Title/Name/Summary
AN ORDINANCE AUTHORIZING A REDEVELOPMENT AGREEMENT BETWEEN THE VILLAGE OF ORLAND PARK AND BRADFORD ORLAND PARK 4, LLC IN REGARD TO THE MOVIE THEATRE DEVELOPMENT COMPRISING A PART OF THE ORLAND PARK MAIN STREET TRIANGLE TIF DISTRICT AND AUTHORIZING THE TRANSFER OF TITLE TO, CERTAIN REAL PROPERTY CURRENTLY OWNED BY THE VILLAGE TO BRADFORD ORLAND PARK 4, LLC IN RELATION THERETO
Body
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 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. BRADFORD ORLAND PARK 4, LLC (the “Developer”) desires to acquire ownership of the Property, and redevelop the Property (the “Project”), with the Project to be operated by the Developer or its Lessee upon completion thereof.
G. That attached hereto as EXHIBIT C and made part hereof is a Purchase Redevelopment Agreement, between the Developer and the Village, which sets forth the terms and conditions pursuant to which the Village will 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 transfer title to, the Property pursuant thereto, as required by 65 ILCS 5/11-74.4-4(c), was published on November 16, 2017, and on November 17, 2017 (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.
I. In accordance with the TIF Act, it is in the best interests of the Village to approve the Purchase and Redevelopment Agreement, and 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 transferring title to, the Property.
SECTION 2
Based upon the foregoing, and pursuant to the TIF Act, the Purchase and 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 transfer title to, the Property, pursuant and subject to the terms and conditions set forth in said Purchase and Redevelopment Agreement, on behalf of the Village, and they are further authorized and directed to execute and deliver such other instruments, including said Purchase and Redevelopment Agreement attached hereto as EXHIBIT C, as may be necessary or convenient to consummate said property transaction, and to carry out the terms of said Purchase and Redevelopment Agreement.
SECTION 3
That this Ordinance shall be in full force and effect from and after its adoption and publication in pamphlet form as provided by law.