1986-064ORDINANCE NUMBER 86- 64
ORDINANCE ADOPTING TAX INCREMENT ALLOCATION FINANCING
WHEREAS, the Village of Buffalo Grove desires to adopt
tax increment financing pursuant to the Illinois Tax Increment
Allocation Redevelopment Act, Ill.Rev.Stat. Ch.24, Sections
11- 74.4 -1 et seq., as amended (hereinafter referred to as the
"Act "); and
WHEREAS, the Village of Buffalo Grove has adopted a Tax
Increment Redevelopment Plan and Project, and designated a Rede-
velopment Project Area, pursuant to the provisions of the Act,
and has otherwise complied with all other conditions precedent
required by the Act;
NOW, THEREFORE, BE IT HEREBY ORDAINED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS, as follows:
Section 1. That tax increment financing is hereby
adopted in respect to the Redevelopment Plan and Project approved
and adopted pursuant to Ordinance of the Village of Buffalo Grove
passed November 3, 1986, in respect to the Redevelopment Project
Area described in Exhibit "A" attached to this Ordinance, which
Redevelopment Project Area was designated pursuant to Ordinance
passed by the President and Board of Trustees on November 3,
1986.
Section 2. That the ad valorem taxes arising from the
levies upon taxable real property in the Redevelopment Project
Area by taxing districts and tax rates determined in the manner
provided in paragraph (c) of Section 11- 74.4 -9 of the Act each
year after the effective date of this Ordinance until redevelop-
ment project costs and all municipal obligations financing
redevelopment project costs have been paid shall be divided as
follows:
(a) That portion of taxes levied upon each taxable lot,
block, tract or parcel of real property which is attribut-
able to the initial equalized assessed value of each such
taxable lot, block, tract or parcel of real property in the
Redevelopment Project Area shall be allocated to and when
collected shall be paid by the County Collector to the re-
spective affected taxing districts in the manner required by
law in the absence of the adoption of tax increment alloca-
tion financing.
(b) That portion, if any, of such taxes which is at-
tributable to the increase in the current equalized assessed
valuation of each lot, block, tract or parcel of real property
in the Redevelopment Project Area, over and above the initial
equalized assessed value of each lot, block, tract or parcel
of real property in the Redevelopment Project Area, shall be
allocated to and when collected shall be paid to the Village
which shall deposit such funds in a special fund called "The
Special Tax Allocation Fund for the Village of Buffalo Grove
Town Center District Tax Increment Redevelopment Project
Area for the purposes set forth in the Redevelopment Plan
and Project referred to in Section 1 of this Ordinance.
Section 3. That the Village shall obtain and utilize
incremental taxes arising from Section 11- 74.4 -Ba of the Act as
WAM
amended for the payment of redevelopment project costs and all
Village obligations financing redevelopment project costs in
accordance with the provisions of the Act and the Redevelopment
Plan and Project.
Section 4. That a certified copy of this Ordinance,
accompanied by the materials and information required by Section
11- 74.4 -8a(3) of the Act, shall be filed with the Illinois
Department of Commerce and Community Affairs and the Illinois
Department of Revenue within 30 days of the adoption of this
Ordinance.
Section S. That this Ordinance shall be in full force
and effect upon its passage by the Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois and
approval by the President thereof.
Section 6. That all ordinances, resolutions, and
orders, and parts thereof, in conflict herewith, are hereby
superseded to the extent of such conflict. This Ordinance shall
not be codified.
Ayes: 4 - Marienthal, Glover, Reid, Shields
Nayes: 2 - O'Reilly, Kowalski
Absent: 0 - None
Adopted this 3rd day of November, 1986.
(SEAL)
Attest:
Villa Clerk
App ved:
G
Verna L. Clayton - Pr qs.
P-Ldent
M91M
L J
r
Trustee Marienthal made a motion that said
ordinance be adopted by said President and Board of Trustees,
which motion was duly seconded by Trustee Glover
After full discussion and consideration of the matter,
the roll was called as follows:
AYE: 4 - Marienthal, Glover, Reid, Shields
NAY: 2 - O'Reilly, Kowalski
ABSENT OR NOT VOTING: 0 - None
Verna L. Clayton, President, announced the motion carried
and the Ordinance duly adopted.
(Other Business)
There being no further business to come before the
President and Board of Trustees, upon motion duly seconded and
unanimously adopted, the meeting was adjourned.
(SEAL)
Attest:.
Village lerk
(833/S)
Verna L. Clayton - Presi ht
.me
REDEVELOPMENT PROJECT AREA
The Redevelopment Project Area is part of the area within
the intersections of Lake Cook Road, Illinois State Route #83
and Buffalo Grove Road. The project area lies entirely north
of Lake Cook Road and totally in Lake County, Illinois. The
Redevelopment Project Area is shown on Map 1 and the legal
descriptions of the included property are set forth at Appendix
B of the Village of Buffalo Grove Town Center District Tax
Increment Redevelopment Plan and Project.
Exhibit A
r ..r
^ t
i \ ` •�' ,ii,u 1 • � � � {� 1. ! 1 ¢ ' '! (t � 3i�i
C.
NIX,
�/✓.` � ` j � .J � : !' / � 111 +'r r;
Y
TOWN CENTER — BUFFALO GROVE -- � r -roo`o• Town Cen+er Msoda+es
PAMUP A. Kupitn t Auoclaua ArcMt•c+ 2 .NNE +oee
J•rroM Orlm /Sulaa A.
F
TAX INCREMENT FINANCING DISTRICT
aoclalaO Arclil•cl
F
TAX INCREMENT FINANCING DISTRICT
. ze \
\
VILLAGE OF BUFFALO GROVE
ORDINANCE §0.
