Title
A Resolution With Respect to a Proposed Tax Increment Finance District Establishing the Dates for a Public Hearing and Joint Review Board, Creating an Interested Parties Registry, Authorizing Reimbursement of Costs Concerning the Redevelopment of Certain Property and Other Matters In The Village of Romeoville ("Normantown / Weber Road TIF")
Body
WHEREAS, the Village of Romeoville is a duly organized home rule municipality under and by virtue of the Constitution and Statutes of the State of Illinois (the "Village"); and
WHEREAS, the Village is authorized to take various actions with respect to redevelopment of property within its borders; and
WHEREAS, it is hereby found, determined and declared by the President and Board of Trustees that it is in the best interest of the Village that the property generally described on Exhibit "A", depicted on Exhibit B and legally described on Exhibit C attached hereto (the "Redevelopment Project Area") be redeveloped; and
WHEREAS, the Redevelopment Project Area has not been subject to growth and development through investment of purely private funds and it is not reasonably anticipated to be redeveloped without certain public assistance; and
WHEREAS, in order to evaluate and redevelop the Redevelopment Project Area it may be necessary to undertake certain public improvements, prepare certain studies and reports and incur other costs, including costs and expenses defined as "Redevelopment Project Costs" by the Tax Increment Allocation Redevelopment Act of the State of Illinois 65 ILCS 5/11-74.4-1 et. seq. (the "TIF Act"); and
WHEREAS, certain public assistance will be required to redevelop the Redevelopment Project Area given its current condition; and
WHEREAS, the TIF Act authorizes such assistance; and
WHEREAS, the contemplated redevelopment of the Redevelopment Project Area includes, but is not limited to, improvements such as design and installation of various public improvements; construction, repair and upgr...
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