R89-137 DECLARING INTENT TO ENTER A REDEVELOPMENT AGREEMENT - WESTLAWN PARTNERSHIP

Home Browse Search

- r. ' ' RESOLUTION NO. R �C� � ��" RESOLUTION DECLARING INTENT TO ENTER A REDEVELOPMENT AGREEMENT - WESTLAWN PARTNERSHIP - WHEREAS, the City has proposed that the approximately �00 acre site at the northwest corner of Mound and Taylor Roads in the City be redeveloped by the adoption of a Tax Increm nt Redevelopment Plan and Project (the "Plan") , the designation of the site as a Tax Increment Redevelopment Area (�he "Redevelopment Area") , and the adoption of tax increm nt financing relating thereto, all pursuant to Section 11-74 . 4-1 Iet se . of Chapter 24, I11. Rev. Stat. , as amended (the "Act") ; ar�d, WHEREAS, it is the intention of the City to designate t�he Redevelopment Area for tax increment redevelopment, but for which designation the site would not redevelop at such time and in s ch manner as are in the public health, safety and welfare, and �to use tax increment financing pursuant to the Act, plus other fu ds and revenues as determined by the City (hereinafter "�ax Increment Financing") , to pay or reimburse the private develop r, Westlawn Partnership, an Illinois General Partnershi�p, ( "Developer") , for payment of redevelopment expenses; and, WHEREAS, it is the desire and intention of the City tha a tax increment qualification survey and evaluation be undertak n, and, if appropriate, a Plan and Tax Increment financing plan be prepared all at Developer ' s initial expense, which qualifi�ed redevelopment costs will be reimbursed to Developer thereafter from Tax Increment Financing or tax Increment Financing Bo�nd proceeds, whichever funds are first available to the City; and,l WHEREAS, based hereon and on prior statements and proposals of the City that it would look favorably on tax increment redevelopment of this blighted site, Developer has expended and will expend certain amounts of money on site evaluation activities to determine the feasibility and cost of redeveloping the site, which costs shall be reimbursed to the Developer as herein provided; and, WHEREAS, based on this Resolution and pending execution of a Redevelopment Agreement between Developer and the City, Develop r may incur other redevelopment expenses which shall be reimburs�d to Developer as herein provided. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY �JF DECATUR, ILLINOIS: Section 1 . That the statements and intentions hereinabo�e set forth in the recitals are hereby fully incorporated and ma�e a part of this Resolution as though fully set forth in th ' s Section 1 .