HomeMy WebLinkAboutORDINANCE - 2856 - 9/25/2001 - TAX INCREMENT OBLIGATIONS, ISSUANCE OFORDINANCE NO. 2856
AN ORDINANCE OF THE VILLAGE OF ELK GROVE VILLAGE; COOK AND DUPAGE
COUNTIES, ILLINOIS, AUTHORIZING THE ISSUANCE OF TAX INCREMENT
OBLIGATIONS IN AN AMOUNT NOT TO EXCEED $7,700,000 PURSUANT TO THE TAX
INCREMENT ALLOCATION REDEVELOPMENT ACT, AS AMENDED (the "Act).
WHEREAS the Village of Elk Grove Village, Cook and DuPage Counties, Illinois (the
"Municipality'), has deemed it in the best interest of its citizens to adopt implement tax
increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, as
amended, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the "Act'), for
a proposed redevelopment plan and redevelopment project (the "Plan" and "Project') within
the municipal boundaries of the Municipality and within the Redevelopment Project Area (the
'Area') all as previously adopted and designated by the Village.
WHEREAS the Corporate Authorities have heretofore by ordinance adopted and
approved the Plan and Project, which Plan, Project and Area were identified in such ordinance
and were the subject, along with the Area designation thereafter made, of a public hearing held
on November 16, 1999.
NOW THEREFORE Be It Ordained by the Mayor and Board of Trustees of the Village
of Elk Grove Village, Cook and DuPage Counties, Illinois, in the exercise of its home rule
powers, as follows:
Section 1: Issuance of Redevelopment Note. The Village hereby authorizes the issuance
of a Tax Increment Redevelopment Note(s) (the "Note') in increments totaling not more than
$7,700,000 to pay for "Eligible Project Costs" as that term is defined in the Act. The Note(s)
shall be issued by the Municipality and shall be secured by the Special Tax Allocation Fund (the
"TIF Fund'), which has been established at the Map Department in the Cook County Tax
Assessor's Office. The Village may fund the Note(s) using it's own funds from it's General Fund
(the "G Fund') and the G Fund shall be reimbursed from the incremental revenue in the TIF
Fund as increment becomes available. Interest will accrue at an annual rate of Five Percent (5%)
and annual payments shall be made within thirty (30) days after the Municipality receive the
incremental funds from the Cook County Collector.
Section 2: Invalidity of Any Section. If any section, paragraph or provision of this
ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the remaining
provisions of this ordinance.
Section 3: Superseder and Effective Date. All ordinances, resolutions, motions or
orders in conflict herewith be, and the same hereby are, repealed to the extent of such conflict,
and this ordinance shall be in full force and effect immediately upon its passage by the Corporate
Authorities and approval as provided by law.
VOTE: AYES: Trustees: S. Lissner, J. Petri, C. Prochno, N. Czarnik,
B. Dill, P. Feichter
NAYS: 0
ABSENT:
PASSED this 25th day of September , 2001.
APPROVED this 25th day of September 12001
APPROVED:
Craig B. Johnson
Mayor
ATTEST:
Ann I. Walsh
Village Clerk
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