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A RESOLUTION DECLARING THE VILLAGE OF ORLAND PARK’S OFFICIAL INTENT TO REIMBURSE EXPENDITURES (ORLAND PARK CROSSROADS TAX INCREMENT FINANCING DISTRICT)
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WHEREAS, the Village of Orland Park (the “Village”) is authorized, under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq. (the “TIF Act”), to finance “redevelopment project costs,” as defined in Section 3(q) of the TIF Act, 65 ILCS 5/11-74.4-3(q) (the “TIF Project Costs”), in connection with redevelopment project areas established in accordance with the requirements set forth in the TIF Act; and
WHEREAS, Inter-Continental Real Estate and Development Corporation (“Developer”) anticipates a project which would (1) revitalize the area and reactivate dormant properties; (2) provide for owner-occupied urban rowhomes as opposed to the previously proposed high-density rental properties; (3) add more commercial space than was previously proposed in the original 2024 proposed plan; (4) provides for right-of-way for intersection improvements at 159th and LaGrange Streets; and set aside up to 40% of the TIF increment generated on the property to reimburse the school districts for any students generated in the development; and
WHEREAS, the Village President and Board of Trustees of the Village intend to move forward with a feasibility study under the TIF Act (the “Feasibility Study”), to determine if the area set forth on attached and incorporated Exhibit A (the “Study Area”), may be designated as a redevelopment project area under the TIF Act; and
WHEREAS, the Developer, Inter-Continental Real Estate and Development Corporation, will be expending funds for TIF Project Costs which, if the Study Area is established as a TIF district pursuant to the TIF Act, such Project costs may be reimbursable from TIF incremental revenues generated from properties within the Study Area (“TIF Expenditures”); and
WHEREAS, if certain conditions are met, the Village reasonably ...
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