ORDINANCE NO. 2657 APPROVING THE MORRIS TAX INCREMENT REDEVELOPMENT PLAN AND REDEVELOPNENT PROJECT WHEREAS, the City of Morris, Illinois desires to implement tax financing pursuant to the Tax Increment Allocation Redevelopment Act I.R.S. Ch. 24 par, 11-7-4, as amended, hereinafter referred to as the for the proposed morris Redevelopment Plan and Redevelopment Project within the municipal boundaries of the City of Morris and within the Morris Redevelopment Project Area as described in Section l(a) of this Ordinance, which constitutes in the aggregate more than 1-1/2 acres. WHEREAS, pursuant to Section 17-74.4-5 of the Act, the City Council caused a public hearing to be held relative to the Redevelopment Plan and Redevelopment Project and a designation of a Redevelopment Project Arca on December 13, 1996, at 9:29 a.m. in the Council Chambers, City of Morris. WHEREAS, due notice in respect to such hearing was given pursuant to Section 11-74.4-5 and § of the Act, and notice being given to taxing districts and to the State of Illinois by certified mail on. 21986, by publication on November 24,28 1986, and _1986, and by certified mailto taxpayers on December 2, 1986. WHEREAS, the Redevelopment Plan and Project set forth the factors constituting the need for conservation in the proposed redevelopment atea, and the City Council has reviewed testimony concerning such need presented at the public hearing and has reviewed other studies and is generally informed of the conditions in the proposed Redevelopment Project Area as said terms “conservation” and “blighted” are used in the Act. WHEREAS, the City Council has reviewed the conditions pertaining to lack of private investment in the proposed Redevelopment Project Area to determine whether contiguous parcels of real property and improvements thereon in the proposed Redevelopment Project Arca would be substantially benefited by the proposed redevelopment project improvements. WHEREAS, the City Council has reviewed its proposed Redevelopment Plan and Project and Comprehensive Plan for the development of the municipality as a whole to determine whether the proposed Redevelopment Plan and Project conform to the Comprehensive Plan of the CityNOW, THEREFORE, BE IT ORDAINED, BY THE CITY COUNCIL OF THE CITY OF MORRIS, ILLINOIS, that: 1, The City Council of Norris hereby makes the following findings: a. The area constituting the proposed Redevelopment Project Area in the City of Morris, Illinois is described on EXHIBIT A (Map and EXHIBIT B (Legal Description) attached to and made a part of this Ordinance. There exist conditions set forth herein and in Additional Findings (EKXHIBIT C) which cause the area to be designated as a combination "Blighted/Conservation Area" as defined in Section 11-74,4-3(a)+(b) of the Act. c. The proposed Redevelopment Project Area on the whole has not been subject to growth and development through investment by private enterprise and would not be reasonably anticipated to be Geveloped without the adoption of the Redevelopment Plan. d. The Redevelopment Plan and Redevelopment Project conform to the Comprehensive Plan for the development of the municipality as a whole, e. The parcels of real property in the proposed Redevelopment Project Area are contiguous and only those contiguous parcels of real property and improvements thereon which will be substantially benefited by the proposed redevelopment project improvement are included in the proposed Redevelopment Project Area. £. The estimated date for final completion of the Redevelopment Project is twenty-three (23) years from the effective date of this Ordinance g. The estimated date for retirement of obligations incurred to finance the Redevelopment Project costs shall not be later than twenty-three (23 years from the effective date of this Ordinance. 2. The Redevelopment Plan and Redevelopment Project which were the subject matter of the Public Hearing held December 13, 1986, is hereby adopted and approved. A copy of the Redevelopment Plan and the Redevelopment Project marked Exhibit D is attached to and made a part of this ordinance.3. All ordinances and parts of ordinances in conflict herewith are hereby repealed. 4. This ordinance shall be in full force and effect immediately upon its passage and approval. 5. This ordinance is passed as an urgent matter pursuant to Statute. Passed this 29thday of December, 1986. Approved this g9th day of December, 1986. Ar ove: Mayor ATTEST: