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

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' ' COUNCIL MEMORANDUM #89-62 October 12 , 1989 TO: The Honorable Mayor and City Council Members FROM: James C. B o , Jr. , City Manager ; RE: Tax Increment Financing (TIF) District During discussions between City staff and representatives of Trammel Crow regarding the development of a 100 acre parcel North of Mound Road, both parties acknowledged that the site could not be utilized until site improvements were made. These site im- provements consisted primarily of storm drainage, sanitary sewer and street improvements. During those discussions, Trammel Crow representatives indicated that they would request an extension of the City' s Enterprise Zone onto the 100 acre district if the dis- trict became part of the City. Subsequent to Council action on the first phase of the project, this office received a request to extend the Enterprise Zone. The provisions of that program are well known to Council members as well as the developer' s repre- sentatives. As an alternative, City staff and developer representatives have held discussions regarding creating a Tax Increment Financ- ing District in the area based on a determination that it meets the statutory requirements for an industrial park conservation area. Those discussions have proceeded to the point that the at- tached resolution has been prepared. Resolution declares the I City' s intent to enter into such an agreement and is a necessary first step in creating the district. The resolution does not bind the City or the developer to create such a district but one cannot be created without passage of such a resolution. Adoption of the resolution is recommended. A summary of TIF under Illinois State law has also been prepared and is attached for your information. Attachments cc: John W. Couter David A. Clark George C. Weaver