Title
AN ORDINANCE ADOPTING TAX INCREMENT FINANCING FOR THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS, IN CONNECTION WITH THE DESIGNATION OF THE AMENDED VILLAGE OF ORLAND PARK MAIN STREET TRIANGLE REDEVELOPMENT PROJECT AREA.
Body
WHEREAS, on September 7, 2007, the Village of Orland Park (“Municipality”) determined it was desirable and for the best interests of the citizens of the Village of Orland Park, Cook and Will Counties, Illinois to adopt tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the “Act”); and
WHEREAS, the President and Board of Trustees of the Municipality (the “Corporate Authorities”) approved a redevelopment plan and project (the “Plan” and “Project”) as required by the Act by passage of an ordinance, and designated the Village of Orland Park Main Street Triangle Redevelopment Project Area (the “Area”), and the Municipality otherwise complied with all other conditions precedent required by the Act:
WHEREAS, the Corporate Authorities have determined that it is in the best interest of the Municipality to amend the boundaries of the Area by adding additional parcels of land (the “Added Property”) as described in Exhibit A attached hereto;
Now, Therefore, Be It Ordained by the President and Board of Trustees of the Village of Orland Park, Cook and Will Counties, Illinois, in the exercise of its home rule powers, as follows:
SECTION 1
Tax Increment Financing Adopted. Tax increment allocation financing is hereby adopted to pay redevelopment project costs as defined in the Act and as set forth in the Amended Plan and Project within the amended Area as described in Exhibit A attached hereto and incorporated herein as if set out in full by this reference. The street location (as near as practicable) for the Area is described in Exhibit B attached hereto and incorporated herein as if set out in full by this referenc...
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