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AN ORDINANCE AUTHORIZING A REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF ORLAND PARK AND METRA TRIANGLE FC, LLC IN REGARD TO THE LUXURY APARTMENT DEVELOPMENT COMPRISING A PART OF THE ORLAND PARK MAIN STREET TRIANGLE TIF DISTRICT AND AUTHORIZING THE GRANTING OF A GROUND LEASE TO, AND THE EVENTUAL TRANSFER OF TITLE TO, CERTAIN REAL PROPERTY CURRENTLY OWNED BY THE VILLAGE, OR TO BE OWNED BY THE VILLAGE BY A DATE CERTAIN IN THE FUTURE, TO METRA TRIANGLE FC, LLC IN RELATION THERETO
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BE IT ORDAINED, by the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, Illinois, as follows:
SECTION 1
The President and Board of Trustees of the Village of Orland Park (hereinafter referred to as the “Village”) find as follows:
A. The Village is a home rule unit of government in accordance with Article VII, Section 6 of the Constitution of the State of Illinois, 1970.
B. The Village has the authority, pursuant to the laws of the State of Illinois, to promote the health, safety and welfare of the Village and its inhabitants, to prevent the presence of blight, to encourage private development in order to enhance the local tax base and increase additional tax revenues realized by the Village, to foster increased economic activity within the Village, to increase employment opportunities within the Village, and to enter into contractual agreements with third parties for the purpose of achieving the aforesaid purposes, and otherwise take action in the best interests of the Village.
C. The Village is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended (the "Act"), to finance redevelopment in accordance with the conditions and requirements set forth in the Act.
D. Pursuant to Ordinance Numbers 3941, 3942 and 3943, adopted October 4, 2004, as amended by Ordinance Numbers 4297 and 4298, adopted October 15, 2007, the Village approved a tax increment redevelopment plan and project (the “TIF Plan”), designated the tax increment redevelopment project area (the “Redevelopment Project Area”), and adopted tax increment financing relative to the Village's Main Street Triangle tax increment financing district (the "TIF District"); said TIF District being legally described and depicted as set forth in EXHIBIT A-1 and EXHIBIT A-2, respectively, attached hereto and made part hereof.
E. The Village is the fee owner of, or will, by a date certain in the future, become the fee owner of, certain real property located within the Redevelopment Project Area, said property being legally described on EXHIBIT B attached hereto and made part hereof (the “Property”).
F. Metra Triangle FC, LLC (the “Developer”) desires to acquire a ground lease in relation to, and eventual ownership of, the Property, and redevelop the Property with (a) no fewer than 280 Class “A” residential rental units, together with common areas, luxury pool, and a fitness center serving such residential units, (b) approximately 1,100 square feet of commercial space, and (c) one structured parking space per residential unit, together with additional parking to serve visitors to the residential units, (the “Project”), with the Project to be operated by the Developer upon completion thereof.
G. That attached hereto as EXHIBIT C and made part hereof is a redevelopment agreement, between the Developer and the Village, which sets forth the terms and conditions pursuant to which the Village will grant a ground lease in relation to, and eventually transfer title to, the Property to the Developer, as well as the terms and conditions pursuant to which the Developer will proceed with the Project (the “Redevelopment Agreement”).
H. That notice of the Village’s intent to enter into the Redevelopment Agreement, including the Village’s intent to enter into a ground lease in relation to, and eventually transfer title to, the Property pursuant thereto, as required by 65 ILCS 5/11-74.4-4(c), was published on August 18, 2011 and on August 19, 2011 (the “TIF Notices”); a copy of the publisher’s certificates in relation to said TIF Notices being attached hereto as EXHIBIT D-1 and EXHIBIT D-2 and made part hereof.
In accordance with the TIF Act, it is in the best interests of the Village to approve the Redevelopment Agreement, and enter into a ground lease in relation to, and eventually transfer title to, the Property to the Developer pursuant thereto, so that redevelopment within the TIF District can continue, said redevelopment pursuant to the TIF Act being the Village’s public purpose for entering into a ground lease in relation to, and eventually transferring title to, the Property.
SECTION 2
Based upon the foregoing, and pursuant to the TIF Act, the Redevelopment Agreement, attached hereto as EXHIBIT C, is hereby approved, and the Village President and Village Clerk be and they are hereby authorized and directed to enter into a ground lease in relation to, and eventually transfer title to, the Property, pursuant to the terms and conditions set forth in said Redevelopment Agreement, on behalf of the Village, and they are further authorized and directed to execute and deliver such other instruments, including said Redevelopment Agreement attached hereto as EXHIBIT C, as may be necessary or convenient to consummate said property transactions, and to carry out the terms of said Redevelopment Agreement.
SECTION 3: That this Ordinance shall be in full force and effect from and after its adoption, approval and publication in pamphlet form as provided by law.