Title
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 a...
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