1986-065•
ORDINANCE NUMBER 86- 65
ORDINANCE RESPECTING STATE SALES TAX INCREMENT
WHEREAS, the State of Illinois has adopted Tax Incre-
ment Allocation Financing, pursuant to the Illinois Tax Increment
Allocation Redevelopment Act, Ill. Rev. Stats. Ch. 24 Section
74.4 -4.1 et. seq., (1985) (the "Act "), as the Act has been
amended effective September 20, 1986 (the "Amendment "), and said
Amendment, in relevant part (Section 11- 74.4- 8a(1)), provides
that municipalities that have adopted tax increment financing for
a redevelopment project area before January 1, 1987 are entitled
to the increase in the aggregate amount of taxes paid by
retailers and servicemen on transactions at places of business
located within such redevelopment project area, pursuant to the
Municipal Retailers' Occupation Tax Act, the Municipal Service
Occupation Tax Act, the Retailers' Occupation Tax Act, the Use
Tax Act, the Service Use Tax Act, and the Service Occupation Tax
Act, for as long as the redevelopment project area exists, over
and above the aggregate amount of such taxes as certified by the
Illinois Department of Revenue and paid under those Acts by
retailers and servicemen on transactions at places of business
located in the redevelopment project area during the base year,
which is the calendar year immediately prior to the year in which
the municipality adopted Tax Increment Allocation Financing, less
1.6% of such amounts, which sum shall be retained by the State
Treasurer to cover the costs incurred by the Department of
Revenue in administering and enforcing the Amendment; and
WHEREAS, the Village of Buffalo Grove adopted tax
increment allocation financing, pursuant to Ordinance dated
November 3, 1986, for the Redevelopment Project Area commonly
described as the Buffalo Grove Town Center, which area is
described in Exhibit "A" and is shown on Map 1 included therein,
which Exhibit and Map are attached to this Ordinance and made a
part hereof; and
WHEREAS the Village of Buffalo Grove desires to elect
to utilize the increase in taxes under the Amendment, as
permitted by the Act, for the Redevelopment Project Area and to
comply with the provisions of the Act and Amendment in order that
the Village may receive the incremental revenues to which it is
entitled; and
WHEREAS, the Village has imposed the maximum tax
allowed by law under the Municipal Retailers' Occupation Tax Act,
the Municipal Use Tax Act and the Municipal Service Occupation
Tax Act; and
WHEREAS, the Village intends to deposit in its Special
Tax Allocation Fund all incremental revenues received under the
Municipal Retailers' Occupation Tax Act, the Municipal Service
Occupation Tax Act, and real property taxes as required by the
Act and Amendment.
NOW, THEREFORE, BE IT HEREBY ORDAINED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS:
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•
Section 1. That the Village of Buffalo Grove, Illinois
hereby makes the following findings:
(a) The President and Board of Trustees of the
Village of Buffalo Grove have adopted tax increment financing
pursuant to the provisions of the Act by Ordinance dated
November 3, 1986, in respect to the Redevelopment Project Area
described in Exhibit "A" and set forth on Map 1, attached hereto
and made a part hereof, and all conditions and provisions of the
Act and Amendment have been complied with.
(b) The Redevelopment Project Area, described in
Exhibit "A" and Map 1, would not reasonably be developed without
the use of the incremental revenues arising under the Municipal
Retailers' Occupation Tax Act, the Municipal Service Occupation
Tax Act, the Retailers' Occupation Tax Act, the Use Tax Act, the
Service Use Tax Act, and the Service Occupation Tax Act.
(c) The increment arising under the Act and.
Amendment, described in Section 1.(b) above, will be exclusively
utilized for the development of the Redevelopment Project Area.
(d) The Village has imposed the maximum tax
allowed by law under the Municipal Retailers' Occupation Tax Act,
the Municipal Use Tax Act, and the Municipal Service Tax Act.
Section 2. That the Village hereby elects to utilize
those incremental revenues arising under the Act and Amendment,
described in Section 1.(b) above, for the purpose of implementing
the Redevelopment Plan and Project for the development of the
Redevelopment Project Area described in Exhibit "A ".
