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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 t ATTEST: fA ovowy-nAl', W�. � "4zlrh Mtw-l� VirL-U-E- CLERK