevelopment will
be completed and assessed within 5 years. The estimated future
equalized assessed valuation of real property in the Redevelop-
ment Project Area is approximately $10,000,000. The completed
project will contain approximately 230,000 square feet of retail
space. At an estimated average sales per square foot annually of
$200, the annual incremental sales tax would be $2,300,000 from
MOM
the State 5% and $460,000 from the Village's 1 %, for a total of
$2,760,000 per year.
XI. TERMINATION OF THE REDEVELOPMENT PLAN
The estimated date for completion of the Redevelopment
Plan is no later than November 1, 1996, and may be completed
sooner, depending on the incremental tax yield. Actual develop-
ment activities are anticipated to be completed within 5 years.
XII. AMENDMENT OF THE REDEVELOPMENT PLAN
The Redevelopment Plan and Project may be amended pur-
suant to the provisions of the Act, as amended.
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APPENDIX A
PUBLIC IMPROVEMENT PLAN
The public improvement plan is comprehensive and incorpo-
rates work throughout the site.
Although first year building construction is scheduled to
include approximately 30 -35% of the total projected develop-
ment, almost all of the comprehensive infrastructure and
other public improvements are planned to be completed. It
is projected that 90% -95% of the public improvement expendi-
tures will be made during this first year phase.
Public improvements are contemplated to include the follow-
ing:
1. Peripheral highway improvements, required acceleration
and de- acceleration lanes and roadway barriers, traffic
signalization, if required, limited and full improve -
ments for all ingress and egress installations;
2. Public improvements, including site preparations,
streets, curbs, walks, lighting, signage, bicycle path
systems, landscape improvements, earth moving, storm
water and other utility improvements;
3. Dedicated right -of -way improvements, including acquisi-
tion costs as necessary for internal infrastructure
systems, including roadways, sidewalks, bicycle paths,
lighting, signage, landscaping and earth moving;
4. Construction of utilities, including water lines and
service, storm and sanitary sewers, water retention and
detention systems, fire protection systems, irrigation
systems, gas, electrical, and utility cable systems;
and
5. Acquisition and improvements of open green and park
areas, including pathway, bicycle paths, landscaping,
lighting, street furniture and other similar installa-
tions.
APPENDIX B
LEGAL DESCRIPTIONS OF
PROPERTY IN REDEVELOPMENT
PROJECT AREA
The legal descriptions of the property outlined on Map
1 as the Redevelopment Project Area will be attached to this
Redevelopment Plan and Project at such time as it is sent, with
notice of the public hearing hereon, to the affected taxing
districts.
0 0
LIEBEBU8N %IMM SERQIII 28RCEL = Z_5 8CREE
Property commonly known as the Lieberman /Taxman (Brott) parcel
consisting of approximately 7.5 acres located within the
boundaries of Illinois Route 33, Lake Cook Road and Buffalo Grove
Road, Buffalo Grove, Lake County, Illinois and legally described
as follows:
That part of the Southwest 1/4 of the Northwest 1/4 of Section
33, Township 43 North, Range 11 East of the T�iird Principal
Meridian, described as follows: Commencing at the intersection
of the center line of State Aid Route No. 33 and the South Line
of said Quarter Quarter Section, (said point being 142.7 feet
East of the Southwest corner of said Quarter Section); thence
Northwesterly along the center line of said State Aid Route No.
33 for a distance of 907.7 feet to its intersection with the
center line of State rid Route No. 16, (also known as State Bond
Issue Route No. 83) as shown on the Plat recorded November 5,
1931, as Document 374979 in Book "W" of Plats. Page 20, 21, and
22; thence Southeasterly along the center line of said State Aid
Route No. 16, to its intersection with the South line of said
Quarter Quarter Section; thence West along with the South line of
said Quarter Quarter Section to the place of beginning excepting
from the aforedescribed tract of land all that part thereof
heretofore dedicated for Buffalo Grove Road and Illinois Route
No. 83 (S.A.R. No. 16) by Plat of Dedication recorded January 20,
1969 as Document Number 1408038, Lake County, Illinois, and also
excepting therefrom that part of the Southwest 1/4 of the
Northwest 1/4 of Section 33, aforesaid, described as follows:
Note the East line of Buffalo Grove Road is considered as "due
North ", for the following courses: Beginning at the intersection
of the said East line of Buffalo Grove Road being 50 feet East of
the center line thereof, and the Southwesterly line of Route 83,
being 50 feet Southwesterly of the center line of the straight
Portion of said road, according to the Plat of Dedication of said
roads, Document Number 140803'S, Recorded January 20, 1969; thence
South 47 degrees 37 minutes East along said Southi.jesterly line,
56.66 feet to the point of tangency of a curved line, equals the
Point of beginning of this tract of land (the radius of said
curve is 25 feet and is also tangent to the aforesaid East line
of Buffalo Grove Road); thence continuing South 47 degrees 37
minutes East along the Southwesterly line of Route 83 303.46
feet; thence South 71 degrees 18 minutes 40 seconds West, 180.31
feet to a point in the said East line or Buffalo Grove Rcad;
thence due North, on said line, 276.07 feet to the point of
tangency of said curve of radius of 25.0 feet; thence
Northeasterly on said curve, convex to the North, a distance of
57.76 feet to the point of beginning, in Lake County, Illinois.
PIN: 15 -33- 100 -010
0 0
L1EEE8L 6UZI8x[78d IEL KII 288CEL = 2A 888EE
Property commonly known as the Lieberman /Taxman (Platt) parcel
consisting of approximately 9.3 acres located within the
boundaries of Illinois Route 83, Lake Cook Road and Buffalo Grove
Road, Buffalo Grove, Lake County, Illinois and legally described
as follows:
That part of the Southwest quarter of Section 33, Township 43
North, Range 11, East of the Third Principal Meridian, described
as follows: Commencing at a point in the center line of McHenry
Road, said point being 736 feet South of the North Line of said
Southwest Quarter, as measured along the center line of McHenry
Road; thence South 9 degrees 36 minutes 18 seconds East along
said center line, 209.75 feet to the point of beginning of the
Property intended to be described; thence South 89 degrees 39
minutes West, 463.36 feet; thence South 3 degrees 20 minutes 9
seconds East, 488.68 feet to the Northeast corner of property
conveyed to Francis Kuhn by Deed recorded as document number
241081; thence South 6 degrees 57 minutes 28 seconds East, 333.90
feet to the South line of property conveyed to John Popp as per
document number 146430; thence North 89 degrees 18 minutes 25
seconds East along said South line, 532.52 feet to the Center
Line of McHenry Road; thence North 9 degrees 36 minutes 18
seconds West along said center line, 327.28 feet to the point of
beginning (excepting therefrom that part thereof falling in
McHenry Road as used and dedicated, including that part conveyed
to the County of Lake by Instrument recorded June 19, 1974 as
document 1668534), in Lake County, Illinois.
PIN: 15 -33- 300 -047
15 -33 -300 -048
HENUEBUN EMCEL = 5:1264 6CEE$
Property commonly known as the Henderson parcel consisting of
approximately 5.1964 acres located within the boundaries of
Illinois. Route 83, Lake Cook Road and Buffalo Grove Road, Buffalo
Grove, Lake County, Illinois and legally described as follows:
That part of the South West 114 of Section 33, Township 43 North,
Range 11, East of the Third Principal Meridian, described as
follows: Commencing at the intersection of the center line of
Route 83 and the South line of said South West 1/4 of Section 33,
said point being 882.40 feet West of the South East corner of
said South West 1/4 of Section 33; thence Northerly along the
Center Line of State Route 83, being a curved line, convexed
Westerly and having a radius of 1432.70 feet, a distance of
110.50 feet, more or less, to a point which is 108.0 feet North
of the South line of said South West 1/4 of Section 33; thence
North 89 degrees 12 minutes 30 seconds West parallel with the
South line of the South West 1/4 of said Section 33, 378.0 feet;
thence North 00 degrees 30 minutes East, 45.45 feet; thence North
81 degrees West 183.90 feet; thence North 13 degrees 55 minutes
West, 215.71 feet to the point of beginning of the property
intended to be described; thence North 13 degrees 55 minutes
West, 33.26 feet; thence East, 518.76 feet to a point in the
Center Line of State Route 83, said point being 442.0 feet
Northerly of the South line of the South West 1/4 of said Section
33 (as measured along the center line of said Route 83 and said
Center Line extended Southerly); thence North 9 degrees 25
minutes 42 seconds West along said center line, 66.0 feet; thence
South 89 degrees 25 minutes 47 seconds west, 230.0 feet; thence
North 9 degrees 25 minutes 42 seconds .Jest along a line parallel
with the center line of State Route 83, 412.0 feet to the South
line of Popp property as per document 146430; thence South 8°
degrees 25 minutes 47 seconds West along said South line 391.16
feet; thence South 00 degrees 45 minutes 26 seconds East, 428.25
feet to the North East corner of Lot 1 of Firnbach subdivision as
Per Plat, recorded as document 1032013; thence South 2 degrees 08
minutes 22 seconds West along the East line of said Lot 1, 24.11
feet to a corner of said Lot 1; thence South 22 degrees 16
minutes East along the East line of Lots I and 2 of said FirnbacF
Subdivision, 72.02 feet to a point 61.15 feet North of the SoutF.
