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:
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