HomeMy WebLinkAboutResolutions - R-88-19 - 08/31/1988 - Feasibility study for TIF DistrictsR-88-19
RESOLUTION
WHEREAS, the Fox River Redevelopment Area in the City of McHenry contains
areas of deterioration characterized by a lack of physical maintenance,
vacancies, obsolete platting, overcrowding of structures on parcels, diversity
of ownership, and other factors which negatively impact the climate for private
investment and threaten the sound growth and tax base of the community; and
WHEREAS, the Illinois General Assembly has passed the Tax Increment
Allocation Redevelopment Act, as amended, (the Act) to allow the financing o
public improvements to stimulate private investment in certified "Blighted
Areas" by debt to be repaid by increases in property taxes in those areas; and
WHEREAS, the provisions of the Act have been held constitutional by the
Supreme Court of the State of Illinois; and
WHEREAS, more than 100 municipalities in the State have utilized the Act to
improve seriously deteriorating physical conditions and to stimulate new
economic development within their boundaries.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of
McHenry, McHenry County, Illinois, as follows:
1. The City Council (the corporate authority) intends to investigate
and employ, if feasible, the powers provided in the Act for the Fox
River Redevelopment Area.
2. Municipal expenditures may be made for the investigation of the
feasibility of the Act for the Fox River Pedevelopment Area, the
development of a required Redevelopment Plan, or the initiation of
a Redevelopment Program prior to the formal adoption of the
ordinances necessary to implement the full powers of the Act. it
is the intent of the corporate authorities to utilize the financing
provisions of the Act to recapture such expense, to the extent that
they are eligible, if and when the necessary implementation
ordinances are passed and certified.
3. This Resolution of intent shall not obligate or impose a duty upon
the corporate authorities to employ or institute the powers derived
under the Act.
PASSED and APPROVED this 31st day of August, 1988.
AYES: Bolger, Lieder, McClatchey, Nolan, Patterson, Serritella, Smith, Teta
NAYS: None
ABSENT: Alnno
kecord ed in the City Records: September 1, 1988