Loading...
1986-06-02 - Resolution 1986-56 - ESTABLISHING A TIME AND PLACE FOR A PUBLIC HEARING CONCERNING A TAX INCREMENT FINANCING REDEVELOPMENT PLAN AND PROJECT AND DIRECTING THAT A NOTICE BE PROVIDEDRESOLUTION NO. 86- 56 A RESOLUTION ESTABLISHING A TIME AND PLACE FOR A PUBLIC HEARING CONCERNING A TAX INCREMENT FINANCING REDEVELOPMENT PLAN AND PROJECT AND DIRECTING TIIAT A NOTICE BE PROVIDED IIHEREAS, by Resolutlon 86-40, duly adopted on June 2, 1986, the Presldent and Board of Truatees has expreased ,.ts lntent to deslgnate the Tolrn Center area a6 a redevelopment project area, pursuant to the Real Property Tax Increnent Allocation Redevelopment Act, I11. Rev. Stat., C}i. 24, S11-74.4-l et seq. (the "Act"); and UUEREAS, the Act requlrea a publlc hearlng on the Redevelopmeot PLan aod Project be held before the adoptlon of the resolutlona necesaary to create the Tax Increment Flnanclng distrLct. NOW, TITEREFORE, BE IT RESOLVM BY THE PRESIDEM AND BOARD OT TRUSTEES OT IHE VILLAGE 0F BIIFFALO GR0VE, COOK AND LAKE COUNTIES, ILLINOIS as folLows: Sectlon l. That a publlc hearlng is hereby called for October 6, 1985 at 7,30 P.M. at the vllLage HalI, 50 Raupp Blvd,, Buffalo Grove, Illlnols, at whlch tlme the Presldent and Board of Truatees wl1l hear all comments from lnterested persons concerning any 1s6ues ralsed by the proposed Redevelopment Plan and ProJect. SECTIoN 2. That the Vlllage Clerk is hereby dlrected to rnake three EopfEE-6?-tn" Redevelopnent Plan and ProJect avallable at the Vlllage Hall, lmedlately upon passage and approval of thls Resolutlon, and to pennlt any lnterested person or affected taxlng dlstrlct to lnspect such Redevelopment Plan and Proj ect. SECTIoN 3. That the Vlllage CLerk ls authorlzed and directed to receive ;Iffi" comrents wlth respect to the Redevelopment Plan and ProJect. SECTIoN 4. That the Vl11age Clerk and Vtllage Attorney are dlrected to p."p"r" a"d issue the notl-ces of publlc hearing ln the manner and at the tlnes speclfled by Sectlon Il-74.4-6 of the Act. SECTION 5. That thls Resolution shall be ln full force and effect lnnedlately upon its passage and approval as provlded by law. SECTIoN 6. That all ordlnances, resolutlons, and orders, afld parts A;.""t-1" confllct herelrlth, are hereby superceded to the extent of such confltct. Villaqe of Buffalo crove Town Center District Tax Increment Redevelopment plan and proj ect August, 1986 I. II. III. TABLE OF CONTENT|\-, INTRODUCTION GENERAL GOALS TAX INCREMENT FINANCING REDEVELOPMEMI (TIF) BLIGHTED AREA CONDITIONS EXISTING IN THE RE- DEVELOPMENT PROJECT AREA REDEVELOPMENT PLAN AND PROJECT OBJECTIVES ESTIMATED REDEVELOPMENT PROJECT COSTS SOURCES OE FIJNDS TO PAY FOR REDEVELOPMENT PROJECT COSTS ISSUANCE OF OBLIGATIONS TO PAY FOR REDEVELOP- MENT LAST CURRENT ASSESSED VALUATION OE REAI PROPERTY IN TI{E REDEVELOPMENT PROJECT AREA ANTICIPATED EQUALIZED ASSESSED VALUATION AND SALES TAX INCREMENT TERMINATION OF THE REDEVELOPMENT PLAN AMENDMENT OE THE REDEVELOPMENT PLAN MAP 1 MAP 2 MAP 3 APPEI.IDIX A - PUBLIC IMPROVEMETII PLAN APPEITDIX B. LEGAL DESCRIPTIONS OE PROPERTY IN REDEVELOPMENT PROJECT AREA 1 1 J 8 9 9 PAGE 9 10 10 V. vI . VI I . VIII. IX. xI . XII. x The Village of Buffalo crove is located 29 niles north-west of do$rntown Chicago wi.th 1.8 square miles of its total 8.9square miles i,n Cook County and the remaining 5.1 square miles inLake County. The Villagers adjacent Cook County neighJcors in-clude the ViIlages of Arlington Heights and Wheiling. The ViI-lage of Long Grove shares a conmon boundary with Buifalo Grove tothe r^rest and northwest. Significant unincorporated, undevelopedland area separates the vi.rrage from the vilrage of Lincornshireto the northeast and Riverreoods to the east. I. INTRODUCTION II. GENERAL GOALS The President and Board of Trustees of the ViIIage ofBuffalo Grove are committed to a long-term public and private improvement of the qual j.ty of life and spirit of its community. The Trustees have identified the following major goals that areessential for Tovrn Center development and planningr A. Create new, attractive, and interesting down- to$rn space, maintaining a human size and scale; Buffalo Grove became one of the fastest growing cornmu_nities in the Northwest suburbs