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HomeMy WebLinkAboutRes 52-85 10/15/1985 ~ gESOLUTION 52-85 A RESOLUTION APPROVING A PROJECT ON BEHALF OF HAROLD F.. ..J:?Qê§~ ANp THE FJNANCIJlTG THEREOF WHEREAS. the Village of Mount Prospect has heretofore. on July 17. 1979. pursuant to its Constitutional home rule powers. adopted Ordinance No. 2925 authorizing the Village to issue industrial and commercial development project revenue bonds for the purpose of. among other things. financing in whole or in part the cost of acquiring land and constructing and equipping industrial and commercial buildings for use within the corporate limits of the Village of Mount Prospect; and WHEREAS. Harold F. Busse (the Applicant) of 312 East Evergreen Avenue in the Village has determined to construct and equip a shopping center and office building on property owned by Applicant at the Southeast corner of Evergreen Avenue and Elm Street within the corporate limits of the Village of Mount Prospect (the Project); and WHEREAS. The Applicant has requested that the Village of Mount Prospect issue its industrial development revenue bonds in an amount not exceeding $2.000.000 for the purpose of obtaining the necessary funds to allow the Applicant to construct and equip the Project; and WHEREAS. the President and Board of Trustees of the Village of Mount Prospect have heretofore found and determined that the issuance of industrial development revenue bonds of the Village pursuant to Ordinance 2925 would be for a public purpose and in furtherance of a matter which pertains to the government and affairs of the village of Mount Prospect; and. WHEREAS. the President and Board of Trustees of the Village of Mount Prospect have heretofore found and determined that the execution of a Memorandum of Agreement between the Applicant and the Village would be in the best interest of the Village and have adopted a Resolution authorizing such Memorandum of Agreement to be executed; and WHEREAS. Section 103(k) of the Internal Revenue Code of 1954. as amended provides that in order for the interest on any such bonds to be exempt from federal income taxation. the Village must first call and hold a public hearing on the proposal to undertake and finance the Project and to issue the bonds; and WHEREAS. the President and Board of Trustees of the Village of Mount Prospect have held a public hearing. after published notice given not less than fourteen days prior to the public hearing. on the Project and the proposal of the Applicant that the Village issue its industrial development revenue bonds in a principal amount of not to exceed $2.000.00. in order to finance the cost of the Project. and all interested persons have been given an opportunity to express their views. both orally and in writing. on the Project and the proposed issuance of the bonds: NOW. THEREFORE BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT. COOK COUNTY. ILLINOIS: SECTION ONE: On the basis of the information presented to the village to date. including the information presented and views expressed at the public hearing. this Board finds that it would be in the best interest of the Village to issue its industrial development revenue bonds to finance all or a portion of the Project pursuant to said Ordinance 2925 and to the Memorandum of Agreement. '.- ~ ...-' SECTION TWO: The President and Board of Trustees of this village hereby approve the Project and the issuance of industrial development revenue bonds of the Village. in the principal amount not to exceed $2.000.000. in order to finance all or a portion of the cost thereof. pursuant to said Ordinanace 2925 and to the Memorandum of Agreement. SECTION THREE: This Resolution shall be in full force and effect upon its passage and approval in the manner provided by law. PASSED this 15th day of October. 1985. AYES: Arthur, Farley, Murauskis, Wattenberg NAYS: None ABSENT: Floras, Van Geem APPROVED this 15th day of October. 1985. -~ fI ~ VI LAGE PRESIDENT ATTEST: ~~y~ VILLAGE CLERK