O-83-37ORDINANCE NO. 0 -83 -37
AN ORDINANCE APPROVING AN APPROPRIATION FROM
THE,GENERAL FUND FOR THE PURPOSE OF A
REDEVELOPMENT PROJECT
WHEREAS, on June 7, 1982, the Village of Deerfield adopted
Ordinance No. 0- 82 -32, approving a Tax Increment Redevelopment Plan
and Redevelopment Project within certain sections of the Village of
Deerfield (the "Redevelopment Area "); and
WHEREAS, on June 7, 1982, the Village of Deerfield adopted
Ordinance No. 0 -82 -33 adopting. Tax Increment Allocation Financing in
the Village of Deerfield and established a fund known as the 111982
Special Tax Allocation Fund "; and
WHEREAS, a primary purpose of the Tax Increment
Redevelopment Plan is to encourage private investment within the
Redevelopment Area to provide financial assistance to redevelopment
proposals which are deemed consistent with the goals and objectives
of the Redevelopment Plan and which are also in conformance with the
Comprehensive Plan for the development of the Village as a whole; and
WHEREAS, the Plan Commission of the Village of Deerfield
has conducted a public hearing and forwarded its recommendation to
the Corporate Authorities of the Village of Deerfield with respect
to a proposed industrial planned development for the area legally
described on Exhibit A hereto and made a part hereof and commonly
referred to as the SCM- Kleinschmidt Property (the "Subject
Property "): and
WHEREAS, the Corporate Authorities have considered the
recommendation of the Plan Commission with respect to the proposed
industrial planned development of the Subject Property and have
voted preliminary approval thereof; and
WHEREAS, the developers of the aforementioned industrial
planned development for the Subject Property have requested the
Village of Deerfield to assist in the financing of certain aspects
of the industrial planned development in an amount not to exceed
$150,000; and
WHEREAS, the Corporate Authorities of the Village of
Deerfield have deemed that the development of the Subject Property
in the manner proposed in the aforementioned industrial planned
development is consistent with the goals and objectives of the Tax
Increment Development Plan as set forth in Ordinance No. 0- 82 -32.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES,
ILLINOIS, AS FOLLOWS:
SECTION That the sum of $150,000 (the "Funds ") is hereby
ONE: appropriated from the General Fund of the Village
of Deerfield and transferred to the 1982 Special
Tax Allocation Fund to be thereafter applied to assist in the
development of the Subject Property in a manner consistent with the
preliminary plan of the industrial planned development.
SECTION That the Funds are to be used towards (a) planning
TWO: of roadway and site improvements and (b)
installation of storm, sewer and water service
and required paving and curb work, all to be performed in a manner
conforming to the applicable codes of the ordinances of the - Village
of Deerfield.
SECTION That disbursements of the Funds from time to time
THREE: are to be made only upon receipt of a written
request from the developer identifying the
specific purpose for the application of the Funds. The written
request shall be reviewed by the Village Engineer of the Village of
Deerfield who shall thereafter indicate whether such application is
consistent with the terms and conditions contained herein and if so
shall notify the Finance Director of the Village of Deerfield who is
hereby empowered to disburse the Funds.
SECTION That the Funds advanced pursuant hereunder shall
FOUR:
be repaid
to the Village,
of Deerfield " " -
i withan_terest
at the-rate. of
9; %_ per. . i
annum in accordance with the-
foliowingy ^repayment
and
amortization
schedule:
Principal
Interest
Total
December
1, 1984
$50,000.00
$13,500.00
$63,500.00
December
1, 1985
50,000.00
91000.00
59,000.00
December
1, 1986
50,000.00
4,500.00
54,500.00
The repayment to the General
be made from funds available
Tax Allocation Fund. At the
prepayments of principal and
to time as funds are availab
Fund.
Fund of the .Village of Deerfield shall
from time to time in the 1982 Special
discretion of the Corporate Authorities
accrued interest may be made from time
le in the 1982 Special Tax Allocation
SECTION The Village of Deerfield may rescind this
FIVE: ordinance at any time without prior notice to the
developer and any unexpended Funds shall be re-
stored to the General Fund.
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SECTION That this Ordinance shall be in full force and
SIX: effect from and after its passage, approval and
publication in the manner provided by law.
SECTION That any Ordinance or parts thereof in conflict
SEVEN: herewith shall be hereby repealed.
AYES: JACKSON, MAROVITZ, MARTY, SEIDMAN, SWANSON, YORK • (6)
NAYS : NONE (0)
ABSENT: NONE (0)
PASSED this . 3rd day of October A.D.. 1983.
APPROVED this 3rd day of October A.D. , 1983.
ATTEST:
RLw'
VILLAG LERK
VILLAGE PRESIDENT
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