Title
An Ordinance Creating a Business District Tax Allocation Fund for the Normantown Road Business District No. 1
Body
WHEREAS, the Business District Development and Redevelopment Law (65 ILCS 5/11-74.3-1 et. seq.) (the "Law") provides for the creation of a Business District Tax Allocation Fund when taxes are imposed pursuant to the Law; and,
WHEREAS, after a Public Hearing upon due notice as required by the Law, the Village has adopted a Business District Plan and designated an area known as the Normantown Road Business District No. 1 as a Business District; and,
WHEREAS, the Corporate Authorities have determined that the Normantown Road Business District No. 1 is "blighted" as defined by the Law; and,
WHEREAS, the Village has adopted a 1% Retailers Occupation Tax, a 1% Service Occupation Tax and a 1% Hotel Operator's Occupation Tax to apply within the Normantown Road Business District No. 1 (collectively the "Taxes"); and,
WHEREAS, the Law provides that when such taxes are imposed that upon receipt the proceeds of such taxes must be paid into a special account of the Village to be known as a Business District Tax Allocation Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS, IN THE EXERCISE OF ITS STATUTORY, HOME-RULE AND OTHER AUTHORITY, AS FOLLOWS:
Section 1. Fund Creation.
There is hereby created s special and segregated fund of the Village to be known as the Normantown Road Business District No. 1 Business District Tax Allocation Fund (the "Fund").
Section 2. Funds Into And Out Of The Account.
All Taxes when received by the Village shall be deposited into the Fund. All expenditures for this Fund shall be made for expenditures as authorized by the Law.
Section 3. Fund Dissolution
The Fund shall be dissolved within 270 days of payment of all Business District project costs as defined by the Law and set forth in the Business Dis...
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