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AN ORDINANCE OF THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS AMENDING ORDINANCE NO. 18-1515 AND EXPANDING THE ADOPTION OF TAX INCREMENT ALLOCATION FINANCING FOR THE "NORMANTOWN/WEBER ROAD" TAX INCREMENT FINANCE DISTRICT
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WHEREAS, the Village of Romeoville, Illinois (the "Village"), by Ordinance No. 18-1515 has previously adopted tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.) as amended (the "Act") for the area known as the Normantown/Weber Road TIF District; and
WHEREAS, the Village has heretofore approved an amendment to the Redevelopment Plan and Project (the "Plan" and "Project") with respect to as required by the Act by passage of an ordinance and has heretofore designated the Normantown/Weber Road TIF, as amended, as required by the Act by the passage of an ordinance and has otherwise complied with all other conditions precedent required by the Act; and
WHEREAS, it is in the best interest of the Village to adopt Tax Increment Financing for the expanded boundaries of the Normantown/Weber Roard TIF District.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Romeoville, Will County, Illinois in the exercise of its home rule, statutory and other powers, as follows:
Section 1. Tax Increment Financing Adopted
Ordinance No. 18-1515 adopting Tax Increment Financing for the Normantown/Weber Road TIF be and is hereby amended to include the area generally described on Exhibit A attached hereto. The Normantown/Weber Road Tax Increment Finance District as now constituted in generally described on Exhibit B attached hereto, legally described on Exhibit C attached hereto and depicted on Exhibit D attached hereto, hereafter sometimes referred to as the "Expanded Normantown/Weber Road TIF.
Section 2. Allocation of Ad Valorem Taxes
Pursuant to the Act, the ad valorem taxes, if any, arising from the levies upon taxable real property in the Expanded Normantown/Weber Road TIF by taxing districts and tax rates determined in the manner provided in Section 11-74.4-8 of the Act or as otherwise provided by law each year after the effective date of this ordinance until the redevelopment project costs and obligations issued in respect thereto have been paid shall be divided as follows:
(a) The ad valorem taxes in the original Normantown/Weber Road TIF shall continue to be allocated and paid to the Village Treasurer as set forth in Ordinance No. 18-1515 and the TIF Act.
(b) 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 included in Exhibit A 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.
(c) Except for a tax levied by a township to retire bonds issued to satisfy court ordered damages, that portion, if any, of such taxes which is attributable to the increase in the current equalized assessed valuation of each taxable lot, block tract or parcel of real property in the Expanded Normantown/Weber Road TIF over and above the initial equalized assessed value of each property in the Expanded Normantown/Weber Road TIF shall be allocated to and when collected shall be paid to the Village treasurer or to his designee, who shall deposit said taxes into a special fund, previously created, and designated the "Normantown/Weber Road TIF Account" of the Village of Romeoville (the "Fund"), and such taxes shall be used for the purpose of paying Project costs and obligations incurred in the payment thereof.
Section 3. Use of Fund
That monies on deposit in and to the credit of the Fund may be used to pay redevelopment project costs or retire debt attributable thereto incurred according to the Act.
Section 4. 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 5. Severability
This Ordinance, and every provision thereof, shall be considered severable. In the event that any court of competent jurisdiction may find and declare any word, phrase, clause, sentence, paragraph, provision or section or part of a phrase, clause, sentence, paragraph, provision or section of this Ordinance is void or unconstitutional, the remaining words, phrases, clauses, sentences, paragraphs and provisions and parts of phrases, clauses, sentences, paragraphs, provisions and sections not ruled void or unconstitutional shall continue in full force and effect.
Section 6. Superceded and Effective Date
All ordinances, resolutions, motions or orders in conflict herewith be, and the same hereby are, repealed to the extent of such conflict, and this ordinance shall be in full force and effect upon its passage by the Corporate Authorities, its approval and publication as provided by law. This Ordinance shall be published in pamphlet form.
EXHIBIT A
General Description of the Expansion Area
EXHIBIT B
Street Location of the Expanded Normantown/Weber Road Redevelopment Project Area
EXHIBIT C
Legal Description of the Expanded Normantown/Weber
EXHIBIT D
Map of the Normantown/Weber Road Expanded Redevelopment Project Area Road TIF