-3-
r
e
Section 3. That, pursuant to Section 11- 74.4 -8a(1) of
the Amendment, the Department of Revenue of the State of Illinois
is hereby authorized to annually certify and cause to be paid to
the Village of Buffalo Grove an amount equal to the increase in
the aggregate amount of taxes paid by retailers and servicemen on
transactions at places of business located within the Redevelop-
ment Project Area, pursuant to the Municipal Retailers' occupa-
tion Tax Act, the Municipal Service Occupation Tax Act, the
Retailers' Occupation Tax Act, the Use Tax Act, the Service Use
Tax Act, and the Service Occupation Tax Act, for as long as the
Redevelopment Project Area exists, over and above the aggregate
amount of such taxes as certified by the Illinois Department of
Revenue and paid under those Acts by retailers and servicemen on
transactions at places of business located in the Redevelopment
Project Area during the base year of 1985, the calendar year
immediately prior to the year in which the municipality adopted
tax increment allocation financing, less 1.6% of such amounts,
which sum shall be retained by the State Treasurer to cover the
costs incurred by the Department of Revenue in administering and
enforcing the Amendment.
Section 4. That the Village shall deposit in its Special
Tax Allocation Fund all incremental revenues from the Municipal
Retailers' Occupation Tax Act, the Municipal Service Occupation
Tax Act, and local real property taxes received with respect to
property within the Redevelopment Project Area.
am
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Section S. 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 withing 30 days of the adoption of this
Ordinance.
Section 6. That this Ordinance shall be in full force
and effect after passage by the Board of Trustees of the Village
of Buffalo Grove, Cook and Lake Counties, Illinois and approved
of the President thereof.
Section 7. 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:
Villa4a,d Clerk
(787/EE)
-5-
Approved:
Verna L. Clayton - Pre dent
Trustee Marienthal made a motion that said ordi-
nance 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.
Verna L. Clayton - Pr ident
(SEAL)
Attest
i t � •�A11.(�.ii-ill.,
Villa e Clerk
(787/EE)
IM
0 0
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
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TAX INCREMENT FINANCING DISTRICT
TOWN CENTER - BUFFALO GROVE r- 10d Town Center Assocleles
pAllllp A. Kuprllt A
M°oclN°° AreNtett
2 JUNE -1886
J°noM ErNn /SMea A°eoelq°e ArWl°cl
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VILLAGE OF BUFFALO GROVE
ORDINANCE NO. gl,- 6-6
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GROVE
THIS DAY OFJL , 19 a
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffalo Grove, Cook & Lake Counties, Illinois,
this day of /I/ 19
Village Clerk
c
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i
i
ORDINANCE NUMBER 86- 65
ORDINANCE RESPECTING STATE SALES TAX INCREMENT
WHEREAS, the State of Illinois has adopted Tax Incre-
ment Allocation Financing, pursuant to the Illinois.Tax Increment
Allocation Redevelopment Act, Ill. Rev. Stats. Ch. 24 Section
74.4 -4.1 et. seq., (1985) (the "Act "), as the Act has been
amended effective September 20, 1986 (the "Amendment "), and said
Amendment, in relevant part (Section 11- 74.4- 8a(1)), provides
that municipalities that have adopted tax increment financing for
a redevelopment project area before January 1, 1987 are entitled
to the increase in the aggregate amount of taxes paid by
retailers and servicemen on transactions at places of business
located within such redevelopment project area, pursuant to the
Municipal Retailers' Occupation Tax Act, the Municipal Service
Occupation Tax Act, the Retailers' Occupation Tax Act, the Use
Tax Act, the Service Use Tax Act, and the Service Occupation Tax
Act, for as long as the redevelopment project area exists, over
and above the aggregate amount of such taxes as certified by the
Illinois Department of Revenue and paid under those Acts by
retailers and servicemen on transactions at places of business
located in the redevelopment project area during the base year,
which is the calendar year immediately prior to the year in which
the municipality adopted Tax Increment Allocation Financing, less
1.6% of such amounts, which sum shall be retained by the State
Treasurer to cover the costs incurred by the Department of
Revenue in administering and enforcing the Amendment; and
WHEREAS, the Village of Buffalo Grove adopted tax
increment allocation financing, pursuant to Ordinance dated
November 3, 1986, for the Redevelopment Project Area commonly
described as the Buffalo Grove Town Center, which area is
described in Exhibit "A" and is shown on Map 1 included therein,
r
which Exhibit and Map are attached to this Ordinance and made a
part hereof; and
WHEREAS the Village of Buffalo Grove desires to elect
to utilize the increase in taxes under the Amendment, as
permitted by the Act, for the Redevelopment Project Area and to
comply with the provisions of the Act and Amendment in order that
the Village may receive the incremental revenues to which it is
entitled; and
WHEREAS, the Village has imposed the maximum tax
allowed by law under the Municipal Retailers' Occupation Tax Act,
the Municipal Use Tax Act and the Municipal Service Occupation
Tax Act; and
WHEREAS, the Village intends to deposit in its Special
Tax Allocation Fund all incremental revenues received under the
Municipal Retailers' Occupation Tax Act, the Municipal Service
Occupation Tax Act, and real property taxes as required by the
Act and Amendment.
NOW, THEREFORE, BE IT HEREBY ORDAINED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS:
-2-
Section 1. That the Village of Buffalo Grove, Illinois
hereby makes the following findings:
(a) The President and Board of Trustees of the
Village of Buffalo Grove have adopted tax increment financing
pursuant to the provisions of the Act by Ordinance dated
November 3, 1986, in respect to the Redevelopment Project Area
described in Exhibit "A" and set forth on Map 1, attached hereto
and made a part hereof, and all conditions and provisions of the
Act and Amendment have been complied with.
(b) The Redevelopment Project Area, described in
Exhibit "A" and Map 1, would not reasonably be developed without
the use of the incremental revenues arising under the Municipal
Retailers' Occupation Tax Act, the Municipal Service Occupation
Tax Act, the Retailers' Occupation Tax Act, the Use Tax Act, the
Service Use Tax Act, and the Service Occupation Tax Act.
(c) The increment arising under the Act and.
Amendment, described in Section 1.(b) above, will be exclusively
utilized for the development of the Redevelopment Project Area.
(d) The Village has imposed the maximum tax
allowed by law under the M
the Municipal Use Tax Act,
Section 2. That
those incremental revenues
described in Section 1.(b)
the Redevelopment Plan and
Redevelopment Project Area
unicipal Retailers' Occupation Tax Act,
and the Municipal Service Tax Act.
the Village hereby elects to utilize
arising under the Act and Amendment,
above, for the purpose of implementing
Project for the development of the
described in Exhibit "A".
-3-
Section 3. That, pursuant to Section 11- 74.4 -8a(1) of
the Amendment, the Department of Revenue of the State of Illinois
is hereby authorized to annually certify and cause to be paid to
the Village of Buffalo Grove an amount equal to the increase in
the aggregate amount of taxes paid by retailers and servicemen on
transactions at places of business located within the Redevelop
ment Project Area, pursuant to the Municipal Retailers' Occupa-
tion Tax Act, the Municipal Service Occupation Tax Act, the
Retailers' Occupation Tax Act, the Use Tax Act, the Service Use
Tax Act, and the Service Occupation Tax Act, for as long as the
Redevelopment Project Area exists, over and above the aggregate
amount of such taxes as certified by the Illinois Department of
Revenue and paid under those Acts by retailers and servicemen on
transactions at places of business located in the Redevelopment
Project Area during the base year of 1985, the calendar year
immediately prior to the year in which the municipality adopted
tax increment allocation financing, less 1.6% of such amounts,
which sum shall be retained by the State Treasurer to cover the
costs incurred by the Department of Revenue in administering and
enforcing the Amendment.
Section 4. That the Village shall deposit in its Special
Tax Allocation Fund all incremental revenues from the Municipal
Retailers' Occupation Tax Act, the Municipal Service Occupation
Tax Act, and local real property taxes received with respect to
property within the Redevelopment Project Area.
. -4-
'r
Section 5. 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 withing 30 days of the adoption of this
Ordinance.
Section 6. That this Ordinance shall be in full force
and effect after passage by the Board of Trustees of the Village
of Buffalo Grove, Cook and Lake Counties, Illinois and approved
of the President thereof.
Section 7. 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:
Vi— llama Clerk
(787/EE)
-5-
Approved:
G�
Verna L. Clayton - Prey dent
Trustee - Marienthal made a motion that said ordi-
nance 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.
Verna L. Clayton - Pr ident
(SEAL)
�it'��sjt:
lacje) Clerk
(787/EE)
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
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VMlllp A. Kuprllt A Aeeooletee MaNt.0 Y JUNE .1986
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TAX INCREMENT FINANCING DISTRICT