HomeMy WebLinkAboutRESOLUTION - 5-11 - 1/25/2011 - TIF/TAX ALLOCATION FUND - SURPLUSRESOLUTION NO. 5-11
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 (FISCAL YEAR 2011)
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 sea.), as supplemented and amended
(including the predecessor Act thereof, the "TIF ACT"); and
WHEREAS, the Municipality is required under Section 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:
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 Section 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 to the Cook County Collector in the manner and proportion as that
specified in Section 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 25`h
day of January, 2011.
VOTE: AYES 6 NAYS: 0 ABSENT: 0
PASSED this 251h day of January 2011.
APPROVED this 251h day of January 2011.
APPROVED:
Mayor Craig B. Johnson
Village of Elk Grove Village
ATTEST:
Judith M. Keegan, Village Clerk
ResTIF2011