R-44-25 Authorizing a Loan from General Fund to I&M TIF Fund413 Main Street j Lemont, IL. 60439
TO: Village Board Meeting
FROM: Darshana Prakash, Finance
THROUGH: George Schafer, Village Administrator
SUBJECT: A Resolution Authorizing a Loan from General Fund to I&M TIF Fund
DATE: June 23, 2025
SUMMARY/BACKGROUND
In reviewing the FY25 revenues and expenditures for the I&M TIF Fund, there were project
expenditures that exceeded the property tax receipts.
The General Fund can support the $300,000 loan to the I&M TIF Fund which will be fully
repaid in the future as property tax receipts continue to increase.
ANALYSIS
Consistency with Village Policy
STAFF RECOMMENDATION
Approve the Resolution.
BOARD ACTION REQUESTED
Approve the Resolution.
ATTACHMENTS
Resolution authorizing a Loan from General Fund to I&M TIF.pdf
VILLAGE OF LEMONT
RESOLUTION NO.
A Resolution Authorizing a Loan from
the General Fund to the I&M TIF Fund
ADOPTED BY THE
PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF LEMONT
THIS 23RD DAY OF JUNE 2025
Published in pamphlet form by
authority of the President and Board of
Trustees of the Village of
Lemont, Counties of Cook, Will and DuPage,
Illinois on this 23rd day of June 2025
RESOLUTION NO. PI-2
A Resolution Authorizing a
Loan from the General
Fund to the I&M TIF Fund
WHEREAS, the Village of Lemont ("Village") created a tax increment financing district
known as the I&M Tax Increment Financing District ("I&M TIF"), which meets the applicable
statutory requirements of the Tax Increment Allocation Redevelopment Act (65 ILCS
5/11-74.4-1 et seq.) (the "Act"); and
WHEREAS, under the Act, the Village can loan monies (the "Village Loan") to the I&M TIF
Fund and be reimbursed for expenditures incurred with respect to TIF eligible redevelopment project
costs; and
WHEREAS, the President and Board of Trustees find and hereby declare that it is
necessary to transfer funds from the General Fund to the I&M TIF Fund; and
WHEREAS the Village's General Fund has sufficient fiends to provide a short-term loan;
and
WHEREAS the I&M TIF Fund will receive sufficient increment when the area is developed
to repay the loan;
BE IT RESOLVED by the Village President and Board of Trustees of the Village of
Lemont, Counties of Cook, Will and DuPage, Illinois, as follows:
SECTION ONE: The foregoing recitals shall be and are hereby adopted as findings
fact as if said recitals were frilly set forth within this Section One.
SECTION TWO: The Board of Trustees hereby authorizes the Village Loan for the
benefit of the I&M TIF Fund in an amount not to exceed $300,000 and hereby authorizes the Village
Treasurer to transfer an amount not to exceed $300,000 from the General Fund to the I&M TIF
fund.
SECTION THREE: The Village Loan authorized herein shall have priority and
shall be repaid promptly to the Village's General Fund from TIF incremental revenue generated
by the I&M TIF Fund.
SECTION FOUR: Upon receipt of any repayment of the Village Loan, the
Treasurer shall cause such repayment to be deposited in the I&M TIF Find.
SECTION FIVE: Any policy or resolution of the Village that conflicts with the
provisions of this resolution shall be and is hereby repealed to the extent of such conflict.
SECTION SIX: This resolution shall be in full force and effect from and after
its passage and approval in the manner provided by law.
ADOPTED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL AND DUPAGE, ILLINOIS
on this 23rd DAY OF JUNE 2025.
PRESIDENT AND VILLAGE BOARD MEMBERS:
Samuel J. Forzley
Janelle Kittridge
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton
AYES:
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ABSENT: ABSTAIN:
John Egofske, Village President