East corner of said Lot 2; thence North 86 degrees 40 minutes
East, 201.50 feet to the point of beginning (except that part
taken for widening of State Route 83), in Lake County, Illinois.
PIN: 15 -33- 300 -049
15 -33- 300 -0 SC
0 0
LIFEKY US PARCEL = 1Q WEE
Property commonly known as the Liberty Bank parcel consisting of
approximately 10 acres located within the boundaries of Illinois
Route 83, Lake Cook Road and Buffalo Grove Road, Buffalo Grove,
Lake County, Illinois and legally described as follows:
That part of the Southwest Quarter of Section 33, Township 43
North, Range 11 East of the Third Principal Meridian, described
as follows: Commencing at the intersection of the renter line of
Buffalo Grove Road and the North Line of said Southwest Quarter
thence South 6 degrees 57 minutes 23 seconds East, along the
Center Line of Buffalo Grove Road, 755.64 feet to the point of
beginning of the property inten,.joi to he described; thence East,
710.45 feet; thence South 3 degr e s 20 minutes ? seconds East,
665.62 feet to the Northeast corner of property conveyed to
Francis Kuhn by Deed recorded as Document No-. 241081; thence
South 39 degrees 22 minutes 33 seconds Jest, along the North Line
of said property conveyed to Francis Kuhn, 667.25 feet to the
Center Line of Buffalo Grove Road, thence North 6 degrees 57
minutes 28 seconds West, a1059 said center line, 676.76 feet to
the point of beginning (excepting Parefrom the !.westerly 50.0
feet thereof) in Lake County. Illinois.
PIN: 15 -33 -300 -054
0 0
E8NIM 288YEL-_ 2_ M 8CREE
Property commonly known as the Santoro parcel consisting of
approximately 2.0397 acres located within the boundaries of
Illinois Route 83, Lake Cook Road and Buffalo Grove Road, Buffalo
Grove, Lake County, Illinois and legally described as follows:
That part of the South West Quarter of Section 33, Township 43
North, Range 11, East of the 3rd P.M., bounded by a line
described as follows: Commencing at the intersection of the East
line of Old School Lot with the North line of the South 108 feet
of said South West Quarter (said North Line having a bearing
North 89 degrees 12 minutes 30 seconds West); thence North 1
degree 31 minutes 20 seconds East on the East Line of the said
Old School Lot for a distance of 11.40 feet to the Northerly
right of way line of proposed Lake —Cook Road (the distance of
this point from the point of commencement being described in
legal description of Tract 15 -026 of proposed Lake —Cook Road as
10.81 feet) for a point of beginning; thence North 66 degrees 03
minutes 53 seconds East on said Northerly right of way lying for
a distance of 44.07 feet (said distance being shown in legal
description of aforesaid Tract 15 -02B as 45.33 feet) to a point
of curvature; thence North Easterly along a curve line, convex
Northerly, having a radius of 2346.83 feet (chord bearing North
68 degrees 53 minutes 53 seconds East) on the arc distance 232.09
feet; thence North 28 degrees 10 minutes 11 seconds East for a
;distance of 28.87 feet to a point on a line 55 feet Westerly of
and parallel with the center line of State Route 83 as said
center line as described in Document 366270, recorded March 17,
1931 said parallel line being the Westerly right of way line of
the proposed widening of State Route 83, as appears in legal
description of aforesaid Tract 15 -02B; thence Northwesterly along
said parallel line to the North Line of the following described
Premises; (that part of the South West Quarter of Section 33,
Township 43 North, Range 11, East of the 3rd P.M., bounded by a
line described as follows: Commencing at the intersection of the
Center Line of State Route 83 and the South Line of the said
South West Quarter of Section 33, said Point being 882.40 feet
West of the South East corner of the sid South West Quarter of
Section 33; thence Northerly along the center line of State Route
°3, being a curved line convex Westerly and having a radius. of
1432.70 feet, a distance of 110.50 feet, more or less, to a point
which is 108 feet North of the South line of said South West
Quarter of Section 33, being the South East corner and point of
