(A) The following facts are hereby found to be true and correct:
(1) The village has substantial vacant acreage available for development both within its boundaries and adjacent thereto;
(2) There has been a substantial increase in development activity within the village;
(3) Such new development has a substantial impact on the village, elementary school districts, high school districts, the Village Volunteer Fire Department, the Village Board of Library Directors, the Village Park District, and the ESDA Siren System, and a gap exists between the time that such development occurs and the time the respective entities receive tax revenue to service such developments; and
(4) In order to preserve land values within the village and to provide for the orderly growth of all services supporting the village and its residents, it is essential that a one-time cash contribution be made for each new residential and nonresidential building at the time of the issuance of a building permit to cover the gap between the time that any such building is occupied and the time any tax revenue is generated by reason of the construction of such a building.
(B) Therefore, this chapter has been enacted as follows.
(Ord. 88-0-044, passed 6-21-88)