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RESOLUTION NO. 5-11 <br />A RESOLUTION DEEMING CERTAIN FUNDS IN THE SPECIAL TAX ALLOCATION <br />FUND FOR THE VILLAGE OF ELK GROVE VILLAGE TOWN CENTER TAX <br />INCREMENT REDEVELOPMENT PROJECT AREA AS "SURPLUS" FUNDS AND <br />DIRECTING THE PAYMENT AND DISTRIBUTION THEREOF (FISCAL YEAR 2011) <br />WHEREAS, pursuant to a series of Ordinances (Ordinance Nos. 2588, 2589 and 2590), <br />adopted August 26, 1997, including as subsequently supplemented and amended (collectively, <br />the "TIF Ordinances") in connection with the Village of Elk Grove Town Center Tax <br />Increment Redevelopment Project Area (the "Redevelopment Project Area"), the Village <br />Board (the "Corporate Authorities") of the Village of Elk Grove Village, Cook and DuPage <br />Counties, Illinois (the "Municipality") adopted the Village of Elk Grove Village Town Center <br />Tax Increment Area Redevelopment Plan and related Redevelopment Projects, designated the <br />Redevelopment Project Area, and authorized tax increment finance under the Tax Increment <br />Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et sea.), as supplemented and amended <br />(including the predecessor Act thereof, the "TIF ACT"); and <br />WHEREAS, the Municipality is required under Section 11-74.4-7 of the TIF Act to <br />annually designate all funds deposited into the special tax allocation fund established under the <br />TIF Ordinances that are not identified as being required, pledged, earmarked or otherwise <br />designated for payment of or securing of obligations or anticipated redevelopment project costs <br />as "surplus" funds and to cause the distribution thereof by paying the same to the taxing districts <br />in the Redevelopment Project Area, the Illinois Department of Revenue and the Municipality in <br />direct proportion to the amount of funds received from the collection of real estate taxes and <br />from the State of Illinois and deposited into such special tax allocation fund, such amount to the <br />taxing districts in the Redevelopment Project Area to be in the same manner and proportion as <br />the most recent distribution by the County Collector of Cook County, Illinois to the affected <br />taxing districts of real property taxes from real property in the Redevelopment Project Area. <br />NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Trustees of the <br />Village of Elk Grove Village, Counties of Cook and DuPage, Illinois as follows: <br />