beginning of this description; thence North 89 degrees 12 minutes
30 seconds West parallel with the South Line of the South West
Quarter of Section 33, 377.01 feet (deed = West, 378 feet) to the
Easterly line of the Old School Lot thence North 01 degrees 31
minutes 20 seconds East, 51.05 feet to the Nort;; East corner of
the Old School Lot (deed = North, 00 degrees 30 minute_ 00
seconds East, 45.45 feet); thence North 31 degrees 02 minutes 2 ^_
seconds West along the Northerly line of the 01.d School Lct,
183.90 feet (deed = North, 81 degrees CO. minutes 00 seconds
EBdIQBQ PBBQEL = 2_4222 8QBE5
Page -2-
West, 183.90 feet); thence North 11 degrees 38 minutes 16 seconds
West 248.97 feet (deed = North, 13 degrees 55 minutes 00 seconds
West); thence East, 518.76 feet to a point on the center line of
State Route 83, thence South 08 degrees 48 minutes 00 seconds
East along the center line of said road, 13.26 feet to a point of
curve; thence South Easterly along the center line of said road,
being a curved line convex to the West and having a radius of
1432.70 feet, 328.04 feet, arc measure, to the place of
beginning); thence West on said North Line and continuing South
Easterly, Easterly and Southerly along the boundaries of said
Premises to the place of beginning, excepting from above
described Tract that part falling in Lot 1 of Town Center
Subdivision, recorded October 17, 1978 as Document 1953929, in
Lake County, Illinois.
PIN: 15 -33- 300 -028
15- 33- 300 -042
1 40
• r
ZINUEBUM EBBCEL = 2_Z 8CBEE
Property commonly known as the Zimmerman parcel consisting of
approximately 2.7 acres located.within the boundaries of Illinois
Route 83, Lake Cook Road and Buffalo Grove Road, Buffalo Grove,
Lake County, Illinois and legally described as follows:
That part of the South West 1/4 of Section 33, Township 43 North,
Range 11, East of the Third Principal Meridian, described as
follows: Commencing at the intersection of the center line of
Buffalo Grove Road and the North Line of said South West 1/4;
thence South 6 degrees 57 minutes 28 seconds East along said
Center Line, 722.40 feet to the point of beginning of the
Property intended to be described; thence East 1153.13 feet to a
Point in the center line of McHenry Road, said point being 736.0
feet South of the North Line of said South West 1/4 (as measured
along the center line of McHenry Road); thence-South 9 degrees 36
minutes 19 seconds East along said Center Line, 209.75 feet;
thence South 89 degrees 39 minutes West, 463.36 feet; thence
North 3 degrees 20 minutes 9 seconds West, 176.94 feet; thence
West 710.45 feet to the center line of Buffalo Grove Road; thence
North 6 degrees 57 minutes 28 seconds West along said Center
Line, 33.24 feet to the point of beginning, (except the Westerly
50.4 feet as measured along the Northerly line thereof), in Lake
County, Illinois.
PIN: 15 -33- 300 -052
15 -33- 300 -046
QQEIEQd E88QEL = 1544$63 6CREE
Property commonly known as the Doetsch parcel consisting of
approximately 15.4863 acres located within the boundaries of
Illinois Route 83, Lake Cook Road and Buffalo Grove Road, Buffalo
Grove, Lake County, Illinois and legally described as follows:
That part of Section 33, Township 43 North, Range 11, East of the
Third Principal Meridian; to -wit: Commencing 2 chains East of
the Quarter Section corner on the West Line of Section 33 in the
center of Chicago and McHenry Road; thence South 7 degrees East
10 chains and 94 links; thence North 89 degrees East 17 chains
and 73 links; thence North 9 degrees West 10 chains and 95 1/2
links; thence West 17 chains to the point of beginning, lying
West of the center line of State Aid Route 16 (111 Route 83) as
Per document 374979 (excepting from the above described premises
the West 249.32 feet, as measured on the Nort -h and South Lines
thereof, of the North 208.35 feet of the South 454.11 feet, as
measured at right angles to the South Line thereof, and also
except that part conveyed by the Deed to the Village of Buffalo
Grove recorded February 27, 1984, as Document 2269153), in Lake
County, Illinois.
