HomeMy WebLinkAboutRes 52-83 12/06/1983
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RESOLUTION NO.
52-8~
A RESOLUTION APPROVING A PROJECT
ON BEHALF OF GRACO INC.
AND THE FINANCING 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, Graco Inc., a Minnesota corporation (the Corporation)
with offices presently located in Minneapolis, Minnesota, has.
determined to acquire land and an existing building at 1000 Business
Center Drive within the corporate limits of the Village of Mount
Prospect, to renovate and remodel the same and to acquire and
install items of equipment, all for use as a light manufacturing,
customer demonstration and office facility (the Project); and
WHEREAS, the Corporation has requested that the Village
of Mount Prospect issue its industrial development revenue bonds
in an amount not exceeding $5,000,000 for the purpose of obtaining
the necessary funds to allow the Corporation to acquire, 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 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;
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 Corporation
and the Village would be in the best interest of the Village and
have directed that such Memorandum of Agreement 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 taxa~ion, 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 Corporation that the Village
issue its industrial development revenue bonds, in a principal
amount of not to exceed $5,000,000, 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 MOUUNT PROSPECT, COOK COUNTY,
ILLINOIS, AS FOLLOWS:
SECTION ONE: On the basis of the information presented
to the Village to date, including the information presented and
views expre~sed at the public hearing, this Board finds that
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it would be in the best interest of the Village to issue its
industrial development revenue bonds to finance all or a por-
tion 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 $5,000,000, in order to finance all or a portion
of the cost thereof, pursuant to said Ordinance 2925 and to
the Memorandum of Agreement.
SECTION THREE: This Resolution shall be in full force and
effect after its passage and approval in the manner provided
by law.
PASSED this
6th day of
December
, 1983.
AYES:
Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg
NAYS:
None
ABSENT: None
APPROVED this
6 th day of
December
, 1983.
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-6 VIL'LAGE PRESIDENT
ATTEST:
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VILLAGE CLERK