1994-08611/21/94
ti
ORDINANCE NO. 94- 86
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 seventy -five
thousand dollars ($75,000) 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 one hundred and
one thousand, two hundred and fifty nine dollars ($101,259) 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, Rubin, Braiman, Hendricks
NAYES: 0 - None ABSENT: 1 - Kahn
PASSED: November 21, 1994 APPROVED: November 21, 1994
ATTEST: APPROt7JED: /J _
F
t
n e
Village Clerk USIDNEY WWA`f`HIAS
Village President
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 Buffalo Grove, Cook Lak Counties, Illinois,
this day of% 19
LA
Village Cl rk
By-
puty Village Clerk
I
u
11/21/94
ORDINANCE NO. 94- 85
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 seventy -five
thousand dollars ($75,000) 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 one hundred and
one thousand, two hundred and fifty nine dollars ($101,259) 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, Rubin, Braiman, Hendricks
NAYES: 0 - None ABSENT: 1 - Kahn
PASSED: November 21, 1994 APPROVED: November 21, 1994
ATTEST:
Vill _ e Clerk
....��
:4 113
4
SIDNEY "A`hHIAS
Village President