1992-019A t
ORDINANCE NO. 92- 19
91 • .
AN ORDINANCE AMENDING SECTION 19.01.040.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 fifty thousand dollars ($50,000) 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.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 seventy five thousand
dollars ($75,000) 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 REid. Kahn. Braiman, Hendricks
NAYES: 0 - None ABSENT: 1 - Rubin
PASSED: February 3. 1992 APPROVED: February 3. 1992
ATTEST: APPROVED:
Villa4d Clerk illage Pr
VILLAGE OF BUFFALO GROVE
ORDINANCE NO. -%
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GROVE
THIS DAY OF
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffa Grove, Cook & L ke Counties, Illinois,
this day of `�?-�' , 19 rT.
�e Clerk
_g r
uty Village Clerk
a
ORDINANCE NO. 92- 19
AN ORDINANCE AMENDING SECTION 19.01.040.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 fifty thousand dollars ($50,000) 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.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 seventy five thousand
dollars ($75,000) 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. REid Kahn Braiman Hendricks
NAYES: 0 -_ None ABSENT: I
PASSED: February . 1992 APPROVED: February 3 1992
ATTEST:` APPROVED:
Vfflaqd Clerk
Village Pr t" -