Title
An Inducement Resolution for Palencia LLC
(Airport Road TIF)
Body
WHEREAS, the Village of Romeoville (the “Village”) has created a Tax Increment Allocation Finance District (“TIF District”) known as the “Airport Road TIF”; and
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seq.) (the “TIF Act”) with the creation of the Airport Road TIF, the Village has the ability to pay or reimburses to developers and owners of property within the Airport Road TIF costs which are eligible for reimbursement pursuant to the TIF Act (“Eligible Costs”); and
WHEREAS, the Village and others may expend funds to pay for eligible costs prior to entering into a Redevelopment Agreement with the Village; and
WHEREAS, Palencia LLC (“Palencia”) is currently proposing a redevelopment project to include the acquisition of property and the construction of a warehouse / distribution facility within the proposed Airport Road TIF (the “Project”); and
WHEREAS, the Village and Palencia will expend funds for legal, engineering, planning, marketing, consultants, land acquisition and other expenses which will be eligible for reimbursement if a Redevelopment Agreement is entered into; and
WHEREAS, this Resolution is intended to induce Palencia to commence the Project and to seek reimbursement of Eligible Costs expended from “Tax Increment” generated on the property where the Project is located; and
WHEREAS, this Resolution is also intended to serve as an “official declaration of intent” pursuant to Treasury Regulation 1.150.2; and
WHEREAS, this Resolution is not, and should not be, construed as a promise or guarantee that Palencia and the Village will be able to successfully negotiate a Redevelopment Agreement to allow Palencia to be reimbursed for Eligible Costs expended.
NOW, THEREFORE, BE IT RESOLVED 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 AUTHORITY AS FOLLOWS:
SECTION 1. INCORPORATION OF PREAMBLE
That the Preamble set forth above is incorporated as if fully set forth in this Section 1.
SECTION 2. REIMBURSEMENT OF ELIGIBLE COSTS
In the event that the Village and Palencia successfully negotiate a Redevelopment Agreement, then in that event, the eligible costs incurred by Palencia from the date of this Resolution forward may be reimbursed to Palencia from obligations issued and a portion of the Tax Increment generated by the Project.
SECTION 3. REIMBURSEMENT TO VILLAGE
The Village may also reimburse itself for Eligible Costs expended from Tax Increment which may be generated in the Airport Road TIF.
SECTION 4. SEVERABILITY
This Resolution and every provision thereof shall be considered severable, and the invalidity of any section, clause, paragraph, sentence or provision of this Resolution shall not affect the validity of any other portion of this Resolution.
SECTION 5. REPEALER
All resolutions, ordinances or parts of resolutions conflicting with any provision of this resolution, are hereby repealed.
SECTION 6. EFFECTIVE DATE
This Resolution shall be in full force and effect after its passage and approval.