follovring its incoiporation in1958. The ViIIage has grorrn from its original size of 87.4 acresand population of 164 in 1958 to its present size of 4,416 acres(6.9 square miles) and popuLation of 26,16A. During the decadeof the '70's, Buffalo Grovets population increased 6y more than80 percent, a rate of growth exceeded by only two otier northwestsuburban communities. Continued planned dev-lopment of the Vil-lage is expected to result in an ultimate incorporated, area of7,104 acres (11.1 square miles) and a population of approximately52, 000. The Village has met the challenges associated with suchrapid growth through sound management and planning. Unlike manyother suburban comrnunities which exhibit the problems and. charac-teristics of rapid urbanization, Buffalo Grove has retained thequalities that attracted its early residents. The Town Center area was first desigrnated for suchdevelopment in the Villagers Comprehensj.ve plan adopted in 1972.That designatj.on has been reiterated sj.nce then, and B-5, TownCenter zoning adopted in 1976. It is the only logical and natu-ral Iocation for the creation of a new centrai dotrntown for theViIIaqe by reason of Iocation, existing road access, under-utilization and no alternative deveJ.opment. Despite such desig-nation, to date no sj.gnificant development has taken place in thearea, existing structures are oId and deterj.orating and vacantland has been used for incidental agricultural purposes. B. Develop the crowd drawing potentialentire Town Center, emphasizing open spaces,and Ieisure activities; for the recreation C. Create an attractive blend of retai.I, res-idential, restaurants, and office spaces. integratedinto a si-ngIe, economically viable Town Center; D, Develop attractive architectural and land-scape designs, compatible with the environment, whilemaintaining the traditional aesthetics of the communi- wI ' E. Provide adequate and accessible parking withgood traffic flow; and F. Provide public utilities to insure adequatecapacity for the entire Town Center development. After a blighted area is designated as a RedevelopmentProject Area, and Tax Increment Financing is adopted, pursuint tothe ReaI Property Tax Increment Allocation Redevelopment Act lthe"ACTt') as amended, all taxing dj.stricts wiII continire to receivethe reaL estate tax revenue they received prior to redevelopment.The new real estate tax revenue generated. by the application oftax rates due to the increase in assessed values i! described astax increment revenue. New state legislation enables the ViIIageto obtain State sales tax increment generated by business in theRedevelopment Project Area. As soon as redevelopment projectcosts are paid, the surplus revenue will be distributed to ttrestate and other taxing districts which have real property in theRedevelopment Project Area. AII taxing districts are, therefore.the beneficiaries of the redevelopnent. The increase in the TownCenter tax base also helps to minimize the real property taxburden on the homeowners in the Village. III. TAX INCREMENT EINANCING REDEVELOPMENT (TIF) As a preliminary step. the President and Board ofTrustees adopted a resolution supporting Tax Increment Financingon June 2, 1946. A Redevelopment Project Area is to be estab-lished which desigtnates the area to be included. The boundaries encompass areas previously designated for To\^/n Center devetop-ment, and are shown on Map 1. -2- BOUNDARY DESCRIPTION IV. BLIGHTED AREA CONDITIONS EXISTING IN THE REDEVELOPMENT PROJ- ECT AREA The Redevelopment Project Area is part of the areawithin the intersectlons of Lake Cook Road, Illinois State Route*83 and Buffalo crove Road, The project area lies entirely northof Lake Cook Road and totally in Lake County, Illinois. theRedevelopment Project Area is shown on Map 1 and the legaldescriptions of the included property wi.II be attached toAppendix B. Based on surveys, inspections, and analyses of theRedevelopment Project Area, the project Area would qualify ast'blighted area" as defined by the elt, as amended. Tax and special assessment such land; a such land; delinquencies on ].mprove -to the The area i.s not less than 50 nor more than 1OO acresand 751 of which is vacant, notwithstanding the fact that