PIN: 15- 33- 300 - 056 -0C21
HHHEEEE EMCEL = 2_2 6CEEE
Property commonly known as the Gershefke parcel consisting of
approximately 2.9 acres located within the boundaries of Illinois
Route 83, Lake Cook Road and Buffalo Grove Road, Buffalo Grove,
Lake County, Illinois and legally described as follows:
Parcel l:
That part of the South West Quarter of Section 33, Township 43
North, Range 11, East of the 3rd P.M., described as follows:
Beginning on the South line of said South West Quarter of Section
33 at a point 952.6 feet West from the South East corner thereof;
thence North 9 degrees 37 1/2 minutes West along the Center Line
tangent and center line of State Route No. 83, 508 feet to the
South East corner and point of beginning of this description;
thence West parallel to the South line of said South West Quarter
of Section 33, 280 feet; thence North 9 degrees 37 1/2 minutes
West parallel to the center line of State Route No. 83, 200 feet;
thence East 280 feet to the center of State Route No. 83; thence
South 9 degrees 37 1/2 minutes East 200 feet to the place of
beginning, in Lake County, Illinois.
Parcel 2:
That part of the South West Quarter of Section 33, Township 43
North, Range 1.1, East of the 3rd P.M., described as beginning on
the South Line of said South West Quarter, Section 33 at a point
952.6 feet West from the South East corner of said South West
Quarter of Section 33; thence North 9 degrees 37 1/2 minutes West
along the center line tangent and center line of State Route No.
83, 708 feet to the South East corner and place of beginning of
this description; thence West parallel to the South line of the
South West Quarter of Section 33, 220 feet; thence North 9
degrees 37 112 minutes West parallel to the center line of State
Route No. 83, 212 feet; thence East 220 feet to the center of
State Route No. 83; thence South 9 degrees 37 1/2 minutes East
along the center line of State Route No. 83, 212 feet to the
Place of beginning, in Lake County, Illinois.
Parcel 3:
That part of the South West Quarter of Section 33, Township 43
North, Range 11, East of the 3rd P.M., described as follows:
Beginning on the South line of said South West Quarter of Section
33 at a point 952.6 feet West from the South East corner thereof;
thence North 9 degrees 37 1/2 minutes West along the Center Line
tangent and center line of State Route No. 83, 708 fe -et; thence
West parallel to the South line of said South West Quarter of
Section 33, 220 feet to the South East corner and point of
beginning of this description; thence West 60 feet; thence North
9 degrees 37 1/2 minutes West 212 feet; thence East 60 feet;
thence South 9 degrees 37 1/2 minutes East 212 feet to the place
of beginning, in Lake County, Illinois.
PIN: 15 -33- 300 -020
15 -33- 300 -024
4 I � . •
SHELL QIL 28ECEL = _662 82EE
Property commonly known as the Shell Oil parcel consisting of
approximately .663 acres located within the boundaries of
Illinois Route 83, Lake Cook Road aid Buffalo Grove Road, Buffalo
Grove, Lake County, Illinois and legally described as follows:
Lot 1 in the Town Center Subdivision,
North Range 11 East.
PIN: 115 -23- 305 -001
`-ction 33. Township 43
ML NEIEEki PCHEL = 1_2 BESEE
Property commonly known as the Paul Doetsch parcel consisting of
approximately 1.9 acres located within the boundaries of Illinois
Route 83, Lake Cook Road and Buffalo Grove Road, Buffalo Grove,
Lake County, I11-inois and legally described as follows:
The West 249.32 feet, as measured on the North and South lines
thereof, of the North 208.35 feet of the South 454.11 feet, as
measured at right angles to the South line thereof, of the
following described tract of land, to wit: That part of Section
33, Township 43 North, Range 11 East of the 3rd Principal
Meridian, to —wit: Commencing 2 chains East of the. quarter
section corner on the West line of Section 33 in the center of
Chicago & McHenry Road; thence South 7 degrees East 10 chains and
94 links; thence North 89 degrees East 17 chains and 73 links;
thence North 9 degrees West 10 chains and 95' 1/2 links; thence
West 17 chains to the place of beginning, lying West of the
Center Line of State Aid Route 16 (Illinois Route 83) as per
Document Number 374979, in Lake County, Illinois.
