R-98-07RESOLUTION NO. R -98 =07
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 sec., 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
( "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 5/11- 74.4 -4(q) of the Act provides that any
monies received by a tax increment financing district and not required for the
payment and securing of obligations of such tax increment financing district
and /or redevelopment project costs may be transferred to a contiguous tax
increment financing district; 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 in
ONE: 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 Director of
TWO: the village of Deerfield has determined that the sum of
$1,800,000 and held by TIF 1 is Surplus Funds and is no longer
required for use pursuant to the provisions of the Act.
SECTION That the Finance Director of the Village of Deerfield is
THREE: 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 certified copies of
FOUR: 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 effect from
FIVE: and after its passage in the manner provided by law.
AYES: Ehlers, Heuberger, Rosenthal, Seidman, Swanson (5)
NAYS: None ( 0 )
ABSENT: Swartz ( 1 )
PASSED this 2nd day of March A.D. , 1998.
APPROVED this 2nd day of March A.D., 1998.
RESOLUTION NO. R -98 -07
VILLAGE PRESIDENT
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VirL-U-E- CLERK