sucharea has been used for commercial agricultural purposes within 5years prior to the designation of the redevelopment project area,and which area meets one or more of the following aaditionalbI j.ghtinq characteri stic s: 1 2 J Obsolete platting of the vacant Iand; Diversity of ownership of 4 Deterioration of structures or sitements in nei.ghboring areas adjacentvacant land; and the area has been designated as a town or village center byordinances or comprehensive plan adopted prior to January 1,1982, and the area has not been developed for that designatedpurpose. The designation of the Buffalo Grove Town Center fortax increment financinq redevelopment is expressly authorized bySec. 11-74.4-3(a)(7) of the Act as amended. V.REDEVELOPMENT PLAN AND PROJECT OBJECTIVES The Village of Buffalo Grove proposes to accomplish theredevelopment goals and objectives through public financing meth-ods, including, but not limj.ted to, Tax Increment Einancing. TheVilIage may accomplish these goals and objectives by other meth-ods inc luding: 1tional Assisting the developer in acquiring addi-property for contiguous land development; The use of Village owned land, -3- 2 3. Assisting in the relocationbusinesses, if any; and of dj. splaced 4. Providing public improvements which include:Roads, Uti.lities, Parking, parks/public Open Spaces,Streescapes, etc,, as described in Appendix A. A. Criteria for Redevelo pment. The following controls andareas in the Redevelopment project. provements, see Appendix A. Conc ept Open S paces criteria For more shaLl apply to on the public all im- In general, the intent is to achieve theobjectives as currently applicable to the originalcrj.teria for the Town Center development. goals and publ i shed Public open spaces, plazas and open air patios shouldbe provi.ded, to create an atmosphere which is comfortable, relax-ing and visually identifiable to pedestrians in aII age groups. Pedestrian Movement Direct and contigruous pedestrian linkage shouldnetvrork connectj.ng aII uses in the Redevelopment project A1I pedestrian linkages must be aesthetically attractivecompatible within the framework of Town Center design. Archi tec tura I form a Area. and Develop design within the Landscaping a unifying theme with buildings consistent j.n development and with the surrounding environs. Parking is imperative for support and success of a mixed use development. Parki.ng should be convenient, accessible and compatible with the new development. Traffic Patterns and Movements Traffic flow must complement mixed use access to aIl uses in the Redevelopment Project Area and be in harmony with the -4- Maintain an integrated landscape program, providingfvarious scales, seasonal variations and support with a well de-tailed maintenance program. Parkinqr improvements, with full attentj.on being paid to the devel-of bicycle pathways and walkways. public opment Signs Signage for the Redevelopment project considered in accordance with the development,ordinances of the ViIlage. Area wiII be and applicable Servi.ce sc reenedject to The intent is for service docks to be off-streetfrom the streets. Specific service plans wj.ll bereview of the pending development proposal. first are and sub- floor impo r- Bui ldinq Setbacks The relationships among buildj.ng facades,activities, focal points, open space and streetscapetant throughout the redevelopment area. Securi ty The Redevelopment Project vrill adopt ways to make thisarea a safe place to work, shop and live. Techniques to enhancesecurity include the location and orientation of entrances, easysurveillance of enclosed public spaces vrithin mixed-use struc-tures, specialized Iighting, and the provision of facilitj.es andactivitj.es which will attract people from early morning unti.IIate evening. B. Proposed Land Use PIan. The following Iand use provisions have been establishedfor the Redevelopment Project Area. AII of these uses are per-mitted in accordance with the applicable B-5 Zoningr Ordinantesand allor,rable vari,ances therefrom. It i.s the intent of the planto encourage mixed use developnent. The following are the char-acteristics of the uses the Village requires in the RedevelopmentPIan: RetaiI Uses Retail uses should be developed in order to