2023-03-20 - Ordinance 2023-031 - AUTHORIZING A FEASIBILITY STUDY AND ELIGIBILITY STUDY FOR THE PROPOSED 2023 BUFFALO GROVE DUNDEE ROAD TIF STUDY AREA, BUFFALO GROVE, ILLINOIS ORDINANCE NO. 2023-031
AN ORDINANCE AUTHORIZING A FEASIBILITY STUDY AND ELIGIBILITY STUDY
FOR THE PROPOSED 2023 BUFFALO GROVE DUNDEE ROAD TIF STUDY AREA
BUFFALO GROVE, ILLINOIS
WHEREAS, the Village Board of Trustees expressed concern that the area generally located
along the north and south sides of Dundee Road located near the intersection of Dundee Road and
Arlington Heights Road, as more fully described herein (the "TIF Study Area") as shown on the map
attached hereto and made part hereof by reference as Exhibit "A", was experiencing conditions that
were operating to limit and prevent redevelopment in the TIF Study Area.
WHEREAS, the TIF Study Area on the whole has had a lack of growth and development through
investment by private enterprise and is not reasonably anticipated to be developed without the benefits
provided by a TIF District.
WHEREAS, the Village Board of Trustees desires SB Friedman Development Advisors to
complete a final Feasibility Study pursuant to Section 11-74.4-4.1 of the Tax Increment Allocation
Redevelopment Act (the "Act").
WHEREAS, the Village Board of Trustees desire to promote and protect the public health,
welfare and safety of the TIF Study Area by encouraging redevelopment in the TIF Study Area.
WHEREAS, the Village Board of Trustees seek to determine whether the TIF Study Area qualified
as a TIF District.
WHEREAS, Section 11-74.4-4.1 requires the Village to act by Ordinance or Resolution.
NOW THEREFORE, BE IT ORDAINED, BY THE VILLAGE PRESIDENT AND VILLAGE BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, acting in the exercise of its home rule power that:
SECTION 1: The Village Board of Trustees authorizes SB Friedman Development Advisors to
complete a feasibility study on the designation of the TIF Study Area as set forth in Exhibit "A" as a
redevelopment project area.
SECTION 2: The TIF Study Area to be studied is generally located along the north and south sides of
Dundee Road located near the intersection of Dundee Road and Arlington Heights Road, as shown on
the map attached hereto and made part hereof by reference as Exhibit "A".
SECTION 3: The purpose of the proposed redevelopment plan and project is to encourage
reinvestment in the study area, enhance the tax base, provide new job opportunities, attract sound and
stable commercial growth, and improve the general welfare and prosperity of the Village.
SECTION 4: Tax Increment Financing under the Act allows a municipality to create a TIF District.
Once created the amount of real estate taxes generated from the TIF District over and above the real
estate taxes generated in the base year of the TIF will be deposited into a TIF Fund so that those dollars
constituting the incremental increase in taxes will be available to be spent on eligible redevelopment
project costs as delineated in the Act. Individual projects will be the subject of redevelopment
agreements. Utilizing TIF Funds to pay for TIF eligible project costs allows developers and property
owners to invest money that they would not otherwise be willing to invest without the financial
assistance provided by the TIF Fund. The benefit to the municipality, residents and taxpayers is to
provide additional investment dollars in an area that would not otherwise be redeveloped. At the end of
the TIF period, the real estate taxes over and above the base year's amount are then distributed to the
taxing bodies and the amount of real estate taxes to be generated from the TIF District is anticipated to
be higher than if no reinvestment occurred.
SECTION 5: Inquiries for additional information regarding this potential TIF District should be made
to Christopher Stilling, Deputy Village Manager, 847-459-2500. His address is 50 Raupp Blvd, Buffalo
G rove, I L 60089
SECTION 6: This Ordinance shall be in full force and effect upon passage and approval as provided
by law.
AYES: 5—Stein,Weidenfeld,Johnson,Smith, Pike
NAYES: 0—None
ABSENT: 1—Ottenheimer
PASSED: March 20,2023
APPROVED: March 20,2023
PUBLISHED: March 21,2023
ATTEST: APPROVED:
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EXHIBIT A
MAP OF THE PROPOSED TIF STUDY AREA
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