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2023-03-20 - Resolution 2023-07 - INDUCEMENT RESOLUTION - RELATING TO THE POSSIBLE ADOPTION OF TAX INCREMENT FINANCING FOR THE 2023 BUFFALO GROVE DUNDEE ROAD TIF STUDY AREA, BUFFALO GROVE, ILLINOIS RESOLUTION NO. 2023-07 VILLAGE OF BUFFALO GROVE, ILLINOIS INDUCEMENT RESOLUTION RELATING TO THE POSSIBLE ADOPTION OF TAX INCREMENT FINANCING FOR THE 2023 BUFFALO GROVE DUNDEE ROAD TIF STUDY AREA, BUFFALO GROVE, ILLINOIS WHEREAS, the Village of Buffalo Grove, Illinois (the "Village") is a home rule unit under subsection (a) of Section 6 of Article Vll of the Illinois Constitution of 1970; and WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health safety, morals, and welfare; and WHEREAS, the Village is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 11-74.4-1, et seq. (the "Act"), to finance redevelopment project costs in connection with redevelopment project areas established in accordance with the conditions and requirements set forth in the Act; and WHEREAS, the Village hereby finds and determines that the financing intended herein will serve the public purposes of the Village; and WHEREAS, the Village desires to redevelop an area referred to as the 2023 Buffalo Grove Dundee Road TIF District Redevelopment Project Area generally located along the north and south sides of Dundee Road located near the intersection of Dundee Road and Arlington Heights Road, and WHEREAS, it appears that the area cannot be redeveloped without the adoption of a tax increment financing plan pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 11-74, 4- 1, et seq. (the "TIF Act"); and WHEREAS, pursuant to the TIF Act, to implement tax increment financing, it is necessary for the Village to adopt a redevelopment plan and redevelopment project, and designate a redevelopment project area on the basis of finding that the area qualifies pursuant to statutory requirements, and make a finding that the redevelopment project area on the whole has not been subject to growth and development through private enterprise and would not reasonably be anticipated to be developed without the adoption of a redevelopment plan, which plans contains a commitment to use public funds; and WHEREAS, the exact boundaries of the redevelopment project area are not precisely defined at this time or the exact content of the redevelopment plan pursuant to the TIF Act are not finalized at this time but will be established in the near future; and WHEREAS, time is of the essence due to redevelopment interest and needs in the subject redevelopment area; and WHEREAS, the Village will expend funds in the investigation of a potential Tax Increment Financing District, including, but not limited to, legal, engineering, planning and other consultants which would be eligible to be paid as eligible redevelopment project costs in the event the Tax Increment Finance District is created and as permitted by the Act(the "Village's Potential Eligible Costs"); and WHEREAS, in reliance upon the Village's commitment to explore the issue of creating a Tax Increment Finance District, Developers may choose to expend money with respect to the following expenses, including, but not limited to, engineering, legal, design, remediation, property acquisition and other expenses which could be reimbursed if a Tax Increment Finance District is created and as permitted by the Act (the "Developer's Potential Eligible Costs"); and WHEREAS, this Resolution does not obligate the Village to create a Tax Increment Finance District on the Property, or any portion thereof, nor shall it obligate the Village to enter into a redevelopment agreement with a Developer in the event a Tax Increment Financing District is created, but rather, it is intended to induce Developers to pursue plans for redevelopment and to provide for the potential reimbursement of the Village's Potential Eligible Costs and the Developer's Potential Eligible Costs in the event such a Tax Increment Finance District is created, the costs are legally permitted to be reimbursed, and the Village agrees to reimburse such costs. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE,that Section One: Incorporation of Recitals The recitals set forth above are incorporated into this Section as if fully set forth herein. Section Two: Property Review Village staff has examined the Property and its condition and circumstances and, at this time, the Corporate Authorities conclude that it is reasonable to believe that a tax increment financing plan may be adopted for said Property and expenditures of development costs in furtherance of the plan and potential development may be allowable "redevelopment project costs" under the plan, provided however, that this resolution is not a guarantee that any such plan will be adopted, or that any such costs will be allowed as "redevelopment project costs" but rather, is an expression of the intent to consider that possibility in the event that a TIF District is created. Section Three: Inducement This Resolution is adopted for purposes of inducing the Village and Developers to proceed with the potential redevelopment of the Property and to incur costs pending the possible approval of a TIF and a redevelopment agreement. Section Four: Reimbursement In the event a Tax Increment Finance District is created over some or all of the Property, the Village may consider, but is not obligated to making reimbursement for a developer's Potential Eligible Costs and the Village's Potential Eligible Costs to the extent approved by the Village and authorized by law. In the event that no Tax Increment Finance District is created over some or all of the Property, the Village shall in no way be obligated to reimburse any developer for any of its costs or expenses. Section Five: Authorization The Corporate Authorities hereby authorize and direct the Village Manager or his designee to draft and execute all necessary documents and perform all necessary tasks to effectuate the intent of this Resolution. The Village Clerk is hereby authorized and directed to attest to, countersign, and affix the seal of the Village to all such documents as are deemed necessary. Section Six: Other Actions Authorized The officers and employees of the Village shall take all actions reasonably required or necessary to carry out and give effect to the intent of this Resolution and otherwise take all actions necessary in conformity therewith including, without limitation, the execution and delivery of all documents required to be delivered in connection with the actions contemplated herein. AYES: 5—Stein,Weidenfeld,Johnson,Smith. Pike NAYES: 0—None ABSENT: 1—Ottenheimer PASSED: March 20,2023 APPROVED: March 20, 2023 ATTEST: APPROVED: �� �'�i ��-r�. 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