G4-17 Ordinance No. G4-17
AN ORDINANCE AMENDING TITLE 17 OF THE ELGIN MUNICIPAL CODE,
1976, AS AMENDED, ENTITLED "DEVELOPMENT IMPACT FEES"
WITH RESPECT TO LAND VALUE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS:
Section 1. That Section 17.04.070 of the Elgin Municipal Code, 1976, as amended,
entitled"Determination of Land Value and Distribution of Fees:"be and is hereby further amended
by amending subparagraph A thereof entitled "Determination of Land Value:" to read as follows:
"A. Determination Of Land Value: The development impact fees for school site and
park site, and the credit for land dedication for water system capital improvements
shall be based on the fair market value of an acre of land in the area improved as
specified in this chapter. It has been determined that the present fair market value
of such improved land in and surrounding the city is eighty-five thousand dollars
($85,000.00)per acre. The land value shall be adjusted upward effective January 1,
2018, and annually thereafter in the percentage amount equal to the percentage
increase for the previous twelve months published in the U.S. Department of Labor,
Bureau of Labor Statistics Consumer Price Index (CPI-U, all items, Urban
Consumers, Chicago Area, 1982-1984 = 100). The land value shall be used in
making any calculation in this chapter unless the subdivider or developer files a
written objection thereto. In the event of any such objection, the subdivider or
developer, at his or her own cost, shall obtain and submit an independent appraisal
from an MAI designated appraiser indicating the fair market value of such
improved land in the area of the proposed development. Final determination of said
fair market value per acre of such improved land shall be made by the city council
in its sole discretion based on such information submitted by the subdivider or
developer and from other sources which may be submitted to the city council by
the school district or others."
Section 2. That all ordinances or parts of ordinances in conflict with the provisions of
this ordinance be and are hereby repealed to the extent of any such conflict.
Section 3. That this ordinance shall be in full force and effect upon its passage and
publication in the manner provided by law.
./r///_L.&S.
David J. Ka.� 'in, "ayor
Presented: February 8, 2017
Passed February 8, 2017
Omnibus Vote: Yeas: 8 Nays: 0
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Recorded: February 8, 2017 : �`
Published: February 8, 2017
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mberly Dewis, a4P Clerk
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