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HomeMy WebLinkAboutRes 45-85 09/03/1985 ,- ,~ 2893V RESOLUTION NO. 4~-85 A RESOLUTION AUTHORIZING THE EXECUTION OF A MEMORANDUM OF AGREEMENT WITH HAROLD F. BUSSE AND CALLING A PUBLIC HEARING ON A PROPOSED PROJECT 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 the Applicant and located 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. part of the site of the proposed Project is presently zoned to permit the kind of commercial use which the Applicant proposes and such use does not create noise or other adverse environmental conditions; and WHEREAS. the proposed Project will enhance employment opportunities within the community. will increase the tax base of the community. will serve to attract similar office uses with little or no adverse environmental impact to locate within the community and will serve to enhance the reputation of the community; and WHEREAS. by reason of the matters hereinabove set forth, the President and Board of Trustees of the Village of Mount Prospect find and determine that the issuance of industrial development revenue bonds of the village pursuant to said 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. a Memorandum of Agreement has been presented to. the Village (as Issuer of such bonds) by the Applicant under the terms of which the Village agrees, subject to the provisions of such Agreement. to issue its revenue bonds and to finance the acquisition. construction and equipping of the Project; and WHEREAS. the President and Board of Trustees of the Village of Mount Prospect find and determine that the execution of the Memorandum of Agreement (a copy of which is attached hereto. labeled Exhibit A and made a part of this Resolution by reference) would be in the best interest of the Village; 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 ~ public hearing on the proposal to undertake and finance the Project and to issue the bonds: p. NOW. THEREFORE. BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS. AS FOLLOWS: SECTION ONE: The President and Board of Trustees of this Village find as facts the matters hereinabove set forth. and the Village President is hereby authorized to 'execute, and the Village Clerk is hereby authorized to attest a Memorandum of Agreement with the Applicant in substantially the form of such Agreement attached hereto as Exhibit A and made a part hereof by this reference. SECTION TWO: A public hearing on the proposal of the Partnership that the Village issue its industrial development revenue bonds. in a principal amount of not to exceed $2.000,000. in order to finance the costs of the Project is hereby called and shall be held on the day of . 1985. at 8:00 o'clock P.M.. at the Public Safety Building. Second Floor, 118 Northwest Highway in the Village. The said Clerk shall cause notice of the public hearing to be published in The DailY Herald, the official newspaper of the Village as well as a newspaper of general circulation in the Village. at least once not less than fourteen days prior to the date fixed for the public hearing. The notice of hearing shall be in substantially the form attached hereto as Exhibit B and made a part hereof by this reference. SECTION THREE: The officers and employees of this Village be. and they are hereby authorized to take such further action as is necessary to carry out the intent and purposes of the Memorandum of Agreement when executed and. subject to the provisions of and the compliance with said Memorandum of Agreement. to prepare the necessary documents and to issue revenue bonds described above upon the terms and conditions stated in said Memorandum of Agreement for the purpose of defraying the cost of the Project and the same is hereby declared to be for a public purpose and to be a matter pertaining to the government and affairs of the Village of Mount Prospect. ' SECTION FOUR: This Resolution shall be in full force and effect after its passage and approval in the manner provided by law. PASSED this day of September. 1985. AYES: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg NAYS: None ABSENT: None APPROVED this 3rd day of September. 1985. ê~~- )I J!~ Village resident ATTEST: ~ ~ tiffi Village Clerk -2- t"""', EXHIBIT B NOTICE OF PUBLIC HEARING ON A PROPOSED PROJECT AND THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS ON BEHALF OF HAROLD F. AND CAROL E. BUSSE VILLAGE OF MOUNT PROSPECT. ILLINOIS NOTICE IS HEREBY GIVEN that the President and Board of Trustees of the Village of Mount Prospect. Illinois. will meet on the 15th day of n~rnbe~ . 1985. at 8:00 o'clock P.M.. at the Public Safety Building. Second Floor. 118 Northwest Highway, in Mount Prospect, Illinois. for the purpose of conducting a public hearing on a proposal that the Village issue revenue bonds. in one or more series, under Ordinance No. 2925. in order to finance all or a portion of the cost of a proposed project which will consist of the construction and equipping of a shopping center and office building by Harold F. Busse. The project will be located at the Southeast corner of Evergreen Avenue and Elm Street on Property owned by Busse in the Village. The maximum aggregate principal amount of the proposed bond issue is $2.000.000. The bonds shall be limited obligations of the village. and the bonds and interest thereon shall be payable solely from revenue derived from operations of the project pledged to the payment thereof. except that such bonds may be secured by a mortgage and other encumbrance on the project. The Bonds shall never constitute an indebtedness of the Village. and no holder of any such bonds shall ever have the right to compel any exercise of the taxing power of the Village to pay the bonds or the interest thereon. nor to enforce payment against any property of the Village except the project. All persons interested may appear and be heard at the time and place set forth above or may file written comments with the/ Village Clerk prior to the date of the hearing set forth above. Dated: the - day of , 1985 BY ORDER OF THE PRESIDENT AND BOARD OF TRUSTEES Isl Caröl A. Fields Village Clerk -3-