HomeMy WebLinkAboutRESOLUTION - 56-09 - 10/13/2009 - SURPLUS FUNDS/EGV TOWN CENTER TAX INCREMENT PROJECT RESOLUTION NO. 56-09
A RESOLUTION DEEMING CERTAIN FUNDS IN THE SPECIAL TAX ALLOCATION
FUND FOR THE VILLAGE OF ELK GROVE VILLAGE TOWN CENTER TAX
INCREMENT REDEVELOPMENT PROJECT AREA AS "SURPLUS" FUNDS AND
DIRECTING THE PAYMENT AND DISTRIBUTION THEREOF(2009)
WHEREAS,pursuant to a series of Ordinances (Ordinance Nos. 2588, 2589 and 2590),
adopted August 26, 1997, including as subsequently supplemented and amended (collectively,
the "TIF Ordinances") in connection with the Village of Elk Grove Town Center Tax
Increment Redevelopment Project Area (the "Redevelopment Project Area"), the Village
Board (the "Corporate Authorities") of the Village of Elk Grove Village, Cook and DuPage
Counties, Illinois (the "Municipality") adopted the Village of Elk Grove Village Town Center
Tax Increment Area Redevelopment Plan and related Redevelopment Projects, designated the
Redevelopment Project Area, and authorized tax increment finance under the Tax Increment
Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et seg.), as supplemented and amended
(including the predecessor Act thereof, the "TIF ACT"); and .
WHEREAS,the Municipality is required under Sections 11-74.4-5(d) and 11-74.4-7 of
the TIF Act to annually designate all funds deposited into the special tax allocation fund
established under the TIF Ordinances that are not identified as being required, pledged,
earmarked or otherwise designated for payment of or securing of obligations or anticipated
redevelopment project costs as "surplus" funds and to cause the distribution thereof by paying
the same to the taxing districts in the Redevelopment Project Area, the Illinois Department of
Revenue and the Municipality in direct proportion to the amount of funds received from the
collection of real estate taxes and from the State of Illinois and deposited into such special tax
allocation fund, such amount to the taxing districts in the Redevelopment Project Area to be in
the same manner and proportion as the most recent distribution by the County Collector of Cook
County, Illinois to the affected taxing districts of real property taxes from real property in the
Redevelopment Project Area.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Trustees of the
Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows:
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Section 1: Findings: That the Corporate Authorities find, determine and declare that
the amount of funds deposited in the special tax allocation fund for the Redevelopment Project
Area that is not required, pledged, earmarked or otherwise designated for payment of or securing
of obligations or anticipated redevelopment project costs is Three Hundred Thousand Dollars
($300,000.00), such amount having been calculated and now deemed to be "surplus" funds for
the year 2009 under and pursuant to Sections 11-74.4-5(d) and 11-74.4-7 of the TIF Act.
Section 2: Direction: That the Director of Finance of the Village of Elk Grove Village
be and the same is hereby authorized and directed to cause the payment and distribution of all
such"surplus" funds in the manner and proportion as that specified in Sections 11-74.4-5(d)and
11-74.4-7 of the TIF Act.
Section 3: Effective Date: That this Resolution shall become effective upon its passage
and approval as required by law. This Resolution is hereby passed by the affirmative vote, the
"ayes" and"nays" being called, of a majority of the members of the Board of Trustees of the
Village of Elk Grove Village, Illinois, at a regular meeting of said Board of Trustees on the 13th
day of 2009, A.D.
VOTE: AYES: 6 NAYS: 0 ABSENT: 0
PASSED this 13th day of October 2009.
APPROVED this 13th day of October 2009.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
-Ann I. Walsh, Village Clerk
ResTIF2009
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