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RESOLUTION NO. 56-09 <br /> A RESOLUTION DEEMING CERTAIN FUNDS IN THE SPECIAL TAX ALLOCATION <br /> FUND FOR THE VILLAGE OF ELK GROVE VILLAGE TOWN CENTER TAX <br /> INCREMENT REDEVELOPMENT PROJECT AREA AS "SURPLUS" FUNDS AND <br /> DIRECTING THE PAYMENT AND DISTRIBUTION THEREOF(2009) <br /> WHEREAS,pursuant to a series of Ordinances (Ordinance Nos. 2588, 2589 and 2590), <br /> adopted August 26, 1997, including as subsequently supplemented and amended (collectively, <br /> the "TIF Ordinances") in connection with the Village of Elk Grove Town Center Tax <br /> Increment Redevelopment Project Area (the "Redevelopment Project Area"), the Village <br /> Board (the "Corporate Authorities") of the Village of Elk Grove Village, Cook and DuPage <br /> Counties, Illinois (the "Municipality") adopted the Village of Elk Grove Village Town Center <br /> Tax Increment Area Redevelopment Plan and related Redevelopment Projects, designated the <br /> Redevelopment Project Area, and authorized tax increment finance under the Tax Increment <br /> Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seg.), as supplemented and amended <br /> (including the predecessor Act thereof, the "TIF ACT"); and . <br /> WHEREAS,the Municipality is required under Sections 11-74.4-5(d) and 11-74.4-7 of <br /> the TIF Act to annually designate all funds deposited into the special tax allocation fund <br /> established under the TIF Ordinances that are not identified as being required, pledged, <br /> earmarked or otherwise designated for payment of or securing of obligations or anticipated <br /> redevelopment project costs as "surplus" funds and to cause the distribution thereof by paying <br /> the same to the taxing districts in the Redevelopment Project Area, the Illinois Department of <br /> Revenue and the Municipality in direct proportion to the amount of funds received from the <br /> collection of real estate taxes and from the State of Illinois and deposited into such special tax <br /> allocation fund, such amount to the taxing districts in the Redevelopment Project Area to be in <br /> the same manner and proportion as the most recent distribution by the County Collector of Cook <br /> County, Illinois to the affected taxing districts of real property taxes from real property in the <br /> Redevelopment Project Area. <br /> NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Trustees of the <br /> Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows: <br /> 1 . <br />