make the Town Center one of the preferred shopping destinations in theVillage. The retail mix should stress quality over quantity inretail development. Office Uses Office deveLopment pIan. development details will be set forth in a -5- Restaurant and Entertainment uses (including a movietheater) are permitted throughout the Redevelopment pioject Area.Several restaurants, with possible outdoor facilities, lhoutaemphasize places where people can meet. Restaurant and Entertainment Uses Residential Uses Exj.sting and Intended Future Land Uses Residential uses are encouraged in the RedevelopmentProject Area. All residentj.al development should emphasiLe land-scape greenery and open recreational spaces, in keeping wj.th thepresent character of the ViIIage, Parkinq Uses EUII realization of the economic d.evelopment potentialof the Town Center i.s directly related to the provj.sion- of auto-mobile.parkj.ng that is convenj.ently located close to the TownCenterr s activity centers. The inient is for parking uses to beoff-street. It is important. however, to provide tht pedestrianIinkages and amenj.ties that alIow and encourage patrons tocombine their downtolrn trip into a one-stop, multipurpose trip,just as they would at an area shopping center. Existing land uses are shown on Map 2To!'m Center land uses are indicated on Map 3. Intended future C. Specific Pro ject Pro po sed j. n Redevelopment Area (1)Existing Uses (21 Ne!, Development Parameters Development use parameters are approximately as Total open space: 40 acres.Total green space: 15.5 acres,Retail uses: 230,000 sq. ft.Parking (retail): 1250 spaces Offj.ce uses: 1O0,O0O sq. ft.Parking (office): 340 spaces Residential uses: Multifamily: 3OO units Senior Hous j. ng: 18O units Parking (residential): 590 spaces At present the Redevelopment project Area consistsprimarily of unimproved Iand, used most recently for commercialagricultural purposes lrith some aging single family homes andrelated structures in the Project Area and adjacent thereto. fol lows : -6- Costs s ary costs Plan . Proj ect, wi thout The Redeve I opment anticipated starting date for construction 1n theProject Area is March 1, 1987. VI . ESTIMATED REDEVELOPMENT PROJECT u\J >.L > (2) Property assembly costs, includingf, but notIimited to, acquisition of land and other property,real or personal, or rights or interests therein, demo-lition of buildings, and the clearing and grading ofland to the extent the Village determines that costsshall be paid by the Village in accordance with Stateand Eederal laws; The Village of Buffalo Grovets Redevetopment project mean and include the sum-total of al1 reasonable or neces-costs i.ncurred or estimated to be incurred, and any suchincidental to the Town Center project and the Redevelopment A lj.st of development activities for the Redevelopmentfor which public costs may be i.ncurred, may incIudL,limitation, the foI lowing: (1) Cost of studies and surveys, plans and speci-fications, professional services including, but nolIimited to, architectural, engineering, legal, market-ing, financial, planning, and special services; (3) Relocation costs to the extent that the ViI-lage determines that relocation costs shall be paid orthat the Village is required to make payment of relo-cation costs by Eederal or State laws; (4) Financing costs, including but not Iimited toall necessary and incidental expenses related to theissuance of obligations and which may include pa]rmentof interest on any obligation issued under the Actaccruing during the estimated period of construction ofany redevelopment project for which such obligationsare j.ssued and for not exceedj.ng 18 months thereafterand including reasonable reserves related thereto; (5) In addition to capitalized interest, thereshall also be j.ncluded in the cost of financi.ng theordinary and accustomed reasonable charges and out-of-pocket disbursements associated with the issuance ofobligations; (6) AII or a portion of a taxing district's capi-tal costs resulting from the Redevelopment Projectnecessarily incurred or to be incurred in furtheranceof the objectives of the Redevelopment PIan and Proj-ect, to the extent the ViIlage, by written agreement, accepts and approves such costs; and -7- (7) Construction costs for public works andstreetscape improvements. The Redevelopment Project Area would not reasonably bedeveroped without the use of the incrementar revenues as providedby Section 8(a) of the Act, as amended, and as it may be amended.Ttre incremental revenues received by the Vilrage froir the statewill be exclusively utj.lized for redevelopment of the Redevelop_ment Project Area. Append j. x below. be moved TheCosts inc ludeincurred, ordental to the First year public improvement costs are estimated inA. A budget for the overall development is set forthCosts are estj-mated and amounts shown in line items mayfrom Line item to line item. Village of Buffalo Grove's Redevelopment projectthe sum total of aI1 reasonable and necessary costsestimated to be incurred, and any such costs inci-Redevelopment PIan, j.ncluding the following: REDEVELOPMENT PROJECT COSTS PROJECTED COSTS1 _L r,trl Site workUtilities Streets P arks/Land sc api ng Li ghti ng Streetscape // Ot-}.er publ ic fac i Ii tiesTotal Projected Costs $ 7oo, 1. 400, 2,400, 1,500, 400, 000 000 000 000 000 600 oo0 $7,000,000 VI I . SOURCES OF FUNDS TO PAY FOR REDEVELOPMENT PROJECT COSTS Eunds necessary to pay for Redeveloprnent project Costsare to be derived principally from tax increment revenues andproceeds from municipal obligatj.ons, not to be secured by thefull faith and credit of the Village, which have as theii repay-ment source tax increment revenue. To secure the issuance ofthese obligatj.ons, the Viltage may permit the utilization ofguarantees, deposj.ts and other forms of security, made availableby the private sector, including the project developers. The tax increment revenue which will be used to fundtax increment obligations and Redevelopment Project Costs shallbe the incremental taxes attributable to the increase in thecurrent equalized assessed value of each taxable Iot, block,tract or parcel of real property j,n the Redevelopment ProjectArea, over and above the initi.al equalized assessed value of each such property in the RedeveJ.opment Project Area. and Sales and -8- VIII. ISSUANCE OE OBLIGATIONS TO PAY EOR REDEVELOPMENT The Village intends to issue obligations secured by thetax increment special tax allocation fund pursuant to Section7l-74.4-7 of the Act, and its Home Rule powers under the Consti-tution of the State of Illinois. Any such obligations shall beretlred not more than twenty-three years from the adoption of theordinance approving the Redevelopment project Area, such ultj.materetirement date occurring not Iater than October l, 2OOg. In anyevent, the final maturity date of any such obligations may not belater than twenty (20) years from their respective dates. One ormore series of obligations may be sold at one or more times inorder to implement this Redevelopnent plan. The amounts payablein any year as principal of and interest on aII obligations is-sued by the Village, pursuant to the Redevelopment plan and theAct, shall not exceed the amounts available, or projected to beavailable, from tax increment revenues and from such bond sinkingfunds, capitalized interest funds, debt servj.ce reserve funds andother sources of funds as may be provided by ordinance. Revenues shall be used for the scheduled and/or earlyretirement of obligations, and for reserves. sinking funds andredevelopment project costs, and, to the extent not used for suchpurposes, may be declared surplus and shall then becone availablefor distrj.bution annually to the State and taxing districts inthe Redevelopment Project Area in the manner provided by the Act. IX.LAST CURRENT ASSESSED VALUATION OE REAL PROPERTY IN THE REDEVELOPMENT PROJECT AREA The last current equalized assessed valuation of realproperty in the Redevelopment Project Area for 1985 j.s estimatedto be $428,350.OO. ANTICIPATED ]NCREMENT EQUALIZED ASSESSED VALUATION AND SALES TAX It is estimated that al-l anticipated redevelopment wiIIbe completed and assessed within 5 years. The estimated futureegualized assessed valuation of real property in the Redevelop- ment Project Area is approximately S10,OOO,00O. The completedproject v/iI1 contain approximately 23O,OOO square feet of retailspace. At an estimated average sales per square foot annually of $200, the annual incremental sales tax would be 52,3OO, OOO from x -9- Use Tax increments, as permitted by the Act, or the Act as it maybe amended from time to time. Other sources of funds which maybe used to pay for Redevelopment project Costs and obligationsissued, the proceeds of which are used to pay for such costs, areIand disposition proceeds, Industrial Development Bonds, County,State and Federal government grants, and other investment income. the State 5l ard $460, OO0 frorn the ViJ.lage's 12,760,000 per year.71, for a total of The estimated date for completi.on of the RedevelopmentPlan is no later than November 1, 1996, and may be completedsooner, depending on the incremental tax yj.eId. ActuaI develop-ment actj.vities are anticipated to be completed within 5 years. XI . TERMINATION OE THE REDEVELOPMENT P LAN XII. AMENDMENT OF THE REDEVELOPME NT PLAN The Redevelopment plan and project may be amend.ed pur-suant to the provisions of the Act, as amended. - 10- ti I I \_, (,. I I,l Ui J U ,c I.l \ --! ,-!, --L ),b, li t^ -!. I I I___7 .?\ \ 'I E ri,,, 'ltlti --€+ f ',".4;2 .-/./^ .J, TOWN CENTER - BUFFALO GROVE .<:Tdn C5i.. &.er{.. ,nrar r- xrrrit a A..car..trir..rn/arrr r....r.r.alriiar-r ll i- I TAX INCREMENT FINANCING DISTRICT ( I ( I t-I ) i 'i \i' ooBatn B; ilU' EI{F- ii!; r ii: i:j. ii il I $ 1,]i\ r '-r.\_.I.t JJ LI l.I) lr tc, l- r\--r ,4.' ia \ .\t \r ( oI =l0ot l^- '- ! l (- \t J.--_-:--5''< -r.5 ) r.i \ i , ct zi T t\ ii Sq I-. C-r., A.B116 I --4---..2-.I =c 1Dm) TOWN CENTER - EUFFALO GROVE -e,irrr r- r.n.. a A..*|r..ldr a.- / a-r.t L.-a.a tira-r EXISTING I I ( I l- I t' T-E \i 1 RETAIL -:ra-I Q -r+J\ irJ-l/ tJt;\ RETAIL /OFFICE )._ ,-gl,.-l rt- lr P It .r \ &.-..\jIr Iei t, \J._-=>_y.-:. -\^ I t\ --?( :l I^f Y tvJ- a. -I --:' (t* .--':-0'! !i '{i :,.^.7''tiv lh titr E _€ TOWN CENTER - BUFFALO GROVE -e harr A. irFlt. a l..el.r.r ldn Crt, A..dLl.. OFFICE RESIDENTIAL . PROPOSED DISTRICTS I ( i ( I i_t' t 'i APPENDIX A PUBLIC IMPROVEMENT PLAN The public improvement plan is comprehensiverates work throughout the site.and incorpo- Although first year building construction is sched.uled toinclude approximately 30-351 of the total projected develop-ment, almost aII of the comprehensive infrastructure andother public improvements are planned to be completed. Itis projected that 90%-95% of the public improvement expendi-tures wiII be made durj.ng this first year phase. PubIic improvements are contempJ.ated to include the follow-ing: I Peripheral highway improvements, required accelerationand de-acceleration lanes and roadr+ay barriers, trafficsignalization, if required, limited and full improve-ments for aII ingress and egress installations; Public lmprovements, including site preparations,streets, curbs, waIks, Iighting, signage, bicycle pathsystems, Iandscape improvements, earth noving, stormwater and other utility improvements; Dedicated rj.ght-of-rray j.mprovements, including acquisi-tion costs as necessary for internal infrastructuiesystems, includinq roadways, sj.dewalks, bicycle paths,Iighting, signage, J.andscaping and earth moving; Construction of util j.ties, including water Iines andservice, storm and sanitary sewers, trater retention anddetention systens, fire protection systems, irrigationsystems, gas, electrical, and utility cable systemsi and 2 3 4 5 Acquisition andareas. inc ludingIightinq, street tlons - improvements of open green and parkpathway, bicycle paths, landscapi.ng,furniture and other similar installa- APPENDIX B LEGAL DESCRIPTIONS OE PROPERTY IN REDEVETOPMENT 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. This PIan gras prepared for the Village of Buffalo Grove by Keck, Mahj.n & Cate and Jerrold Brim/Sertex, Ltd., respective- Iy, special counsel to and archj.tects and. engineers for Tot n center Associates, the deveroper of the Town center Redeveropment Proj ect. ( 7IslNN) Trustee Marienthal Eade a motlon that sald Resolutlon adopted by sald Presldent and Board of Trustees, whlch motion L,as duly seconded by lausjgs Reid After fu1l dlacussLon and conslderatlon of the Eatter, the ro11 call waa called as follows; AYE: 4 - Marienthal, Glover' Reid, Shlelds NAY: 2 - OrReilly' Kowalski ABSENT OR NOT VOTING3 O - NONC Verna L. Clayton, Presldent, announced tlEmotlon carrled and the Besolutloo duly adopted. There belng no further buslness to come before the Presldent and Board of Trustees, upon Eotlon duly seconded and unaolooualy sdopted' the neetlng was adj ourned. -4+ Verna L. Clayton ATTEST: S-"\d^ vt1 Clerk TO3 FROM: DATE : SUBJECT: One of the dutles of a nunlclpality consldering the establlshnent of a tax lncrement flnanclng dlstrlct ls the approval and adoptlon by ordlnance of a redevelopment plan and project statement by the corporate authorltLes. The statutes further state that a redevelopment area shall not be deslgnated unless the plan and project ls approved prlor to the designation of such area. Both steps are flnally contlngent upon the holding of properly noticed and called publlc hearlngs. A Resolutlon calllng for a publlc hearlng on october 6, 1986, for these purposes ls to be consldered by the President and Board of Trustees on August 18, 1986. Attached, for review and coment by the Presldent and Board of Trustees ls the Redevelopnent PIan and Project for the proposed Torrn Center Tax Increment Dlstrlct, prepared by the consultants to the project developer. Thls docu- nent has been revlewed several tlnes prlor to thls subnlttal by staff, and all comrents have been lncorporated. The Redevelopment P1an, as deflned by statute, is to contaln statements on the coEprehenslve progran of the Vlllage for developnent or redevelopDeot lntended by the payment of redevelopment project costa to reduce or ellEinate those condltlons that lead to the consideratlon of the establishnent of the TIF area, thereby enhanclng the tax base of the area. The Plan ls to set forth the program to be undertaken to acconpllsh the obJectlves of the project. InformatLon should include, anongst other thlngs, the estlDated redevelopment Project costs, sources of funds to pay all costs, nature and tern of the obligatlons to be 16sued, most recent valuations, and general land uses to apply In the redeveloPment area. No redeveloprnent plaD shall be adopted by the Vtllage without flndLngs that," (I) the redevelopment area on the whole has not been subject to growth and development through lnvestment by prlvate enterPrise and would not reasonably be antlclpated to be developed without the adoPtlon of the redeveloPnent plan, (2) the redevelopment plan and proJect conform to the comPrehensive plan for the developnent of the munlcj.Pallty as a whole, (3) stattng the eatlmated dates, whlch shall not be more than 23 years frou the adoPtlon of the ordlnance approvlng the redevelopEent Project area, of completion of the redevelopment project and retlreEent of ob118at1ons Lncurred to flnance redevelopaent project costs,tt Further, the statutes further note that the redevelopm.ent plan shall not adoPted, ln the event that any of the lncre- mental sales tax revenues will be utllized as a component of the overall cost recovery, unless "(a) a flndlng that the redevelopment Project area would not ""a"orr"bl" be developed without the use of such lncremental revenues, (b) a flndlng that such lncrenental revenues will be excluslvely utlllzed for the developnent of the redevelopment ProJect srea.rl The Redevelopment Project ls deflned by statute to mean and develoPment project ln furtherance of the objectlves of a redevelopment plan' The intent of thls dlstrlbutlon prlot to the Publlc hearlng ls to make avallab1e the document for both general publlc lnspectlon and for all ed taxlng illEtrlcts' and to have them revlew and coment on the Plan' affect- Such Wllllan R. Balling Wllllan Il. Brlmr August 14, 1986 Tax Increment Flnance Dlstrlct- Redevelopment Plan and Proj ect corments would be returned to the Village for revlew and analysis prlor to the October 6, 1986 public hearlng. It should be noted that the dlrectlon 1n thls regard 1s wlthln the body of the Resolutlon cal1lng for the public hearlng. In addltlon to the Redevelopment Plan and Project, lncluded 16 the most recent TIF Actlon Schedule prepared by the developer notlng actlons to be taken fron adoptlon of the Resolutlon through the remalnder of the calendaryear. Flnal actlon by year-end 1s critlcal in order to access and utlllze the Lncremental fundlng available froE the State of llllnois. i{l11lan Il. Brlm