HomeMy WebLinkAboutRes 44-08 08/19/2008
RESOLUTION NO. 44-08
A RESOLUTION DECLARING THE VILLAGE OF MOUNT PROSPECTS
INTENT TO REIMBURSE CLP/SPF FOR EXPENDITURES
ASSOCIATED WITH THE REDEVELOPMENT OF RANDHURST MALL
WHEREAS, the Village of Mount Prospect, Cook County, Illinois, a duly organized and existing
municipal corporation under the Constitution and laws of the State of Illinois (the "Village"),
intends to provide financial assistance in the redevelopment of a retail shopping center within
said Village commonly known as "Randhurst Mall" located at 999 North Elmhurst Road (the
"Project"); and
WHEREAS, the Village reasonably expects to reimburse certain costs of the Project with
proceeds of debt to be incurred by the Village in an amount not to exceed $25,000,000;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS ACTING IN THE
EXERCISE OF THEIR HOME RULE POWERS:
SECTION ONE: That the President and Board of Trustees of the Village of Mount Prospect
declare the Village's official intent, pursuant to IRS Regulation 1.150-2, to provide financial
assistance in the construction of the Project with proceeds of debt incurred by the Village in an
amount not to exceed $25,000,000.
SECTION TWO: That the Village reasonably expects to reimburse itself from proceeds of
obligations issued by the Village for costs of the Project paid prior to the issuance of the
obligations.
SECTION THREE: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
Hoefert, Juracek, Korn, Pol it, Zadel
NAYS:
None
ABSENT:
Corcoran, Wilks
PASSED and APPROVED this 19th day of August, 2008.
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A. J~n Korn
Mayor Pro Tem
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M. Lisa Angell \
Village Clerk
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