HomeMy WebLinkAboutRESOLUTION - 52-19 - 9/10/2019 - Busse/Elmhurst and Higgins Corridor Redevelopment ProjectRESOLUTION NO.52-19
A RESOLUTION AUTHORIZING THE VILLAGE MANAGER TO PORT
INCREMENT BETWEEN THE BUSSE/ELMHURST AND HIGGINS CORRIDOR
REDEVELOPMENT PROJECT AREAS TO DEFRAY CERTAIN ELIGIBLE COSTS
A. Pursuant to the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS
5/74.4-1 et seq.) ("TIF Act"), the Village created two contiguous redevelopment project areas:
the Busse/Elmhurst Redevelopment Project Area ("Elmhurst TIF District"); and the Higgins
Corridor Redevelopment Project Area ("Higgins TIF District"). The Busse/Elmhurst TIF
District and the Higgins TIF District are collectively referred to herein as the "TIF Districts."
B. Section 74.4-4(q) of the Act grants the Village the authority to use increment
generated by one redevelopment project area to pay for "Eligible Costs," as that term is defined
in the Act, to pay for Eligible Costs in an adjacent, contiguous redevelopment project area.
C. The Village has determined that it may be necessary and desirable to use increment
from the Elmhurst TIF District to pay for eligible costs in the Higgins TIF District, in accordance
with the Act and the redevelopment plans for each TIF District.
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: The Village Manager is hereby authorized to use tax increment generated from
the Busse/Elmhurst TIF District to pay for eligible costs in the Higgins TIF District.
Section 2: That this Resolution shall be in full force and effect from and after its passage
and approval according to law.
VOTE: AYES:5 NAYS: 0 ABSENT:1
PASSED this loth day of September 2019.
APPROVED this loth day of September 2019.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Loretta M. Murphy, Village Clerk