HomeMy WebLinkAboutOrdinances - ORD-02-1070 - 04/01/2002 - ADOPT TAX INCREMENT ALLOCATION FINANCING FOR TIF RO R D I N A N C E No. ORD-02-1070
AN ORDINANCE OF THE CITY OF MCHENRY,
MCHENRY COUNTY, ILLINOIS, ADOPTING
TAX INCREMENT ALLOCATION FINANCING FOR THE
CITY OF MCHENRY TAX INCREMENT REDEVELOPMENT PROJECT AREA
WHEREAS, it is desirable and in the best interests of the citizens of the City of McHenry,
McHenry County, Illinois (the "Municipality"), for the Municipality to adopt tax increment
allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, as amended (the
"TIFAct"), 65 ILCS 7/11-74.4-1 et seq.; and,
WHEREAS, the Mayor and City Council of the Municipality (the " Corporate Authorities ")
have heretofore approved a redevelopment project and plan (the "Project" and "Plan") as required
by the TIFAct by passage of an ordinance and have heretofore designated a redevelopment project
area (the "Area") as required by the TIFAct by the passage of an ordinance and the Municipality
has otherwise complied with all other conditions precedent required by the TIFAct.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the City
of McHenry, McHenry County, Illinois, as follows:
Section 1. Tax Increment Financing Adopting. Tax increment allocation financing, is
hereby adopted to pay redevelopment project costs as defined in the TIFAct and as set forth in the
Project and Plan within the Area as described in Exhibit A attached hereto and incorporated herein
as if set out in full by this reference. The map of the Area is depicted on Exhibit B attached hereto
and incorporated herein as if set out in full by this reference.
Section 2. Allocation of Ad Valorem Taxes. Pursuant to the TIF Act, the ad valorem
taxes, if any, arising from the levies upon taxable real property in the Area by taxing districts and
tax rates determined in the manner provided at 65 ILCS 5/11-74.4-9(c) of the TIF Act each year
after the effective date of this Ordinance until the Project costs and obligations issued in respect
thereto have been paid shall be divided as follows:
(a) That portion of taxes levied upon each taxable lot, block, tract or parcel of
real property which is attributable to the lower of the current equalized
assessed value or the initial equalized assessed value of each such taxable
lot, block, tract or parcel of real property in the Area shall be allocated to
and when collected shall be paid by the county collector to the* respective
affected taxing districts in the manner required by law in the absence of the
adoption of tax increment allocation financing.
(b) That portion, if any, of such taxes which is attributable to the increase in
the current equalized assessed valuation of each lot, block, tract or parcel
of real property in the Area over and above the initial equalized assessed
value of each property in the Area shall be allocated to and when collected
shall be paid to the municipal treasurer or to his designee pursuant to
Section 207A of the Revenue Act of 1939 of the State of Illinois, as
amended, who shall deposit said taxes into a special fund, hereby created,
and designated the "Downtown McHenry Tax Increment Redevelopment
Project Area Special Tax Allocation Fund" of the Municipality, and such
taxes shall be used for the purpose of paying Project costs and obligations
incurred in the payment thereof.
2
Section 3. Invalidity of Any Section. If any section, paragraph or provision of this
Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the remaining
provisions of this Ordinance.
Section 4. Effective Date. This Ordinance shall be in full force and effect immediately
upon its passage by the Corporate Authorities and approval as provided by law.
PASSED this 15TH day of
AYES: BOLGER, LOW, WIMMER
NAYS: G i AR
ABSENT: MURGATROYD
Attest:
,mac.
City 1 k
mcheary/03.ord
APRIL 12002.
APPROVED:
Mayor _
3
Legal Description
The boundaries of the Project Area are legally described as follows:
That part of Sections 26, 35, and 36, Township 45, Range 8 East of the Third Principal Meridian,
located in the City of McHenry and described as follows- Beginning at the Southeasterly corner
of Lot 4 in E.M. Owen's Estates Addition to West lvfcHenry, according to the Plat thereof
recorded January 31", 1893, as Document #9232 in Book 1 of Plats, page 39, in McHenry County,
Illinois; thence Northeasterly along the*Southeasterly line of said Lot 4 for a distance bf 132 feet
to the most Northeasterly corner of said Lot 4; thence continuing Northeasterly along the mast
described course - for a distance of 132 feet; thence continuing Northeasterly along the last
described course (being along the Southeasterly line of the lands described iri Document•#311537.
in McHenry County, Illinois) for a distance of 50 feet, more or less, to the -Southeasterly corner of
lands described in Document # 634138 (excepting lands described in Document #471975) in
McHenry County, Illinois; thence continuing Northeasterly along the Southeasterly line of said
lands described in said Document #634138 (excepting lands described in 7#471975 in McHenry
County, Illinois), ' for a distance of 132.0 feet; thence continuing * Northeasterly to a point of
deflection in the East boundary of said lands described in Document #634134 (excepting lands
described in Document #471975 in McHenry County, Zpois); thence continuing Northwesterly
along a line that deflects 14' 2911'-' to the left -of the htortherly extension of the, last described
course for a distance of 24.13 feet; therice continuing Northwesterly along the last described
course (being along the Northeasterly line of lands described in Document #715924 in McHenry
County, Illinois) for a distance of 109.37, more or less, to a point on the Southeast right-of-way
line of State Route 120; thence Southwesterly along the' Southeasterly right-of-way of State
Route 120 for a distance bf 30.2 feet; thence continuing Southwesterly along a 7° 07' deflection
to the left of the last described course for a distance of 120.8 feet; thence Northwesterly at 90' to
the Iast described course for a distance of 80 feet to the Southwesterly corner of Lot 14 iri Matt
Baur's Addition to the City of McHenry, according to the Plat thereof recorded February 2, 1932,
as Document #100509 in McHenry County, Illinois; thence Northwesterly along the Southwest-
erly line of said Lot 14 for a distance of 225.19 feet, more or less, to the most Westerly corner of
Exhibit A
said Lot 14; thence continuing Northwesterly along the last described course for a distance of
24.81 feet, more or less, to an intersection with the Southeasterly right-of-way line of Mill
Stream Drive according to the plat of Freund's Mill Stream Park Addition Unit #1, recorded
April 19, 1949, as Document_#219945 in McHenry County, Illinois; thence continuing North-
westerly along the last described course for a distance of 50 feet, more or less, to an intersection
with the Northwesterly right-of-way line of said Mill Stream Drive; thence Northeasterly along
said Northwesterly right-of-way line of said Mill Stream Drive to a 90' deflection point in said
right-of-way; thence Southeasterly along the Southwesterly line of Block 3 in Freund's Mill
Stream Park Addition Unit #1 for a distance of 50 feet, more or less, to the Southwesterly -most
corner of Lot 20 in Block 3 in said Freund's Mill Stream Park Addition Unit #1; thence
continuing Northeasterly along the Southeasterly line of said Lot 20 in Block 3 for a distance of
142.8 feet; thence continuing lNortheasteriy along the last described course to an intersection with
the Southwesterly line of Lot 29, in Block 6 in said Freund's Mill Stream Park Addition Unit #1;
thence Southeasterly along the Southwesterly lines of Lots 29 and 30 in said Block 6 in said
Freund's Mill Stream Park Addition Unit #1 to a point of intersection with the Northwesterly
right-of-way line of State Route 120; thence Northeasterly along said Northwesterly right -of -way -
line of State Route 120 for a distance of 73 feet, more or less, to the most Southeasterly corner'of
-Lot 30 in Block 6 in Freund's Mill Stream Park Addition Unit #1; thence continuing Northeast-
erly along said Northwesterly right-of-way line of Route 120 (being also the South end of Freund
Avenue) for a distance of 30 feet; thence continuing Northeasterly 9.12 feet to a jog point in said
Northwesterly right-of-way line; thence Southerly 4 feet along said Northwesterly right-of-way
jog; thence Easterly along the Northwesterly right-of-way in said State Route 120 for a distance
of 34.3 feet to a jog point; thence Northeasterly along said Northwesterly right-of-way of said
State Route 120 for a distance of 53.95 feet; thence Northeasterly along said Northwesterly right-
of-way line of said State Route 120 for a distance of 126.42* feet, more or less, to a point of
curvature; thence Northeasterly along a curve to the lefFhaving a radius of 92.3 feet for an arc
distance of 115.7 feet; more or less, to a point of tangency; thence Northerly along the Westerly
right-of-way line of State Route 31 (being also the Easterly line of Owen's Outlots according to
the Plat thereof recorded October 27, 1876 in Book 59 of Deeds, page 265 in McHenry County,
Illinois, to an- intersection with the Northwesterly extension of the Northeasterly right-of-way line
of Pearl. Street; thence Southeasterly along said Northwesterly extension of said Northeasterly
right-of-way of Pearl Street as said Pearl Street was recorded on McHenry Plat #11 according to
the Plat thereof recorded May 6, 1902 as Document #14087, in Book 106 of Deeds, page 111 to
an intersection with the Easterly right-of-way line of State Route 31; thence continuing South-
