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HomeMy WebLinkAboutOrd 2929 08/07/1979 ~' A " ORDINANCE NO. 2929 AN ORDINANCE ESTABLISHING PROCEDURES AND FEES FOR APPLICATIONS FOR INDUSTRIAL AND CO}WŒRCIAL REVENUE BONDS WHEREAS, the Village of Mount Prospect is authorized by Ordinance No. 2925 passed and approved by the President and Board of Trustees of the Village of Mount Prospect on July 17, 1979 to izsue industrial and commercial revenue bonds to finance projects specified in said Ordinance No. 2925 ¡and WHEREAS, the President and Board of Trustees of the Village of Mount Prospect find that it would be in the best interest of the Village of Mount Prospect to establish appli- cation procedures and fees in connection with requests for the Village of Mount Prospect to issue commercial and indus- trial revenue'bonds. NOW, THEREFORE, BE IT ORDAINED by the President and Board of Trustees of the Village of Mount Prospect of Cook County, Illinois, as follows: SECTION ONE: The Municipal Code of the Village of Mount Prospect be, and it is hereby, amended by adding to Article V of Chapter 8 of said Mu~icipal Code, a new Section 8.514, which said new Section shall hereafter be and read as follows: Section 8.514. Procedures and Fees for Applications for Industrial and Commercial Project Revenue Bonds. A. Initiation of Application. Any person, firm or corpora-~ tion may file an application, as hereinafter provided, requesting the President and Board of Trustees to consider the issuance of industrial and commercial revenue bonds to finance a "prcject" as that term is defined in Section 8.5l3A of the Municipal Code of the Village of Mount Prospect. B. Application. The person, firm or corporation requesting the issuance of commercial and industrial revenue bonds for a project shall file an application therefor with the Village Manager on a form available in the office ûf the Village Clerk. ./ " <, Such application shall be accompanied by a nonrefundable application fee as established from time to time by the corporatE authorities of the Village of Mount Prospect and shall contain the following information: a. b. c. d. e. f. g. Name, address and telephone number of the applicant; Name, address and telephone number of the person signing the application on behalf of the applicant along with a brief description of the relationship of such person to the applicant; Street address and legal description of the property where the project is to be located; Name and address of any and all legal and beneficial owners of the property where the project is to be located; If the applicant is not the owner of the property where the project is to be located, a statement indi- catinq what interest, if any, the applicant has in th property ~here the project is to be located (e9, con- tract purchaser, lessee) ~nn if applicant is a-lesscc or contract purchaser of said property, a copy of SUC~l lease or èontract shall be filed along with the application. . A description of the project for which industrial and commercial bond financing is requested;. A resume of the applicant which shall include: 1. A description of each business in which the applicant is engaged; 2. A description of any and all projects in which the applicant has participated \.¡hich were simi- lar to the project for which industrial and commercial revenue bond financing is requested; 3. A statement indicating whether applicant has ever been involved in a project financed by com- mercial and industrial revenue bonds and if so, a description of each such project and a state- ment indicating whether there has ever been a default in any such bonds; 4. A statement indicating whether applicant has been a party in any bankruptcy proceedings at any time in the 5-year period preceding the date of the filing of the application and if so, a description of such proceedings, including the caption of any lawsuits, and the outcome thereof; 5. A statement indicating whether applicant, within 3 years preceding the date of the application, has been in default or allegedly in default in the payment Qf any debt instruments on which the applicant is a signatory and if so, a description of such debt instrument and such default; 6. If applicant is a corporation, a statement indi- cating the dates and places of incorporation of - 2 - 'j such corporation along with a statement that applicant is either a corporation in good stand- ing in Illinois or that applicant is a registered foreign corporation in Illinois and in good standing 7. If applicant is registered or is required to be registered under the Illinois Assumed Name Act, the date applicant'filed under the Assumed Name Act, the county within which applicant filed and the assumed name under which the applicant has filed; 8. A statement indicating the length of time appli- cant has been doing business and the length of time applicant has been engaged in projects of the type for which índustrial and commercial project revenue bond financing is requested; 9. If the applicant is a corporation, copies of any and all annual reports and prospectuses issued within 3 years preceding the date of the application for commercial and industrial revenue bond financing; 10. Certified copies of audited financial statements of the applicant for 3 years preceding the date of the filing of the applicatiQn for commercial and industrial revenue bond financing; 1"1. A list setting forth the caption, if pending, and a brief description of any and all pending. or threatened litigation against the applicant which could have an impact on the existence of the applicant or its business or the financial position of applicant. In this regard, ~ppli- cant shall disclose any pending or threatened litigation which charges applicant or, if appli- cable, any of its officers or partners with misfeasance, misrepresentation, fraud, a viola- tion of any criminal law, or antitrust violations; and any cases in which judgment has been entered or requested against applicant in an amount in excess of $250,000 unless the disclosure of cases in which lesser or greater judgments have been entered or requested is required by the Village r-lanager. 