Title
TIF Surplus FY09 - Approval
History
During FY2009, the Orland Park Place TIF district was terminated after the final note payment was paid to the developer. A distribution of $1,783,364 was paid to the other taxing districts affected by the TIF. The remaining fund balance at the end of FY2009 was $41,499. This surplus will be the final distribution to the taxing districts and will be paid to the Cook County Collector who will then distribute the surplus pro rata to the taxing districts affected by the TIF.
See attached for tentative distribution amounts.
On June 7, 2010, this item was reviewed and approved by the Finance Committee and referred to the Board for approval.
Financial Impact
A budget amendment is requested for $41,499 to cover the distribution to the taxing districts.
Recommended Action/Motion
I move to approve distributing the final Orland Park Place TIF surplus to the other taxing districts in the amount of $41,499.
And
I move to approve a FY10 budget adjustment to the Special Tax Allocation Fund in the amount of $41,499.