HomeMy WebLinkAboutRes 52-16 12/20/2016 Declaring the Village's Official Intent to Reimburse Expenditures (Prospect and Main TIF)RESOLUTION NO. 52-16
A RESOLUTION DECLARING THE
VILLAGE'S OFFICIAL INTENT TO
REIMBURSE EXPENDITURES
(PROSPECTANDMAINTIFDISTRICT)
WHEREAS, the Village of Mount Prospect (the "Village") is authorized, under the
provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et
seq. (the "TIF Act"), to finance redevelopment project costs, as defined in Section 3(q)
of the TIF Act, 65 ILCS 5/11-74.4-3(q) (the "TIF Project Costs"), in connection with
redevelopment project areas established in accordance with the requirements set forth
in the TIF Act; and
WHEREAS, on August 16, 2016, the President and Board of Trustees of the
Village authorized moving forward with a feasibility study under the TIF Act (the
"Feasibility Study"), to determine if the area set forth on EXHIBITA, attached hereto and
made part hereof, (the "Study Area"), may be designated as a redevelopment project
area under the TIF Act; and
WHEREAS, as a result of the authorization of the Feasibility Study, the Village
has been and will be expending funds for TIF Project Costs which, if the Study Area is
established as a TIF district pursuant to the TIF Act, would be reimbursable from TIF
incremental revenues generated from properties within the Study Area (the "Village TIF
Expenditures"); and
WHEREAS, the Village reasonably expects to reimburse itself for Village TIF
Expenditures from TIF incremental revenues generated by properties within the Study
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Area (the "TIF Revenues"), should a TIF district be established in the Study Area, in an
amount not to exceed two million dollars ($2,000,000);
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Mount Prospect, Cook County, Illinois, as follows:
SECTION 1: That the recitals set forth above are hereby incorporated herein by
reference and made a part hereof.
SECTION 2: That the Village hereby declares its official intent to use the TIF
Revenues, in an amount not to exceed two million dollars ($2,000,000), for the purpose
of paying, or reimbursing the Village for, the Village TIF Expenditures.
SECTION3: That the Village reasonably expects to reimburse itself from the TIF
Revenue for costs of the Village TIF Expenditures paid prior to the receipt of said TIF
Revenues.
SECTION4: That this Resolution shall be in full force and effect from and after
its passage and approval as provided by law.
ADOPTED this 20th day of December, 2016, pursuant to a roll call vote as
follows:
AYES: Hoefert, Matuszak, Polit, Rogers, Saccotelli, Zadel
NAYS: None
ABSENT: None
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APPROVED by me this 20th day of December, 2016.
Arlene A. Juraq¢k, Village President
ATTEST:
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Karen Agoranos, Deputy Village Clerk
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EXHIBIT A
Depiction of the Boundaries
of the Study Area
Mt. Prospect - Proposed Prospect and Main TIF Boundary
369591_1 4
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Village Mount Prospect, IL
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