ADOPTED B THE PRESIDENT
AND BOARD OF TRUSTEES O£ THE VILLAGE .
OF BUFFALO G OVE
THIS DA OF , 19
2
. 2
?� v�
Published in pamphlet form by authority o£ the
r -
ORDINANCE NUMBER 86- 64
ORDINANCE ADOPTING TAX INCREMENT ALLOCATION FINANCING
WHEREAS, the Village of Buffalo Grove desires to adopt
tax increment financing pursuant to the Illinois Tax Increment
Allocation Redevelopment Act, Il1.Rev.Stat. Ch.24, Sections
11- 74.4 -1 et seq., as amended (hereinafter referred to as the
"Act "); and
WHEREAS, the Village of Buffalo Grove has adopted a Tax
Increment Redevelopment Plan and Project, and designated a Rede-
velopment Project Area, pursuant to the provisions of the Act,
and has otherwise complied with all other conditions precedent
required by the Act;
NOW, THEREFORE, BE IT HEREBY ORDAINED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS, as follows:
Section 1. That tax increment financing is hereby
adopted in respect to the Redevelopment Plan and Project approved
and adopted pursuant to Ordinance of the Village of Buffalo Grove
passed November 3, 1986, in respect to the Redevelopment Project
Area described in Exhibit "A" attached to this Ordinance, which
Redevelopment Project Area was designated pursuant to Ordinance
passed by the President and Board of Trustees on November 3,
1986.
Section 2. That the ad valorem taxes arising from the
levies upon taxable real property in the Redevelopment Project
Area by taxing districts and tax rates determined in the manner
provided in paragraph (c) of Section 11- 74.4 -9 of the Act each
• r.
1
year after the effective date of this Ordinance until redevelop-
ment project costs and all municipal obligations financing
redevelopment project costs have been paid shall be divided as
follows:
_(a) That portion of taxes levied upon each taxable lot,
block, tract or parcel of real property which is attribut-
able to the initial equalized assessed value of each such
taxable lot, block, tract or parcel of real property in the
Redevelopment Project Area shall be allocated to and when
collected shall be paid by the County Collector.to the re-
spective affected taxing districts in the manner required by
law in the absence of the adoption of tax increment alloca-
tion financing.
(b) That portion, if any, of such taxes which is at-
tributable to the increase in the current equalized assessed
valuation of-each lot, block, tract or parcel of real property
in the Redevelopment Project Area, over and above the initial
equalized assessed value of each lot, block, tract or parcel
of real property in the Redevelopment Project Area, shall be
allocated to and when collected shall be paid to the Village
which shall deposit such funds in a special fund called "The
Special Tax Allocation Fund for the Village of Buffalo Grove
Town Center District Tax Increment Redevelopment Project
Area for the purposes set forth in the Redevelopment Plan
and Project referred to in Section 1 of this Ordinance.
Section 3. That the Village shall obtain and utilize
incremental taxes arising from Section 11- 74.4 -8a of the Act as
-2-
• i
amended for the payment of redevelopment project costs and all
Village obligations financing redevelopment project costs in
accordance with the provisions of the Act and the Redevelopment
Plan and Project.
Section 4. That a certified copy of this Ordinance,
accompanied by the materials and information required by Section
11- 74.4 -8a(3) of the Act, shall be filed with the Illinois
Department of Commerce and Community Affairs and the Illinois
Department of Revenue within 30 days of the adoption of this
Ordinance.
Section 5. That this Ordinance shall be in full force
and effect upon its passage by the Board of Trustees of the
Village of Buffalo Grove, Cook and Lake Counties, Illinois and
approval by the President thereof.
Section 6. That all ordinances, resolutions, and
orders, and parts thereof, in conflict herewith, are hereby
superseded to the extent of such conflict. This Ordinance shall
not be codified.
Ayes: 4 - Marienthal, Glover, Reid, Shields
Naye s• 2 - O'Reilly, Kowalski
Absent: 0 - None
Adopted this 3rd day of November, 1986.
(SEAL)
Attest:
Village-; Clerk
AA >pp ved :
Verna L. Clayton - Pre ident
MIM
Trustee - Marienthal made a motion that said
ordinance be adopted by said President and Board of Trustees,
which motion was duly seconded by Trustee Glover
After full discussion and consideration of the matter,
the roll was called as follows:
AYE: 4 - Marienthal, Glover, Reid, Shields
NAY: 2 - O'Reilly, Kowalski
ABSENT OR NOT VOTING: 0 - None
Verna L.'Clayton, President, announced the motion carried
and the Ordinance duly adopted.
(Other Business)
There being no further business to come before the
President and Board of Trustees, upon motion duly seconded and
unanimously adopted, the meeting was adjourned.
(SEAL)
"Attest:
Vi l lager -Clerk
(833/S)
Verna L. Clayton - Presicj�nt
l
r
REDEVELOPMENT PROJECT AREA
The Redevelopment Project Area is part of the area within
the intersections of Lake Cook Road, Illinois State Route n83
and Buffalo Grove Road. The project area lies entirely north
of Lake Cook Road and totally in Lake County, Illinois. The
Redevelopment Project Area is shown on Map l and the legal
descriptions of the included property are set forth at Appendix
B of the Village of Buffalo Grove Town Center District Tax
Increment Redevelopment Plan and Project.
Exhibit A
l Tom, f�° ° � {_ _ - _ / �` '� � /'� :�� (.•
d
I 1j
kk
•� - L
TAX INCREMENT FINANCING DISTRICT
TOWN CENTER — BUFFALO GROVE �•'� � r.lotY -o- TowtnCenter A•aodate•
PANYp A. ttupllc L M•oCl•b• ArcMbq i JUNE 1000
J.r�va Orlin /
S•rt•• A••ocl•t•A A,cAll•ct