title
An Ordinance Authorizing the Execution of a Redevelopment Agreement (CT MIC Bluff Road Venture, LLC)
body
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 redeve...
Click here for full text