HomeMy WebLinkAboutRes 01-93 01/05/1993 RESOLUTION NO. !_ - 93
A RESOLUTION TO DETERMINE WHEN A SURPLUS SHALL BE DECLARED
FOR THE VILLAGE OF MOUNT PROSPECT DOWNTOWN REDEVELOPMENT
TAX INCREMENT FINANCING DISTRICT NO. 1.
WHEREAS, pursuant to Public Act 79-1525, there has been enacted into law,
effective January 10, 1977, certain legislation entitled, "Tax Increment Allocation
Redevelopment Act" as amended; and
WHEREAS, pursuant to said Act, that portion of ad valorem taxes which is
attributable to the increase in current equalized assessed valuation over the initial
equalized assessed valuation shall be paid to the municipal treasurer for deposit in a
Special Tax Allocation Fund for the purpose of paying redevelopment project costs and
obligations incurred in the payment thereof; and
WHEREAS, pursuant to said Act, any funds in the Special Tax Allocation Fund
which have not been designated for use in a specific development project and which are
not required for debt serv/ce obligations may be designated as surplus funds; and
WHEREAS, it is the intention of the Mayor and Board of Trustees to determine
if surplus funds are available on an annual basis:
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY,
ILLINOIS:
SECTION 1: This Board does hereby direct that the Finance Director of the
Village of Mount Prospect shall determine the balance of funds in the Special Tax
Allocation Fund each year as of January 31.
SECTION 2: This Board does hereby direct that the Planning Director of the
Village of Mount Prospect shall determine whether any redevelopment projects in the
Downtown Redevelopment Tax Increment Financing District No. 1 are planned or
expected to be undertaken over the twelve (12) month period of February 1 through
January 31 of each year and the expected cost for such projects.
SECTION 3: This Board does hereby direct that the Finance Director of the
Village of Mount Prospect shall determine the amount of payments for any outstanding
obligations for redevelopment projects and any obligations expected to be issued for
redevelopment projects during the twelve (12) month period of February 1 through
January 31 of each year that are expected to be paid from the Special Tax Allocation
Fund. The total of such payments shall be increased by fifty (50) percent and designated
as "Annual Debt Service Coverage."
SECTION 4: The Finance Director shall prepare a report including the balance
of funds in the Special Tax Allocation Fund as of January 31, less the cost of any
planned or expected redevelopment projects and the Annual Debt Service Coverage for
the next twelve (12) month period of February 1 through January 31 and any resulting
balance in the Special Tax Allocation Fund. Any such resulting balance in the Special
Tax Allocation Fund shall be designated as "Surplus Funds." The report shall be
submitted to the Village Board by March 15 of each year.
SECTION 5: In any year in which Surplus Funds in excess of five hundred dollars
($500.00) are available, this Board shall declare a surplus and such Surplus Funds shall
be paid to the Department of Revenue, the Village of Mount Prospect and the Cook
County Collector as provided by the Tax Increment Allocation Redevelopment Act as
amended.
SECTION 6: This Resolution shall be in full force and effect upon its passage
and approval in accordance with law.
PASSED AND APPROVED THIS 5th DAY OF JANUARY, 1993.
AYES: Busse, Clowes, Corcoran, Floros, Hoefert, Wilks
NAYS: None
ABSENT: None
MAYOR
ATFEST: