Title
A Resolution With Respect To The Potential Reimbursement Of Eligible Costs In A Possible Tax Increment Finance District And To Induce Development Interest Within Such Area
(Bluff Road TIF)
Body
WHEREAS, the Village of Romeoville, Illinois (the "Village") is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 11-74.4-1, et seq. (the "Act"), to finance redevelopment project costs in connection with redevelopment project areas established in accordance with the conditions and requirements set forth in the Act; and
WHEREAS, the Village hereby finds and determines that the financing intended herein will serve the public purposes of the Village; and
WHEREAS, the Village of Romeoville has been requested by the contract purchaser (the "Developer") of certain property generally depicted on Exhibit A attached hereto (the "Property") to consider adopting Tax Increment Financing on the Property and the project area established may contain more or less land than depicted on Exhibit A; and
WHEREAS, the Village and the Developer are currently in negotiations with respect to annexing the Property and the creation of a Tax Increment Finance District; and
WHEREAS, in reliance upon the Village's commitment to explore the issue of creating a Tax Increment Finance District, the Developer and its partners are expending money with respect to including, but not limited to, engineering, legal, design, remediation, property acquisition and other expenses which could be reimbursed if a Tax Increment Finance District is created (the "Developer's Potential Eligible Costs"); and
WHEREAS, the Village will also expend funds in the investigation of a potential Tax Increment Financing District , including, but not limited to, legal, engineering, planning and other consultants which would be eligible to be paid as eligible redevelopment project costs in the event the Tax Increment Finance District is created (the "Village's Potential Eligible ...
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