Title
AN ORDINANCE APPROVING AN AMENDMENT TO THE VILLAGE OF ORLAND PARK, MAIN STREET TRIANGLE TAX INCREMENT FINANCING REDEVELOPMENT PLAN AND PROJECT.
Body
WHEREAS, the Mayor and Village Council (the “Corporate Authorities”) of the Village of Orland Park, Cook County, Illinois (the “Municipality”), have heretofore determined that the stable economic and physical development of the Municipality is endangered by the presence of blighting factors, with a resulting decline of the Municipality which impairs the value of private investments and threatens the sound growth and the tax base of the Municipality and the taxing districts having the power to tax real property in the Municipality (the “Taxing Districts”) and threatens the health, safety, morals and welfare of the public; and
WHEREAS, on September 7, 2004, the Corporate Authorities approved the Main Street Triangle Redevelopment Plan and Project (“Plan” and “Project”) to promote and protect the health, safety, morals and welfare of the public that blighting conditions in the Municipality need to be eradicated and that redevelopment of the Municipality be undertaken; and
WHEREAS, the Municipality has heretofore caused to be conducted and made available for public inspection an eligibility study to determine whether the additional property which the Village of Orland Park is contemplating adding to the Main Street Redevelopment Project Area (the “Area”) qualifies to be included in a “redevelopment project area” pursuant to the TIF Act; the study was conducted by Camiros & Associates, Ltd. (“Camiros”); and
WHEREAS, Camiros has heretofore concluded and has advised the Municipality that the proposed additional property qualified as a “redevelopment project area” under Section 11-74.4-3 of the TIF Act; and
WHEREAS, the Municipality has now determined that to implement the Plan, as that term is defined in the Act, additional parcels of property (“Added Property”) must be added to the “redevelopment project area.”...
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