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An Ordinance Dissolving The Village Of Romeoville Marquette Economic Development (TIF) Project Area Fund And Terminating The Designation As An Economic Development (TIF) Project Area
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WHEREAS, on June 6, 1989, the President and Board of Trustees of the Village of Romeoville, Will County, Illinois (the “Village”) adopted Ordinance No. 2009-0089 approving a Redevelopment Plan and Project for the Marquette TIF (“Marquette TIF”); and
WHEREAS, on June 6, 1989, the Village adopted Ordinance No. 2010-0089 designating the Marquette TIF as an “Economic Redevelopment Project Area”; and
WHEREAS, on June 6, 1989, the Village adopted an Ordinance No. 2011-0089 adopting Tax Increment Allocation Financing for the Marquette TIF; and
WHEREAS, the various ordinances established a Special Tax Allocation Fund (the “Fund”); and
WHEREAS, on the 20th day of April, 2011, in accordance with authorization of the General Assembly the Village adopted Ordinance Nos. 11-0905 which extended the term of designation and tax increment allocation financing to December 31; and
WHEREAS, all of the Ordinances were adopted pursuant to the Redevelopment procedures and authority of the Tax Increment Allocation Act (65 ILCS 11-74.4-1 et. seq. (the “Act”); and
WHEREAS, the legal description of the Marquette TIF Economic Development Project Area is described on Exhibit A attached hereto. The Marquette TIF currently includes the PIN Numbers set forth on Exhibit B attached hereto and the Marquette TIF is depicted on the map attached hereto as Exhibit C.
NOW THEREFORE, BE IT ORDAINED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS, IN EXERCISE OF ITS HOME-RULE, STATUTORY, AND OTHER AUTHORITY AS FOLLOWS:
SECTION 1. DISSOLUTION AND TERMINATION
That effective December 31, 2025, the Marquette TIF Economic Development Project Area is hereby terminated and the Special Tax Allocation Fund shall be dissolved upon payment of final bills and declaration of surplus of any remaining funds on deposit.
SECTION 2. FUTURE TAX COLLECTION AND EXTENSION
Beginning with the 2025 Levy Year the rates of the affected taxing districts shall be extended and taxes shall be levied, collected and distributed in the manner applicable in the absence of the adoption of the Tax Increment Allocation Financing.
SECTION 3. DECLARATION
The Village Finance Director, after payment of outstanding bills and reserving for contingencies shall notify the Mayor and Village Board of the amount remaining in the Special Tax Allocation Fund, if any, which amount shall be declared as “Surplus” by the Mayor and Village Board and returned to the County Treasurer for re-distribution to the affected taxing districts.
SECTION 4. FILING WITH COUNTY CLERK
A certified copy of this Ordinance shall be filed in the Office of the Will County Clerk.
SECTION 5. SEVERABILITY
If any section, paragraph, clause or provision of this Ordinance is held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance.
SECTION 6. REPEALER
All ordinances, resolutions, orders or parts thereof, which conflict with the provisions of this Ordinance, is to the extent of such conflict, hereby repealed.
SECTION 7. EFFECTIVE DATE
This Ordinance shall be in full force and effect after its passage, approval, and publication in pamphlet form.