easterly along the last described course which is the Northerly right-of-way line of - said Pearl
Street to a point of intersection with the Northwesterly right-of-way line of Back Street on the
Original Plat -of Village (now City of) McHenry on the West Side of Fox River, according to the
Plat thereof recorded in June of 1840, in Book `B", pages 160 through163 of Deeds, in McHenry
County, Illinois; thence continuing Southeasterly along said Northeasterly right-of-way line of
Pearl Street for a distance of 990 feet, more or less, to the Northwesterly right-of-way line of
Park Street as said Street was recorded on the said Original Plat of the Village (now City of)
McHenry on the West Side of Fox River; thence Northeasterly along said Northwesterly right-of-
way line of Park Street for a distance of 476 feet, more or -less, to an intersection with the
Northeasterly right-of-way line of Broad Street as recorded on said Original Plat of the Village
(now City of) McHenry on the West Side of Fox River; thence continuing Southeasterly on said
Northeasterly right-of-way of Broad Street to the Westerly shoreline of the Fox River; thence
continuing on the last described course Southeasterly across the Fox River to the Easterly
shoreline of said Fox River; thence Southerly along the Easterly shoreline of the Fox River 1450
feet, more or less, to an intersection with the South line of the Southeast Quarter of said Section
26; thence continuing Southerly along the said Easterly shoreline of the Fox River 910 feet, more
or less, to an intersection with the Easterly extension of the Northerly line of lands described in
Document #195566 and recorded in Book 289 of Deeds, page 475, in McHenry County, Illinois;
thence Westerly crossing the Fox River to the Northeast corner of said lands described in said
Document #195566 in McHenry County, Illinois; thence continuing Westerly along the said
Northerly line of lands described in said Document #195566 in McHenry County, Illinois, (said
Northerly line being' also the Northerly ownership line of the McHenry Country Club) for a
distance of 815.0 feet; thence Southerly along a line parallel with and'40 feet East of the Easterly
line of the Northwest Quarter of the Northeast Quarter of said Section 35 to the Southwest cornier
of lands described in said Document #195566 in McHenry County, Illinois; thence Westerly
along the Westerly extension of said South line of lands described in Document 4195566 in
McHenry County, Illinois, for a distance of 40 fea, more or less, to the Southeasterly comer of
Lot 5 in County Clerk's Plat of the North Half of Section 35, Township 45, Range 8 East 'as
recorded in Book 2 of Plats, page 42, in McHenry County, Illinois; thence Westerly along said
Southerly line of Lot 5 in said County Clerk's Plat for a distance of 500r feet, more or less, to the
Southwesterly corner of said Lot 5; .thence Southerly along the Southerly extension of the
Westerly line of said Lot 5 for a distance of 30.75 feet, more or less, to a deflection- in the
Easterly -most line of lands described in Document #216124 in Book 334 of Deeds, page 196 :in
McHenry County, Illinois; thence Southwesterly for a distance of 214.9 feet along a line. that
deflects 15' 06' to the right of the Southeasterly projection of the last described course, to an
intersection with the Northeasterly right-of-way of John -Street; thence Southwesterly 50 feet,
more or less, to the most Easterly corner of Lot 19 in Owen, Stenger and Allens 2nd Addition
according to the Plat thereof recorded April 12, 1922, as Document #54653 in Book 4 of Deeds,
page 53 in McHenry County, Illinois, (said point also being located on the Southwesterly right -of
way line of John Street); thence Northwesterly along the said Southwesterly right-of-way line of
John Street for a distance of 743 feet, more or less, to an intersection with the Easterly right-of-
way line of Green Street; thence continuing Northwesterly along the last described course 68.7
feet, more or less, to an intersection with the Westerly right-of-way line of Green Street; thence
Northerly 630 feet, more or less, along the Westerly right-of-way lane of Green Street as said
right-of-way was established by the Original Plat of West McHenry, according to the Plat thereof
recorded June 14, 1859, in Book 24 of Deeds, pages 22 and 23, in McHenry County, Illinois, to
an intersection with the Southwesterly right-of-way line of Waukegan Road; thence Northwest-
erly along the Southwesterly right-of-way line of said Waukegan Road as established by said
Original Plat of West McHenry, for a distance of 817 feet, more or less, to the most Easterly
corner of Lot 1 in Block 2 in said Original Plat of West McHenry; thence Northeasterly 66 feet,
more or less, to the point of beginning. All located within the City of McHenry, McHenry
County; Illinois.
c
1
. boom Project Area Boundary
zos Block Number
Exhibit B
_Figure:1 '
'Project Area Boundary
w