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Posted on: April 29, 2022

[ARCHIVED] Notice of Public Hearing for the Governors Highway/Vollmer Road TIF District Redevelopment Project

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NOTICE OF PUBLIC HEARING
FOR THE GOVERNORS HIGHWAY/VOLLMER ROAD TIF DISTRICT REDEVELOPMENT PROJECT AND AREA
VILLAGE OF OLYMPIA FIELDS, COOK COUNTY, ILLINOIS

 

Notice is hereby given that on the 18th day of May, 2022 at 7:00 p.m., at the Village of Olympia Fields Village Hall, 20040 Governors Highway, Olympia Fields, Illinois 60461-1089, a public hearing (the “Hearing”) will be held to consider the proposed Governors Highway/Vollmer Road TIF District Redevelopment Plan and Program (the “Plan and Program”), the designation of the Governors Highway/Vollmer Road TIF District Redevelopment Project Area (the “Project Area”) and the adoption of tax increment financing therefore.  The Project Area consists of the territory legally described on Exhibit A and general described as follows:

Approximately 159 acres of land including commercial property on the south side of Vollmer Road between the Canadian National Railroad on the east and Park Drive on the west. The Project Area also extends south along the west side of Governors Highway including the Governors Office Park, the High School, and the former Tolentine Center at the southwest corner of Governors Highway and 203rd Street.

The Plan and Program objectives are to reduce or eliminate blighting conditions, to enhance the real estate and sales tax base of the Village and other affected taxing Districts by encouraging private investment in commercial development within the Project Area, and to preserve and enhance the value of properties therein, all in accordance with the provisions of the “Tax Increment Allocation Redevelopment Act,” effective January 10, 1977, as amended (the “Act”).  The Village may issue obligations to finance project costs in accordance with the Redevelopment Plan, which obligations may also be secured by the special tax allocation fund and other available funds, if any, as now or hereafter permitted by law, and which also may be secured by the full faith and credit of the municipality.

At the Hearing, approval of the Plan and Program, designation of the Project Area, and the adoption of tax increment allocation financing for the Project Area will be discussed. The Plan and Program is on file and available for public inspection at the office of the Village Clerk at Village Hall, Village of Olympia Fields, 20040 Governors Highway, Olympia Fields, Illinois. 

Pursuant to the Plan and Program, the Village proposes to facilitate redevelopment of the Project Area by incurring or reimbursing eligible redevelopment project costs, which may include, but shall not be limited to, studies, surveys, professional fees, property assembly costs, construction of public improvements and facilities, building and fixture rehabilitation, reconstruction renovation and repair, financing costs, and interest costs, all as authorized under the Act.  

The Plan and Program proposes to provide assistance by paying or reimbursing costs related to site assembly, analysis, professional services and administrative activities, public improvements and facilities, including new streets, water, sewer, street lighting, and landscaping improvements, capital costs incurred by a taxing District as a direct result of a redevelopment project and the payment of financing and interest costs, pursuant to one or more redevelopment agreements.

Tax increment financing is a public financing tool that does not raise property taxes but is used to assist economic development projects by capturing the projected increase in the property tax revenue stream to be created by the increase of the assessed value of the development or development area and investing those funds in improvements associated with the project.

At the Hearing, all interested persons or affected Taxing Districts may file written comments or objections with the Village Clerk and may be heard orally with respect to any issues regarding the approval of the proposed Plan and Program, designation of the Project Area, and adoption of tax increment allocation financing therefore. 

The Hearing may be adjourned by the President and Board of Trustees of the Village without further notice other than a motion to be entered upon the minutes of the Hearing fixing the time and place of the subsequent hearing.

For additional information about the proposed Plan and Program and to file comments or suggestions prior to the hearing contact Mike Hoffman or Pete Iosue, Village Planning and TIF Consultants, at 815.436.9485 or MHoffman@TeskaAssociates.com or  PIosue@TeskaAssociates.com.

 LEGAL DESCRIPTION – GOVERNOR’S HIGHWAY / VOLLMER ROAD TIF
 

THAT PART OF THE NORTHWEST QUARTER OF SECTION 13 AND PART OF SECTION 14, TOWNSHIP 35 NORTH, RANGE 13, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED AS FOLLOWS:

 BEGINNING AT THE NORTHWEST CORNER OF THE NORTHWEST QUARTER OF SAID SECTION 13; THENCE EAST ALONG THE NORTH LINE OF SAID NORTHWEST QUARTER TO THE INTERSECTION WITH THE WEST LINE OF THE RAILROAD; THENCE SOUTHERLY ALONG THE WEST LINE OF THE RAILROAD TO THE SOUTHEASTERLY CORNER OF LOT 16 IN THE COVES OF OLYMPIA FIELDS (RECORDED AS DOCUMENT 00102438); THENCE WEST ALONG THE SOUTH LINE OF THE COVES OF OLYMPIA FIELDS TO THE INTERSECTION WITH THE SOUTHWESTERLY LINE OF WATERFORD COURT; THENCE NORTHWESTERLY ALONG THE SOUTHWESTERLY LINE OF WATERFORD COURT TO THE INTERSECTION WITH THE SOUTHEASTERLY LINE OF LAKE DRIVE; THENCE SOUTHWESTERLY ALONG THE SOUTHEASTERLY LINE OF LAKE DRIVE, 65 FEET, MORE OR LESS; THENCE NORTHERLY TO THE SOUTHWESTERLY CORNER OF LOT 4 IN SAID THE COVES OF OLYMPIA FIELDS; THENCE NORTH ALONG THE WEST LINE OF LOT 4 IN SAID THE COVES OF OLYMPIA FIELDS TO THE INTERSECTION WITH THE SOUTH LINE OF THE NORTH 378 FEET OF THE NORTHWEST QUARTER OF SAID SECTION 13; THENCE WEST ALONG THE SOUTH LINE OF THE NORTH 378 FEET OF SAID NORTHWEST QUARTER TO THE INTERSECTION WITH THE WEST LINE OF SAID NORTHWEST QUARTER; THENCE CONTINUING WEST TO THE SOUTHEAST CORNER OF LOT 2 IN PALMER GLEN RESUBDIVISION (RECORDED AS DOCUMENT 0010372774); THENCE CONTINUING WEST ALONG THE SOUTH LINE OF LOTS 2 AND 1 IN SAID PALMER GLEN RESUBDIVISION TO THE SOUTHWEST CORNER OF LOT 1, AFORESAID, SAID CORNER ALSO BEING THE SOUTHEAST CORNER OF LOT 3 IN ROSE OLYMPIA FIELDS SUBDIVISION (RECORDED AS DOCUMENT 0512539077); THENCE SOUTHWESTERLY ALONG THE SOUTHERLY LINE OF LOTS 3 AND 4 IN SAID ROSE OLYMPIA FIELDS SUBDIVISION TO THE SOUTHWEST CORNER OF SAID LOT 4; THENCE CONTINUING SOUTHWESTERLY ALONG THE SOUTHWESTERLY EXTENSION OF THE SOUTHERLY LINE OF SAID LOT 4 TO THE INTERSECTION WITH THE SOUTHEASTERLY LINE OF GOVERNORS HIGHWAY; THENCE SOUTHWESTERLY ALONG THE SOUTHEASTERLY LINE OF GOVERNORS HIGHWAY TO THE SOUTH LINE OF THE NORTH 1140 FEET OF THE SOUTHWEST QUARTER OF SECTION 14; THENCE WEST ALONG THE SOUTH LINE OF THE NORTH 1140 FEET OF SAID SOUTHWEST QUARTER, 402.41 FEET, MORE OR LESS; THENCE NORTHEASTERLY ALONG A LINE, 28.59 FEET; THENCE NORTH ALONG A LINE, 94.2 FEET; THENCE NORTHWESTERLY ALONG A LINE, 164.81 FEET; THENCE WEST ALONG A LINE, 117.84 FEET; THENCE NORTH ALONG A LINE, 890 FEET TO A POINT ON THE NORTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 14; THENCE WEST ALONG THE NORTH LINE OF SAID SOUTHWEST QUARTER TO THE NORTHWEST CORNER OF THE EAST HALF OF SAID SOUTHWEST QUARTER; THENCE NORTH ALONG THE WEST LINE OF THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 14 TO THE INTERSECTION WITH THE NORTH LINE OF THE SOUTH 1638 FEET OF THE EAST HALF OF SAID NORTHWEST QUARTER; THENCE EAST ALONG THE NORTH LINE OF THE SOUTH 1638 FEET OF THE EAST HALF OF SAID NORTHWEST QUARTER TO THE INTERSECTION WITH THE EAST LINE OF SAID NORTHWEST QUARTER; THENCE NORTH ALONG THE EAST LINE OF SAID NORTHWEST QUARTER TO THE INTERSECTION WITH THE SOUTH LINE OF PARK DRIVE; THENCE WEST ALONG THE SOUTH LINE OF PARK DRIVE AND CONTINUING NORTH ALONG THE WEST LINE OF PARK DRIVE TO THE INTERSECTION WITH THE SOUTH LINE OF VOLLMER ROAD; THENCE CONTINUING NORTH ALONG THE NORTHERLY EXTENSION OF THE WEST LINE OF PARK DRIVE TO THE INTERSECTION WITH THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 14; THENCE EAST ALONG THE NORTH LINE OF SAID NORTHWEST QUARTER TO THE NORTHEAST CORNER OF SAID NORTHWEST QUARTER; THENCE CONTINUING EAST ALONG THE NORTH LINE OF THE NORTHEAST QUARTER OF SECTION 14 TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.

 

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