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An Ordinance Authorizing the Execution of a Redevelopment Agreement with Abbott Land Gateway LLC-Gateway South Lower Redevelopment Project Area
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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, pursuant to Ordinance No. 17-1372, the Village has approved a Tax Increment and Redevelopment Plan and Project for the Gateway South Lower Redevelopment Project Area; and
WHEREAS, pursuant to Ordinance No. 17-1373, the Village has designated the Gateway South Lower Redevelopment Project Area; and
WHEREAS, pursuant to Ordinance No. 17-1374, the Village has adopted an Ordinance adopting Tax Increment Allocation Financing for the Gateway South Lower Tax Increment Finance District; and
WHEREAS, the Redevelopment and Financing Agreement with Abbott Land Gateway LLC, an Illinois limited liability company, attached hereto and incorporated herein as Exhibit A, provides for the use of tax increment financing in connection with the incurring and financing or reimbursement of redevelopment project costs upon such terms and conditions as are set forth therein.
NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES FOR THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS; THAT
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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 Clerk are hereby respectively authorized and directed to execute and attest to the execution of an agreement in substant...
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