Title
RESOLUTION OF THE VILLAGE OF ORLAND PARK, COOK COUNTY, ILLINOIS SETTING FORTH AND EXPRESSING AN OFFICIAL INTENT TO INDUCE CERTAIN EXPENDITURES OF REDEVELOPMENT PROJECT COSTS IN CONNECTION WITH THE REDEVELOPMENT OF THE PROPOSED 159TH & LAGRANGE REDEVELOPMENT PROJECT AREA TO BE REIMBURSED FROM PROCEEDS OF THE APPLICABLE SPECIAL TAX ALLOCATION FUND
Body
WHEREAS, the Village of Orland Park, Cook County, Illinois (the “Village”) is a duly organized and existing municipal corporation created under the provisions of the laws of the State of Illinois and as such is reviewing the Tax Increment Allocation Redevelopment Act, 65 ILCS 65 ILCS 5/11-74.4-1, et seq. (the “Act”) for purposes of designating a certain area within its jurisdictional boundaries a “redevelopment project area” as such term is defined in the Act; and
WHEREAS, the Village is contemplating the formation of a tax increment financing district generally located at the southwest corner of 159th Street and LaGrange Avenue, and as generally depicted on Exhibit A attached hereto and made a part hereof (the “Proposed Project Area”); and
WHEREAS, on July 15, 2024, and in furtherance of the proposed creation of the Proposed Project Area, the President and Board of Trustees of the Village (the “Corporate Authorities”) authorized a feasibility study under the TIF Act (“Feasibility Study”) to determine if the Proposed Project Area may be designated as a “redevelopment project area” under the TIF Act; and
WHEREAS, the development and/or redevelopment of the Proposed Project Area is vital to the economic well-being of the Village; and
WHEREAS, the Village shall undertake the necessary actions required by the TIF Act to determine if the Project Area is “blighted” as manifested by factors identified in the TIF Act; and
WHEREAS, contingent upon the creation of the Proposed Project Area, J D Real Estate, Inc., or its affiliates (the “Developer”) and Village have proposed to implement a redevelopme...
Click here for full text