12. A~y other data which discloses relevant financial information such as the applicant's hond rating and the like. h. A statement indicating the zoning classification of the property ,where the project is to be located along with a statement indicating whether any amendments to the Zoning Ordinance of the Village of Mount Prospect or special approvals such as variations or special permits will be required for the project; ¡ i. A site plan for the property where the project is to be located showing existing structures and the proposed project; j. A rendering of the project; - 3 - c. 4. .. k. A statement indicating the amount of money requested for the project and a d~scription of the purpose for which the money wlll be used; A description of any proposed financing arrange- ments for the project (eg, Village to own the project and lease it to applicant); 1. m. The name and address of the proposed purchaser of the commercial and industrial revenue bonds proposed to be issued, if known; Any additional information requested by the Village Manager. n. o. A propos~d Memorandum of Agreement. A statement of the public purpose to be served by the issuance of industrial and commercial revenue bonds for the project. p. P c)cC:lL..l.(:: . ----.-..-..... 1. The Village Manager shall review an application for commercial and industrial revenue bond financing within 10 days of the date it is filed and shall notify the applicant in writing within 15 days of the date said application is filed whether said applica- tion is complete. If it is not complete, the Village Manager shall in said written notice advise the appli- cant of any additional information which is required. 2. Within 30 days after a completed application has been filed with the Village Manager, the Village Manager shall forward said application to the Finance Committee of the Village of Mount Prospect Board of Trustees. The Finance Committee shall review said application and hold whatever meetings or hearings and conduct whatever investigations it deems necessary and shall forward its report and recommendations with regard to the requested issuance of industrial and commercial revenue bonds to the Village Board within 90 days after the receipt of said application from the Village Manager. 3. The report and recommendations of the Finance Committee on an applicant's request for industrial and commercial revenue bond financing shall be placed on the agenda of the Board of Trustees as provided by the Municipal Code o~ the Village of Mount Prospect. D. Consideration by Village Bnard. The President and Board of Trustees shall consider each application for industrial and commercial revenue bonds which comes before it on the agenda. Compliance with the procedures set forth herein shall not be construed as obligating the President and Board of Trustees to act upon the application favorably. The issuance of such bonds pursuant to tl.Jis ordinance wholely is at the discretionary ju~~~cnt of the President and Board of Trustees. - LI - « ------. ~ E. Costs. In addition to the nonrefundable application fee to be paid by the applicdnt. at the time cf the filing of the application for industrial a.nc3 commercial revenue bond finan- cing, .a~plicant shall pay any and all costs, including, but not Ilmlted to, attorneys fees, fees of financial consultants, fees of any and all other consultants and any and all other costs of the Village in co~nection with the review of applicant's application, negotiations, preparation and dupli- cation of ãocuments and any and all ot.ner work undertaken by the Village relating or pertaining to the applicant's appli- cation, incluãing¡ but not limited to, any and all costs associated with the issuance of industrial and commercial revenue bonds. Applicant shall pay any and all such costs within 10 days of receipt of a bill therefor from the Village. F. Fee. In addition to payment of a nonrefundable applica- tion-ree and any and all costs, as provided hereinabove, applicant shall pay the Village a fee 'as established from time to time by the corporate authorities, if commercial anà industrial revenue bonds are issued for the project at the time such bonds are issued. Such fee shall be considered a project cost. G. Validity of Bonds. Failure on the part of the applicant or the Village to comply with the requirements of this Section 8.514 of the Municipal Code shall not effect the validity of any industrial and commercial revenue bonds issued. SECTION TWO: This Ordinance shall be in full force and effect from and after its passage,- approval and publication in the manner provided by law. PASSED THIS 7th DAY OF August , 1979. AYES: 4 NAYS: 1 ABSENT: 1 APPROVED THIS 7th DAY OF August , 1979. APPRO\TF,O: & ~ lie jJ-æ ViII ge resident ATTEST: -- - 5 -