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An Ordinance of the Village Of Romeoville, Will County, Illinois, Approving the First Amendment to a Tax Increment Redevelopment Plan and Redevelopment Project for the "Independence Boulevard" Redevelopment Project Area
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WHEREAS, the President and Board of Trustees (the "Corporate Authorities") of the Village of Romeoville, Will County, Illinois (the "Village"), have determined that "Blighted Vacant Areas" and "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 Village has previously taken the following action with regard to the Independence Bluff TIF: i) by Ordinance No. 18-1454 approved a Redevelopment Plan and Project (collectively the "Plan"); ii) by Ordinance No. 18-1455 designated the Independence Boulevard TIF as a Redevelopment Project Area (the "Designation"); and iii) by Ordinance No. 18-1456 adopted Tax Increment Financing (the "TIF Financing"); and
WHEREAS, the Village has determined that it is in the best interest of the Village to make certain amendments to the Plan, the Designation, and the TIF Financing; and
WHEREAS, the Corporate Authorities have determ...
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