Title
VILLAGE OF ORLAND PARK, ILLINOIS INDUCEMENT RESOLUTION RELATING TO THE POSSIBLE ADOPTION OF TAX INCREMENT FINANCING FOR A POTENTIALTIF DISTRICT (ORLAND SQUARE MALL - DICK’S SPORTING GOODS INC.)
Body
WHEREAS, the Village of Orland Park, Illinois (the “Village”) is a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health safety, morals, and welfare; and
WHEREAS, the Village is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 11-74.4-1, et seq. (the “Act”), to finance redevelopment project costs in connection with redevelopment project areas established in accordance with the conditions and requirements set forth in the Act; and
WHEREAS, the Village hereby finds and determines that the financing intended by this Resolution will serve the public purposes of the Village; and
WHEREAS, the Village desires to redevelop an area shown on the drawing attached as Exhibit 1, also known as 2 Orland Square Drive, as a TIF District Redevelopment Project Area, and
WHEREAS, it appears that the area cannot be redeveloped without the adoption of a tax increment financing plan pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 11-74, 4-1, et seq. (the "TIF Act"); and
WHEREAS, pursuant to the TIF Act, to implement tax increment financing, it is necessary for the Village to adopt a redevelopment plan and redevelopment project, and designate a redevelopment project area on the basis of finding that the area qualifies pursuant to statutory requirements, and make a finding that the redevelopment project area on the whole has not been subject to growth and development through private enterprise and would not reasonably be anticipated to be developed without the adoption of a red...
Click here for full text