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An Ordinance Authorizing the Execution of a Redevelopment Agreement (CT MIC Bluff Road Venture, LLC)
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WHEREAS, CT MIC Bluff Road Venture, LLC (“CT”), is the contract purchaser and will be the owner of certain real property and has caused a petition to be filed with the Village of Romeoville to annex such real property located in unincorporated Will County, Illinois into the corporate limits of the Village, such property being legally described on Exhibit A hereto, a copy of which is attached and made part hereof; and
WHEREAS, CT, upon the annexation of the property described in Exhibit A and its acquisition of the same, shall develop the same in accordance with the provisions of the annexation agreement approved by the Corporate Authorities of the Village on December 6, 2017; and
WHEREAS, Section 13 of the aforesaid annexation agreement contemplates the creation of a tax increment financing district by the Village to include the property legally described in Exhibit A hereto and various other properties; and
WHEREAS, the Village Board conducted a public hearing on the tax increment financing district contemplated by Section 13 of the aforesaid annexation agreement as required by the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq; and
WHEREAS, Section 13 of the aforesaid annexation agreement further provides that upon the creation of the tax increment financing district as contemplated therein and as described during the December 6, 2017 public hearing on such tax increment financing district, the Village will enter into a redevelopment agreement with CT in substantially the form attached hereto and incorporated by reference as Exhibit B; and
WHEREAS, the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq. authorizes municipalities that have adopted tax increment allocation financing within a duly authorized and approved redevelopment area may, pursuant to and in furtherance of a redevelopment plan, enter into redevelopment agreements with entities proposing to develop projects within such a redevelopment area, which agreements may authorize the use of tax increment to pay redevelopment project costs in connection with such projects; and
WHEREAS, the Village has not yet adopted the ordinances necessary to create the aforementioned TIF district and to adopt tax increment allocation financing within an authorized and approved redevelopment area pursuant to and in furtherance of a redevelopment plan, but in anticipation of its adoption of the same, desires to prospectively approve the form of redevelopment agreement with CT shown in Exhibit B, which approval shall be subject to the adoption of all ordinances required by the Tax Increment Allocation Redevelopment Act necessary to create the aforesaid TIF district including but not limited to those ordinances necessary to approve a tax increment and redevelopment plan and project, to designate a redevelopment project area, and to adopt tax increment allocation financing therein.
NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES FOR THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS; THAT:
SECTION 1: RECITALS. The foregoing recitals are hereby incorporated into this Ordinance as if fully set forth herein.
SECTION 2: AUTHORIZATION. The Village President and Village Clerk are hereby authorized and directed to execute and attest to the execution of a redevelopment agreement in substantially the form attached as Exhibit B, provided, however, that the authorization and approvals herein contained shall be (i) subject to final review and approval by the Village Manager and the Village Attorney of the redevelopment agreement attached hereto as Exhibit B and of all supporting and ancillary documentation and exhibits related thereto or incorporated therein and (ii) further subject to the Village duly adopting all those ordinances required by the Tax Increment Allocation Redevelopment Act necessary to create the aforesaid tax increment financing district as contemplated by Section 13 of the aforesaid annexation agreement and as presented at the December 6, 2017 public hearing thereon, including but not limited to those ordinances necessary to approve a tax increment and redevelopment plan and project, to designate a redevelopment project area, and to adopt tax increment allocation financing therein.
SECTION 3: SEVERABILITY. That the various provisions of this Ordinance are to be considered severable and if any part or portion of this Ordinance shall be held invalid by any Court of competent jurisdiction, such decision shall not affect the validity of the remaining provisions of this Ordinance.
SECTION 4: CONFLICTS. All prior Ordinances and Resolutions, or parts thereof in conflict or inconsistent with this Ordinance are hereby expressly repealed only to the extent of such conflict or inconsistency.
SECTION 5: EFFECTIVE DATE. This Ordinance shall be in full force and effect from and after its passage, approval and publication in pamphlet form as provided by law.