R-95-15RESOLUTION NO. R -95 -15
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 seg., 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 1 ") and Village Center Tax Increment Financing District 2
( "TIF 2 "); 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 accordance
ONE: 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 the
TWO: Village of Deerfield has determined that the sum of $1,950,000 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 hereby
THREE: 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.
RESOLUTION NO. R -95 -15
RESOLUTION AUTHORIZING A REALLOCATION OF
SURPLUS TAX INCREMENT FINANCING FUNDS
SECTION That the Village Clerk shall provide such certified copies of this
FOUR: 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 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 21 s t day of August A.D., 1995
APPROVED this 21st day of August A.D., 1995
Village President
ATTEST:
ViAge Clerk