HomeMy WebLinkAboutOrd 3081-a 02/03/1981 ORDINANCE NO. 3081
AN ORDINANCE TO ELECT NONPARTICIPATION IN
CERTAIN ASSESSMENT RELIEF PROVIDED BY THE
REVENUE ACT OF 1939, AS AMENDED
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~REAS, the General Assembly of the State of Illinois has amended
"Revenue Act of 1939" by adding Section 44.1, effective
January 1, 1981; and
EREAS, said amendment provides a freeze on the assessed valuatio~
every single-family residential structure constructed before
39 in a National Register Historic District or a municipal land-
rk area during the period of January 1, 1981 to December 31, 1989
!ess the municipality by resolution or ordinance provides not to
rticipate in such assessment relief; and
EREAS, the intent of such legislation was to provide assistance
hers of historic properties, but its actual effect is to create
sincentives to restoration and renovation of landmark structures
cause such rehabilitation would cause a loss of the tax relief;
EREAS, there are several homes in the Village of Mount Prospect
ich Section 44.1 would be applicable; and
EREAS, the President and Board of Trustees of the Village of
unt Prospect find that, due to the small amount of property in t
ltage which would be eligible under this program and due.to the
a verse financial impact which such legislation would have on the
V llage of Mount Prospect by reducing tax revenue it is in the bes~
i terest of the Village of Mount Prospect that the Village not
p rticipate in this program.
N W, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUST]
0 THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS, as follow:
S CTION ONE: ~he Village of Mount Prospect~shall not participate
t e assessment release provided for in Section 44.1 of the
A t of 1939, as amended.
S CTION TWO: This Ordinance shall be in full force and effect
a d after its passage and approval in the manner provided by law.
A ~ES:
N ~YS:
A ~SENT:
P ~ssed this 3rd .day of ~, 1981.
~ ~proved this 3rd day of February , 1981.
Farley, Floros, Murauskis, Richardson, Wattenberg
None
Miller
~TEST: ~_
Vi ll~ge clerk
Village President