BACKGROUND

At the July 18, 2016 meeting, the Village Board approved the Real Estate contract for the purchase of 1665 S. Arlington Heights Road for $525,000 from TIF IV. In April 2016, the Board authorized $265,579 from TIF IV for the Autumn Leaves development for public improvement costs for Council Trail. The current TIF IV budget includes $500,000 for these costs; therefore, a budget amendment is necessary to increase the budget to $790,579.

RECOMMENDATION

It is recommended that that Village Board approve an amendment to the TIF IV budget (account #263-4001-571-50-25), increasing the budget from $500,000 to $790,579 through the use of TIF IV reserves.