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AN ORDINANCE OF THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS, AMENDING ORDINANCE NO. 18-1513 AND APPROVING AN AMENDMENT TO THE TAX INCREMENT REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT FOR THE "NORMANTOWN/WEBER ROAD" REDEVELOPMENT PROJECT AREA
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WHEREAS, the Village of Romeoville (the "Village") has by Ordinance No. 18-1513 approved a Redevelopment Plan and Project for the Village's Normantown/Weber Road Tax Increment Allocation Finance District (the "Normantown/Weber Road TIF"); and
WHEREAS, the President and Board of Trustees (the "Corporate Authorities") of the Village have determined that "Blighted Improved Areas" as defined by the Tax Increment Allocation Finance Act (65 ILCS 5/11-74.4-1 et seq.) (the "TIF Act") detract from the stable economic and physical development of those areas which are endangered by the presence of blighting factors as defined in the Act that prevent or threaten the healthy economic and physical development of properties in a manner that the Village deems essential to its overall economic health, that there is an excessive and disproportionate expenditure of public funds, inadequate public and private investment and unmarketability of property so that the deterioration of these areas impairs the value of private investments and threatens the sound growth and the tax base of the Village and the taxing districts having the power to tax real property in the Village (the "Taxing Districts") and threatens the health, safety, morals and welfare of the public; and
WHEREAS, the Corporate Authorities have determined that in order to promote and protect the health, safety, morals and welfare of the public that it is in the best interest of the Village to amend the Normantown/Weber Road TIF to include redevelopment of the area generally described in Exhibit A hereto (the "Proposed Expansion Area") of the Village be undertaken and that to prevent, remove and alleviate adverse conditions in the Proposed Expansi...
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