R-94-10i
RESOLUTION NO. R -94 =10
RESOLUTION AUTHORIZING A REALLOCATION OF
SURPLUS TAX INCREMENT FINANCING FUNDS
WHEREAS, the Corporate Authorities of the Village of
Deerfield, pursuant to the provisions of Chapter 65, Section
5/11- 74.4 -4, et sea., Illinois Compiled Statutes, the Tax
Increment Allocation Redevelopment Act (the "Act ") established
two tax increment financing districts within portions of the
Village of Deerfield located within both Cook County and Lake
County, Illinois, designated as Lake Cook Road Tax Increment
Financing District 1 ( "TIF 111) and Village Center Tax Increment
Financing District 2 ( "TIF 211); and
WHEREAS, the areas included in TIF 1 and TIF 2 are
contiguous to each other; and
WHEREAS, Chapter 65, Section
provides that any monies received
district and not required for the
obligations of such tax increment
redevelopment project costs may b,
tax increment financing district;
5/11- 74.4 -4(q) of the Act
by a tax increment financing
payment and securing of
financing district and /or
transferred to a contiguous
and
WHEREAS, following a review of the proposed redevelopment
projects and attendant costs in TIF 1 and TIF 2, the Corporate
Authorities have determined that pursuant to the provisions of
the Act that Surplus Funds are currently available in TIF 1 which
would be more effectively used in TIF 2.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, AS FOLLOWS:
SECTION That any Surplus Funds presently existing in TIF 1
ONE: in accordance with the Act be and are hereby
.declared Surplus Funds available for transfer to
TIF 2 as a contiguous Tax Increment Financing District.
SECTION That pursuant to Section One hereof the Finance
TWO: Director of the Village of Deerfield has
determined that the sum of $950,000 and held by
TIF 1 is Surplus Funds and is no longer required for use pursuant
to the provisions of the Act.
JKS\5691.1 5/27/94
RESOLUTION NO. R -94 -10
SECTION That the Finance Director of the Village of
THREE: Deerfield is hereby directed to follow the
statutory provisions for the reallocation of
Surplus Funds from TIF 1 to TIF 2 and to take the required steps
to promptly insure the redistribution of Surplus Funds to TIF 2.
SECTION That the Village Clerk shall provide such
FOUR: certified copies of this Resolution as may be
required for the purposes of effectuating the
redistribution.of Surplus Funds in the manner set forth above.
SECTION That this Resolution shall be in full force and
FIVE: effect from and after its passage in the manner
provided by law.
AYES: Ehlers, Heuberger-, Rosenthal, Seidman, Swanson, Swartz (6)
NAYS: None (0)
ABSENT: None (0)
PASSED this 7th day of September A.D., 1994.
APPROVED this 7th day of September A.D., 1994.
a
-iftGE PRESIDENT--/
ATTEST:
VI�A� GE .
JKS \5691.1 5/27/94