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HomeMy WebLinkAboutResolutions - R-01-023 - 10/29/2001 - PROVIDE FOR FEASIBILITY STUDY AND REPORT RE DESIGNRESOLUTION No./-®d3 A RESOLUTION PROVIDING FOR A FEASIBILITY STUDY AND REPORT WITH RESPECT TO THE DESIGNATION OF AN AREA AS A TAX INCREMENT FINANCING REDEVELOPMENT PROJECT AREA WHEREAS, the City of McHenry, McHenry County, Illinois (the "City"), desires to conduct a feasibility study of certain property described and depicted on Exhibit A attached to this Resolution and located within the City (such property is referred to in this Resolution as the "Area") in order to determine the eligibility of the Area as a redevelopment project area pursuant to the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/ 11-74.4-1 et seq., (the "Act"); and, WHEREAS, the City desires Trkla, Pettigrew, Allen & Payne ("TPAP") to undertake a study and the preparation of a report with respect to whether the Area is subject to blighting factors that adversely impact on real property in the Area as may be certified by TPAP after a comprehensive study of the Area. NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of McHenry, McHenry County, Illinois, as follows: Section 1. The recitals contained in the preambles to this Resolution are incorporated in this Resolution as if set out fully herein. Section 2. The Mayor of the City is hereby authorized to direct TPAP to undertake a feasibility study to determine the eligibility of the Area as a redevelopment project area under the Act due to blighting factors that adversely impact on real property in the Area and to certify the existence of such conditions. Section 3. Pursuant to the Act, once the City adopts tax increment financing, all real estate tax revenue attributable to any increase in the assessment of property included in a redevelopment project Area is distributed to the City for reinvestment in the Area for certain purposes permitted by the Act. Section 4. The City Council hereby agrees to reimburse itself for the costs incurred in connection with the feasibility study and report in the event the Act is adopted by the City for the Area and incremental real estate taxes are available for payment of such costs pursuant to the Act. Section 5. The City Council also agrees to consider the paying of certain redevelopmient project costs as defined by the Act from incremental real estate taxes in the Special Tax Allocation Fund as defined by the Act, in the event the Act is adopted for the Area; such redevelopment project costs may include costs of studies, surveys, plans, architectural and engineering services, acquisition of land, rehabilitation of existing buildings, construction of public works and such other items as permitted by the Act. Section 6. The City Clerk shall cause copies of this Resolution to be mailed to all taxing districts that would be affected by such designation in accordance with the provisions of Section 11-74.4-4.1 of the Act and direct that any and all questions, comments, suggestions or requests for information be directed to Doug Maxeiner, Assistant City Administrator, 333 South Green Street, McHenry, Illinois 60050-5494, 815.373.2100. Section 7. This Resolution shall be in full force and effect from and after its passage and approval. N PASSED by the City Council of the City of McHenry, McHenry County, Illinois, this _z �) day of (1 c � , 2001. Attest: d�=oor/srudyrpc res APPROVED: Mayor 3 Exhibit A Legal Description The general boundaries of the study area for the proposed McHenry Tax Increment Financing Redevelopment Project Area are: The study area is an irregularly shaped area adjacent to and west of the Fox River that is generally bounded by portions of Elm, Pearl, and Broad Streets on the north; the Fox River and a portion of a line (between Waukegan Road and John Street) parallel to and approximately 800' east of Green Street on the east; portions of John Street and Waukegan Road on the south; and portions of Third and Green Streets on the west.