R-52-26 Authorizing a Loan from General Fund to Main & Maley TIF Fundg'52-2(w
418 Main Street ( 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 Main & Maley TIF
Fund
DATE: July 13, 2026
SUMMARY/BACKGROUND
This was presented to the Board at the June 15th Committee of the Whole meeting.
During FY2026, the General Fund incurred $80,813 in costs related to the establishment of
the Main & Maley Tax Increment Financing (TIF) District. The Main & Maley TIF Fund has
since been established, and these costs are now recorded within the TIF Fund. Staff
recommends approval of an interfund loan from the General Fund to the Main & Maley TIF
Fund in the amount of $80,813. The loan will remain outstanding until sufficient incremental
property tax revenues are generated by the TIF, at which time the General Fund
will be reimbursed.
The General Fund can support the loan to the Main & MaleyTIF 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 Main & Maley TIF.pdf
VILLAGE OF LEMONT
RESOLUTIONNO.
A Resolution Authorizing a Loan from the General Fund to
the Main & Maley TIF Fund
ADOPTED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT
THIS 13th DAY OF JULY 2026
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 13th day of July 2026
RESOLUTION NO.
A Resolution Authorizing a Loan from the General Fund to
the Main & Maley TIF Fund
WHEREAS, the Village of Lemont ("Village") created a tax increment financing district
known as the M a i n & Maley Tax Increment Financing District ("Main & Maley 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 Main &
Maley 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 Main & Maley TIF Fund; and
and
WHEREAS the Village's General Fund has sufficient funds to provide a short-term loan;
WHEREAS the Main & Maley 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 fully set forth within this Section One.
SECTION TWO: The Board of Trustees hereby authorizes the Village Loan for the
benefit of the Main & Maley TIF Fund in an amount of $80,813 and hereby authorizes the Village
Treasurer to transfer an amount of $80,813 from the General Fund to the Main & Maley 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 Main & Maley TIF Fund.
SECTION FOUR: Upon receipt of any repayment of the Village Loan, the
Treasurer shall cause such repayment to be deposited in the Main & Maley TIF Fund.
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 13th DAY OF JULY 2026.
PRESIDENT AND VILLAGE BOARD MEMBERS:
Samuel J. Forzley
Janelle Kittridge
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton
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Attest: 1 ��L N 4�cj
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VilIay Clerk
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ABSENT: ABSTAIN:
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0 John Egofske, Village President