HomeMy WebLinkAboutRESOLUTION - 51-23 - 10/10/2023 - PORT TAX INCREMENT - REDEVELOPMENT PROJECT AREASRESOLUTION NO.51-23
A RESOLUTION AUTHORIZING THE VILLAGE OF ELK GROVE VILLAGE TO
PORT INCREMENT AMONG AND BETWEEN CERTAIN CONTIGUOUS
REDEVELOPMENT PROJECT AREAS
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, State of Illinois as follows:
Section 1: That pursuant to the Illinois Tax Increment Allocation Redevelopment Act
(65 ILCS 5/74.4-4[q]), the Village has created five (5) adjacent Redevelopment Project Areas:
the Higgins Corridor Redevelopment Project Area ("Higgins TIF District"), the
Oakton/Higgins Redevelopment Project Area ("Oakton/Higgins TIF District), the Midway
Court Redevelopment Project Area ("Midway Court TIF District"), the Arlington -Higgins
Redevelopment Area ("Arlington/Higgins TIF District'), and the Elmhurst/Busse
Redevelopment Project Area ("Busse TIF District'), which are collectively referred to herein
as the "TIF Districts."
Section 2: That the Village has determined that to successfully meet the goals of the
redevelopment projects within the TIF Districts, it is desirable and necessary to port tax
increment between and among the TIF Districts.
Section 3: That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this loth day of October 2023
APPROVED this loth day of October 2023
APPROVED:
Mavor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk