Village of Lake Villa issues tax increment ordinance
To oversee financing registry and establish guidelines, the corporate authorities of the village of Lake Villa recently authorized Ordinance No. 2016-01-01, publishing the document in pamphlet format from Village Hall.
In a nutshell, the regulation clarifies the definition of the village as a non-home-rule municipal corporation and political subdivision of the state of Illinois; reviews the state of Illinois’ Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1; and establishes an “interested parties registry” for those entities linked to any redevelopment initiatives in the village.
To highlight registration rules, the document was accompanied by several attachments (listed as Exhibits A through C). The ordinance provides for the Village Administrator’s authority to amend the registration guidelines as needed for compliance purposes.
Exhibit A sets forth the definitions pertaining to the ordinance to ensure clear communication among all parties, defining relevant words and phrases; establishes, maintains and operates an Interested Parties Registry at the Village Offices for residents and organizations; establishes eligibility based on supporting documentation with applications; and sees to renewal, amendments and/or termination as needed.
Exhibit B provides the registration form for individuals, while Exhibit C consists of the registration form for organizations.
Ordinance No. 2016-01-01 became effective as of Jan. 13 and was passed by all trustees and approved by Mayor Frank Loffredo.