R-93-11RESOLUTION NO. R -93 -11
RESOLUTION DECLARING A SURPLUS OF TAX INCREMENT FINANCING FUNDS
WHEREAS, the Corporate Authorities of the Village of
Deerfield, pursuant to the provisions of Chapter 24, Section 11-
74.4, et sea., Illinois Revised Statutes, the Tax Increment.
Allocation Redevelopment Act (the "Act ") established a tax
increment financing district in 1982 within portions of the
Village of Deerfield located within both Cook County and Lake
County, Illinois; and
WHEREAS, pursuant to the provisions of the Act, the
Corporate Authorities adopted Ordinance No. 0 -82 -33 establishing
the 1982 Special Tax Allocation Fund and Ordinance No. 0 -82 -34
causing the issuance of $500,000 principal amount of Corporate
Purpose Bonds Series 1982; and
WHEREAS, Chapter 24, Section 11- 74.4 -7 of the Act requires
that any monies held by a municipality and not required for the
payment and securing of obligations of a tax increment financing
district and /or redevelopment project costs shall be deemed to be
"Surplus Funds "; and
WHEREAS, the Corporate Authorities have determined that
pursuant to the provisions-of the aforementioned ordinances No.
0 -82 -33 and No..0 -82 -34 and the Act that Surplus Funds are
currently available.
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 the
NE: 1982 Special Tax Allocation Fund determined in
accordance with Chapter 24, Section 11- 74.4 -7 of
the Act and Ordinances No. 0 -82 -33 and No. 0 -82 -34 be and are
hereby declared Surplus Funds.
SECTION That pursuant to Section One hereof the Finance
TWO: Director of the Village of Deerfield has
determined that the sum of $5,859,179 and held in
the 1982 Special Tax Allocation Fund is Surplus Funds and is no
longer required for use pursuant to the provisions of the Act and
Ordinances No. 0 -82 -33 and No. 0- 82 -34.
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 to the appropriate taxing bodies within both Cook
and Lake Counties and to take the required steps to. promptly
insure the redistribution of Surplus Funds to said taxing bodies.
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 (5)
NAYS: None (0)
ABSENT: Swartz (1)
PASSED: This 20th day of December , A.D., 1993
APPROVED: This 20th day of December , A.D., 1993
VILLAGE PRESIDENT
ATTEST:
VILLAGE CLERK
TIF 1 Projected Rebate 1993
Balance 1211/93
8,241,379
Tax Bill
Expenditures and Transfers to 1211/94
Actual
Change
Debt Service
82,200
Train Station
500,000
1992
TIF E)p (Brickyards)
850,000
&chool Dist tQ9:. :......:
TIF Exp (Other]
950,000
755,680::;.::
Total
2,382,200
Avallable For Rebate
5859179
27.08%
(1992 Rebate)
570154
60,256
11%
1993 Rebate 1992 Rebate
1991 Rebate 1990 Rebate
Lake County
2,328,320 2,099,846
2,428,846 2,513,375
Cook County
3,630,859 3.363.589
4.203,622 5.463.883
5,859,179 5,463,435
6,632,468 7,977,258
Tax Impact selected governmental units:
% of 1992
Tax Rate
Tax Bill
Projected
Actual
Change
%
1993
1992
1993 -1992
Change
&chool Dist tQ9:. :......:
2,292 .
:.: :::.
755,680::;.::
School Dist 113
1.862
27.08%
630,410
570154
60,256
11%
Park Dist
0. 507
7.9796
171,653
161809,
9,844
6%
....11:67785...
' 164662.
37.229
.::: :2396
Wlige of DF (w library)
0.588
8.5596
199,077
188,426
10,651
60A
Lbnary
0.174
25396
b8,911
:: 49 859
9,058..
....10%
:....... _
0.529 ::.....
7.8�%.:
;.... '179.102..:..:
67.::'
1096
West Deerfield Town
0.023
0.3396
7,787
7,341
448
60A
Forest Preserve
0.136
1, 9896 .......:.:46,046
41,906
:. .. 4,140.....
10%
....:::...001:::
24 :..:.
1%
Co" 532
0.22
3.2096
74,485
73,105
1,380
296
6.877
100.000A
2,328,320
2,099,846
228,474
11%