HomeMy WebLinkAboutResolutions - R-01-019 - 08/21/2001 - SUPPORT FEASIBILITY STUDY FOR TIF DISTRICTR-01-019
RESOLUTION SUPPORTING THE COMPLETION OF A FEASIBILITY STUDY
ON USING A TAX INCREMENT FINANCING DISTRICT
Whereas, the City of McHenry recognizes the economic and cultural importance of the
community's central business districts; and,
Whereas, the City of McHenry is committed to strengthening the viability of these
downtown business districts to retain and create jobs; and,
Whereas, the City of McHenry supports the McHenry Riverwalk concept plan as a
potential recreational and economic destination within the central business districts; and,
Whereas, the City of McHenry is a committed partner with the McHenry Riverwalk
Foundation in exploring all avenues to finance and construct the McHenry Riverwalk; and,
Whereas, tax increment financing (TIF) is one of the few remaining economic
development finance tools available to finance such a project; and,
Whereas, the City of McHenry and the McHenry Riverwalk Foundation have discussed
the prospect of investigating the use of a designated TIF district to finance the construction of the
McHenry Riverwalk with School District 156, School District 15, the McHenry Fire Protection
District, and the McHenry Library District; and,
Whereas, a feasibility study will provide additional information to the City and these
affected entities.
NOW, THEREFORE, BE IT RESOLVED by the City of McHenry, McHenry County.,
Illinois, as follows:
Section 1: The City Council of the City of McHenry resolves to hire a planning firm to
identify a potential tax increment finance district to complete a feasibility study on the use of a
tax increment financing district to finance the construction of the McHenry Riverwalk.
Section 2: The City of McHenry will continue to cooperatively work with other taxing
districts to explore the feasibility and creation of a TIF district.
Section 3: The City of McHenry shall, in conjunction with the McHenry Riverwalk
Foundation, continue to seek grants and private donations to fund the Riverwalk.
PASSED and APPROVED this 28`h day of August, 2001.
ATTEST:
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