HomeMy WebLinkAboutRESOLUTIONS-2015-031-R-153/2/2015
K151M
A RESOLUTION
Deeming Certain Funds in the Special Tax Allocation Fund for the
Southwest Tax Increment Financing District as
LOSurplus" Funds and Directing the Payment and Distribution Thereof
(2015) by the City of Evanston, Cook County, Illinois
WHEREAS, the City of Evanston, Cook County, Illinois (the "City"), is a
home -rule municipality pursuant to Article VII of the Illinois Constitution of 1970; and
WHEREAS, pursuant to Ordinances 48-0-90 and 49-0-90 adopted
June 25,
1990 in
connection
with the
Southwest
Tax
Increment Financing
District
(the
"TIF
District"),
the
City
Council of
the City Evanston (the "Corporate Authorities") adopted the Southwest Tax Increment
Area Redevelopment Plan and related Redevelopment Projects, designated
the Redevelopment Project Area, and authorized tax increment finance pursuant to the
Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as
supplemented and amended, including the predecessor Act thereof (the "TIF Act"); and
WHEREAS, the City is required by Sections 11-74.4-5(d)(5)(D) and 11-
74.4-8 of the TIF Act to annually designate all funds deposited into the special tax
allocation fund established pursuant to the TIF ordinances that are not identified as
being required, pledged, earmarked or otherwise designated for payment of or securing
of obligations or anticipated redevelopment project costs as "surplus" funds; and
WHEREAS, the City must cause the distribution thereof by paying the
same to the taxing districts in the TIF District, the Illinois Department
of Revenue, and the City, in direct proportion to the amount of funds received from the
31-R-15
collection of real estate taxes and from the State of Illinois and deposited into such
special tax allocation fund, such amount to the taxing districts in the District to be in
the same manner and proportion as the most recent distribution by the County Clerk of
Cook County, Illinois to the affected taxing districts of real property taxes from real
property in the Redevelopment Project Area,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS, THAT:
SECTION 1: Findings: The Corporate Authorities find, determine, and
declare that the amount of funds deposited in the special tax allocation fund for the
Redevelopment Project Area that is not required, pledged, earmarked or otherwise
designated for payment of or securing of obligations or anticipated redevelopment
project costs is nine hundred five thousand, three hundred eight dollars
($905,308), such amount having been calculated and now deemed to be
"surplus" funds for the year 2015 pursuant to Sections 1-74.4-5(d) and 11-74.4-8
of the TIF Act.
SECTION 2: The City Treasurer is hereby authorized and directed to
cause the payment and distribution of all such "surplus" funds in the manner and
proportion as specified in Sections 11-74.4-5(d) and 11-74.4-8 of the TIF Act.
SECTION 5: That this Resolution 31-R-15 shall be in full force and
effect from and after the date of its passage and approval in the manner
provided by law.
2
31-R-15
Eliz th B. Tisdahl, Mayor
Attest:
Roiiney Gree6e, City Clerk
Adopted: "Nt\-) IA3 , 2015