Ordinance 2011-56 Ordinance No. 2011- �_6
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE, KENDALL COUNTY,
ILLINOIS, AUTHORIZING PAYMENT OF REDEVELOPMENT PROJECT COSTS
AND DISTRIBUTION OF SURPLUS FROM THE SPECIAL TAX ALLOCATION FUND
OF THE CITY'S FOX INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
WHEREAS, the United City of Yorkville (the "City") is a duly organized and validly
existing non home-rule municipality created in accordance with the Constitution of the State of
Illinois of 1970 and the laws of the State; and,
WHEREAS, pursuant Ordinance Nos. 2001-25, 2001-26, and 2001-27 adopted on May
10, 2001, in accordance with the Tax Increment Allocation Redevelopment Act of the State of
Illinois, 65 ILCS 5/11-74.4-1, et seq., as from time to time amended (the "TIF Act"), the City
approved the Fox Industrial Park Tax Increment Redevelopment Project Plan and Project (the
"Plan"), for a specific area qualifying as a redevelopment project area under the TIF Act (the
"Project Area"), and adopted tax increment financing for the purpose of implementing the Plan
for the Project Area; and,
WHEREAS, as a result of the foregoing actions by the City, incremental real estate taxes
derived from the Project Area have been distributed to the City for deposit into the Fox Industrial
Park Tax Allocation Fund, as required by the TIF Act; and,
WHEREAS, pursuant to the TIF Act surplus funds in the Fox Industrial Park Tax
Allocation Fund not required, pledged, earmarked, or otherwise designated for payment of any
outstanding obligations and anticipated redevelopment project costs as set forth in the
Agreements shall be calculated annually and deemed to be surplus funds and shall be distributed
to the affected Taxing Districts; and, STATE OF ILLINOIS
COUNTY OF KENDALL
- FILED -
NOV 01 8 2011
&A�t COUNTY CLERK
Azt KENDALL COUNTY
WHEREAS, pursuant to the TIF Act, the surplus funds shall be forwarded to the County
Treasurer who shall immediately thereafter distribute such funds to the affected Taxing Districts
in the same manner and proportion as the most recent distribution of real property taxes from
property in the Project Area.
WHEREAS, the Corporate Authorities have determined that the remaining outstanding
redevelopment project costs are $20,000 for industrial park identification signs, $15,000 for
administrative costs and $151,954 for debt service costs.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the United City of
Yorkville, Kendall County, Illinois, as follows:
Section 1. The foregoing recitals are hereby incorporated into this Ordinance as if
restated in this Section.
Section 2. The amount of incremental tax revenues derived from the Project Area that
are required to complete the outstanding projects is $186,954.00.
Section 3. The City Treasurer is hereby authorized and directed to effect the payment
over to the County Treasurer of all sums in the Fox Industrial Park Tax Allocation Fund in
excess of$186,954.00 for redistribution to the affected Taxing Districts in the same manner and
proportion as the distribution of real property taxes from property in the Project Area prior to the
dissolution of the designation of the Project Area under the TIF Act.
Section 4. Upon effecting Section 3 of this Ordinance on or before November 1 in
calendar year 2011, the City Clerk shall notify affected taxing districts that the City intends to
dissolve the special tax allocation fund for the Project Area and to terminate the Project Area by
December 31, 2011.
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Section 5. This Ordinance shall be in full force and effect upon its passage and approval,
as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall Count , Illinois this
day of 4-o _ �cr , A.D. 2011.
CITY CLERK
ROSE ANN SPEARS k�! DIANE TEELING
GEORGE GILSON JR. JACKIE MILSCHEWSKI
CARLO COLOSIMO MARTY MUNNS
CHRIS FUNKHOUSER LARRY KOT
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
__1 __day of IUo y k y"f 2 2011.
YO
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