Title
An Ordinance of the Village Of Romeoville Supplementing Ordinance No. 05-0243 Which Adopted Tax Increment Allocation Financing for the Downtown Tax Increment Allocation Redevelopment Project Area
Body
WHEREAS, on the 10th day of January, 2005, the Village of Romeoville adopted Ordinance No. 05-0243 which adopted Tax Increment Allocation Financing for the Downtown Redevelopment Project Area (the "Downtown TIF"); and
WHEREAS, by Ordinance No. 05-0241 a redevelopment plan and project was approved for the Downtown TIF; and
WHEREAS, by Ordinance No. 06-0423 the Village approved an amendment to the Redevelopment Plan and Project for the Downtown TIF (the "First Amendment"); and
WHEREAS, by Public Act No. 101-0274 the Village of Romeoville was authorized to extend the time permitted to complete Redevelopment Projects within the Downtown TIF by twelve (12) years thereby authorizing the extension of the term of the Downtown TIF by such period; and
WHEREAS, by Ordinance No. 19-1598, the Village of Romeoville has adopted an Ordinance again amending the Downtown Tax Increment Finance District Redevelopment Plan and Project (the "Second Amendment to the Redevelopment Plan and Project" or "Second Amendment"); and
WHEREAS, it is in the best interest of the Village to herein recognize that tax increment financing used to pay redevelopment project costs was defined in the original Redevelopment Plan and Project and that tax increment financing will also be used to pay redevelopment project costs as set forth in the Redevelopment Plan and Project, as amended.
NOW, THEREFORE, BE IT ORDAINED by the President and Board of the Village of Romeoville, Will County, Illinois, in the exercise of its home rule, statutory and other powers, as follows:
Section 1
That the tax increment allocation financing as adopted by Ordinance No. 05-0243 is hereby affirmed and extended for a period of twelve (12) additional years resulting in a total of thirty five (35) years, and that tax incr...
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