1
PIN: 15 -33 -300 -060
K6ND88Q QIL 18UQQQI PARCEL - tUZ ACRES
Property commonly known as the Standard Oil (Amoco) parcel
consisting of approximately .937 acres located within the
boundaries of Illinois Route 83, Lake Cook Road and Buffalo Grove
Road, Buffalo Grove, Lake County, Illinois and legally described
as follows..
That part of the Southwest 1/4 of the Northwest 1/4 of Section
33, Township 43 North, Range 11 East of the Third Principal
Meridian, described as follows:
Note: The South Line of aforesiid Northwest 1/4 of Section 33' is
considered as bearing East - (Jest for the following courses:
Commencing at the Southwest corner of aforesaid Northwest 1/4,
thence due East in the South line of aforesaid Northwest 1/4, a
distance of 193.02 feet to a point in the East line of Buffalo
Grove Road as shown on the plat of dedication for part of Buffalo
Grove Road and Illinois Route 83; recorded on .January 20, 1969 in
Plat Book 47 on Page 30 as Document No. 1408038; thence North 6
degrees 29 minutes West in aforesaid East line, being 50 feet
Easterly of the center line of aforesaid Buffalo Grove Road as
measured at right angles, (as per Document No. 5116:35) a distance
of 446.54 feet to a point that is 275.07 feet Southerly of t. e
point of curve whose radius is 25 feet, as shown on aforesaid
plat of dedication, for the point of beginning of the following
described tract of land; thence North 6 degrees 29 minutes (Jest
in aforesaid East line, a distance of 27.02 feet to a point;
thence North 2 degrees 31 minutes.25 seconds (Jest in the widened
East line of Buffalo Grove Road a distance of 236.51 feet to a
point of tangency with a curved line; thence Northeasterly and
Southeasterly in said curved line, tangent to last described
line, having a radius of 25 feet, an arc distance of 56.04 feet
to a point in the Westerly right -of -way line of aforesaid
described Route 33; thence South 54 degrees O6 minutes East in
aforesaid Westerly right -of -way a distance of 281.44 feet to
a point; thence South 64 degrees 49 minutes 40 seconds (Jest in a
line a distance of 230.81 feet to the point of beginning in Lake
County, Illinois.
PIN: 15 -33 -111 -001
This Plan was prepared for the Village of Buffalo Grove
by Keck, -Mahin & Cate and Jerrold Brim /Sertex, Ltd., respective-
ly, special counsel to and architects and engineers for Town
Center Associates, the developer of the Town Center Redevelopment
Project.
(715 /NN)
VILLAGE OF BUFFALO GROVE
ORDINANCE NO. 6,-7J
- ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GROVE
THIS _DAY OF 19 g
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
Of Buffalo Grove, Cook & Lake Counties, Illinois,
this day of d1&t4.0 19 g�
i.
Village Clerk
y*
ORDINANCE NUMBER 86- 62
ORDINANCE APPROVING THE TOWN CENTER DISTRICT TAX INCREMENT
REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the Village of Buffalo Grove desires to
implement tax increment financing pursuant to the Illinois Tax
Increment Allocation Redevelopment Act, Ill. Rev. Stat, ch. 24,
Sections 11- 74.4 -1 et seq., as amended (hereinafter referred to
as the "Act ") for the proposed Village of Buffalo Grove Town
Center District Tax Increment Redevelopment Plan and Project
within the municipal boundaries of the Village of Buffalo Grove
and within the Redevelopment Project Area described in
Exhibit "A" of this Ordinance, which area constitutes in the
aggregate more than 1 -1/2 acres; and
WHEREAS, pursuant to Section 11- 74.4 -5 of the Act, the
President and Board of Trustees caused a public hearing to be
held relative to the Redevelopment Plan and Project and the
designation of a Redevelopment Project Area on October 6, 1986 at
the Village Hall, 50 Raupp Blvd., Buffalo Grove, Illinois; and
WHEREAS, due notice in respect to such hearing was given
Pursuant to Sections 11- 74.4 -5 and 11- 74.4 -6 of the Act, said
notice being given to taxing districts by certified mail on Au-
gust 29, 1986, by publication on September 8, 1986 and Septem-
ber 22, 1986; and by certified mail to taxpayers on September 8,
1986; and
WHEREAS, the Redevelopment Plan and Project set forth
the conditions in the proposed Redevelopment Project Area
qualifying the area as a "blighted area," as defined in the Act,
and the President and Board of Trustees have reviewed and are
generally informed thereof; and
WHEREAS, the President and Board of Trustees have
reviewed the conditions pertaining to lack of private investment
