Resolution No. 3646 Approving Use of TIF Revenues to Reimburse City NDIC - Signed

Home Browse Search

2 described Section 39 of the Act, and (iv) approved an economic development plan for the River West Development Area (the “River West Plan”); and WHEREAS, the Commission has previously adopted a declaratory resolution, as subsequently confirmed and amended, which (i) declared the River East Development Area (the “River East Development Area”) as a redevelopment area pursuant to Section 15 of the Act, (ii) designated the River East Development Area as an allocation area pursuant to Section 39 of the Act (the “River East Allocation Area”), for the purpose of capturing property tax proceeds derived from incremental assessed valuation of real property in such allocation area which is in excess of the “base assessed value” (such property tax proceeds, hereinafter referred to as “River East TIF Revenues” and together with the South Side TIF Revenues and the River West TIF Revenues, the “TIF Revenues”), (iii) created the River East Allocation Area Fund (the “River East Allocation Fund”) into which all River East TIF Revenues are deposited, all pursuant to and as described Section 39 of the Act, and (iv) approved a development plan for the River East Development Area (the “River East Plan”); and WHEREAS, under the terms of the proposed Development Agreement, the Commission would agree to contribute (i) South Side TIF Revenues in the amount $465,377, (ii) River West TIF Revenues in the amount of $2,475,686, and (iii) River East TIF Revenues in the amount of $1,058,937, subject to appropriations thereof, toward the cost of the Project, subject to the completion of all procedures required by law; and WHEREAS, the Commission has sufficient South Side TIF Revenues on deposit in the South Side Allocation Fund to contribute South Side TIF Revenues toward costs of the Project as provided in the Development Agreement, which will directly serve and benefit the South Side Allocation Area; and WHEREAS, the Commission has sufficient River West TIF Revenues on deposit in the River West Allocation Fund to contribute River West TIF Revenues toward costs of the Project as provided in the Development Agreement, which will directly serve and benefit, or be physically located in or connected to, the River West Allocation Area; and WHEREAS, the Commission has sufficient River East TIF Revenues on deposit in the River East Allocation Fund to contribute River East TIF Revenues toward costs of the Project as provided in the Development Agreement, which will directly serve and benefit the River East Allocation Area; and WHEREAS, the Commission now desires to agree to contribute a total amount of not to exceed (i) $465,377 of South Side TIF Revenues, (ii) $2,475,686 of River West TIF Revenues, and (iii) $1,058,937 of River East TIF Revenues, subject to appropriations thereof, toward the cost of the Project all as described in the Development Agreement and subject to the completion of all procedures required by law, and authorize and approve other actions related thereto, subject to the terms and conditions set forth below;