1988-10310/13/88
O O
ORDINANCE NO. 88- 103
AN ORDINANCE AMENDING SECTION 19.01.040.3.B.
OF THE MUNICIPAL CODE BY REDETERMINING THE
FAIR MARKET VALUE OF LAND DEDICATED AS
PARK AND RECREATION AND SCHOOL SITES
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit by virtue of
the Illinois Constitution of 1970; and,
WHEREAS, the Village has redetermined the fair market value of land in
the Village dedicated as park and recreation and school sites to be greater
than thirty -five thousand dollars per acre;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS:
Section 1: Section 19.01.040.3.B. of the Municipal Code of the Village
of Buffalo Grove is hereby amended to read as follows:
B. Fair Market Value. The cash contributions in lieu of land shall be
based on the fair market value of the acres of land in the area
improved as specified herein, that otherwise would have been
dedicated as park and recreation and school sites. It has been
determined that the present fair market value of such improved land
in and surrounding the Village is fifty thousand dollars per acre
and such figure shall be used in making any calculation herein.
Section 2: This Ordinance shall be in full force and effect on and
after its passage and approval according to law. This Ordinance shall be
codified.
AYES: _5 - Marienthal Glover Reid, Shifrin, Mathias
NAPES: 0 - None
ABSENT:1 - Shields
PASSED: October 17
ATTEST:
Vil e Clerk
1988 APPROVED: October 17 1988
APPROVED:
VERITA L. CLAYTON, Village Presi t
10/13/88
ORDINANCE NO. 88- 103
AN ORDINANCE AMENDING SECTION 19.01.040.3.B.
OF THE MUNICIPAL CODE BY REDETERMINING THE
FAIR MARKET VALUE OF LAND DEDICATED AS
PARK AND RECREATION AND SCHOOL SITES
WHEREAS, the Village of Buffalo Grove is a Home Rule Unit by virtue of
the Illinois Constitution of 1970; and,
WHEREAS, the Village has redetermined the fair market value of land in
the Village dedicated as park and recreation and school sites to be greater
than thirty -five thousand dollars per acre;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS:
Section 1: Section 19.01.040.3.B. of the Municipal Code of the Village
of Buffalo Grove is hereby amended to read as follows:
B. Fair Market Value. The cash contributions in lieu of land shall be
based on the fair market value of the acres of land in the area
improved as specified herein, that otherwise would have been
dedicated as park and recreation and school sites. It has been
determined that the present fair market value of such improved land
in and surrounding the Village is fifty thousand dollars per acre
and such figure shall be used in making any calculation herein.
Section 2: This Ordinance shall be in full force and effect on and
- after its passage and approval according to law. This Ordinance shall be
codified.
AYES: _5 - Marienthal Glover Reid Shifrin Mathias
NAYES: 0 - None
ABSENT:1 - Shields
PASSED: October 17 1988 APPROVED: October 17 1988
ATTEST: APPROVED:
yg y'k
Village Clerk VERINA L. CLAYTON, Village Presi_ t