in the proposed Redevelopment Project Area, since its designation
for Town Center development by Comprehensive Plan of the Village
in 1972, to determine whether private development would take
place in the proposed Redevelopment Project Area as a whole
without the adoption of the proposed Redevelopment Plan; and
WHEREAS, it is the intent of the Village to utilize tax
increment defined in the Illinois statutes known as the Municipal
Retailers' Occupation Tax Act, the Municipal Service Occupation
Tax Act, the Retailers' Occupation Tax Act, the Use Tax Act, the
Service Use Tax Act and the Service Occupation Tax Act, and the
Proposed Redevelopment Project Area would not reasonably be de-
veloped without the use of such incremental revenues and such
revenues will be exclusively utilized for the development of the
Redevelopment Project Area; and
WHEREAS, the President and Board of Trustees have
reviewed the conditions pertaining to real property in the
proposed Redevelopment Project Area to determine whether
contiguous parcels of real property and improvements thereon in
the proposed Redevelopment Project Area would be substantially
benefited by the proposed Redevelopment Project improvements;
NOW, THEREFORE, BE IT HEREBY ORDAINED, BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, LAKE AND
COOK COUNTIES, ILLINOIS, as follows:
-2-
�v
Section I. That the President and Board of Trustees of
the Village of Buffalo Grove hereby make the following findings:
a. The area constituting the proposed Town
Center Redevelopment Project Area of the Village of
Buffalo Grove, Illinois, is described as set forth in
the attached Exhibit "All.
b. There exist conditions which cause the area
proposed to be designated as a Redevelopment Project
Area to be classified as a "blighted area" as defined
in Section 11- 74.4 -3(a) of the Act.
C. The proposed Redevelopment Project Area on
the whole has not been subject to growth and
development through investment by private enterprise
and would not be reasonably anticipated to be developed
without the adoption of the Redevelopment Plan.
d. The Redevelopment Project Area would not rea-
sonably be developed without the tax increment derived
from the Municipal Retailers' Occupation Tax Act, the
Municipal Service Occupation Tax Act, the Retailers'
Occupation Tax Act, the Use Tax Act, the Service Use
Tax Act and the Service Occupation Tax Act and the
increment from such revenues will be exclusively
utilized for the development of the Redevelopment
Project Area.
e. The Redevelopment Plan and Project conform to
the Comprehensive Plan for the development of the
Village as a whole.
-3-
,Z
f. The parcels.of real property in the proposed
Redevelopment Project Area are contiguous and those
contiguous parcels of real property and improvements
thereon,:.which will be substantially benefited by the
proposed Redevelopment Project improvements, are
included in the proposed Redevelopment Project Area.
g. The estimated date for final completion of
the Redevelopment Project is December 1, 1989.
h. The estimated date for retirement of
obligations incurred to finance Redevelopment Project
costs is not later than December 1, 1996.
Section 2. That the Redevelopment Plan and Project,
which was the subject matter of the hearing held October 6, 1986,
is hereby adopted and approved. A copy of the Redevelopment Plan
and Project, marked Exhibit "B ", is attached to and made a part
of this Ordinance.
Section 3. That a certified copy of this Ordinance,
accompanied by the materials and information required by Section
11- 74.4 -8a(3) of the Act, shall be filed with the Illinois
Department of Commerce and Community Affairs and the Department
of Revenue within 30 days of the adoption of this Ordinance.
Section 4. That this Ordinance shall be in full force
and effect upon its passage by the Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois and
approval by the President thereof.
Section 5. That all ordinances, resolutions, and
orders, and parts thereof, in conflict herewith, are hereby
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superseded to the extent of such conflict. This Ordinance shall
not be codified.
Ayes: 4 - Marienthal, Glover, Reid, Shields
Nayes • 2 - O'Reilly, Kowalski
Absent: 0 - None
Adopted this 3rd day of November, 1986.
(SEAL)
Attest:
V111 Age Clerk
Approv
Verna L. Clayton - Pre' ent
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