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-uossas s-ewlsljqo jxclu aqj a©j a aZ)S Al!AIJUN aye. a(41 MaTAa.J IqSl.w QS'eTFA aye INT Os TIP14 a2PTI!A aye Ve u 2utujaz)U43 Uoij!sod jiat4i UT'eldxa- ue:) aq ji?qj os pipaH aq ©l SUaZTj!:) iapun epua2v a'41 uo aq aq jpqj palsanbai s -e4 'slsT.aqlV uP.-)T.IawV aqj jo luewiaLIS ljaqo-g -jW GNV914 99 01 SN9ZIIID 89/9Z/1 - VON90V 91014A 9141 AO 99111WWOO :139CWIS 9861 'ZZ ANVfINVf :glvcl *d*gDVNil W 9DVIIIA Molig S99ISfl'*dl AO GEV09 QNV gSfIVNN *H NAIO"d*VO NOAVW :OJL wnGNVNOW3W 3:)[:]-AON31NI slouilll ll:*dsO-ld junoW 410eidsoici qunm� ou jo ;36el,I!A pa:iuTodde aqi uaamlaq, pauelute ml aq oI seau , uoT.,:)voTunmwo asolo p 0 o, lewl pa,zTU2O3qj Sa,;aUO,I,SSTMMOD 9t4l *9J2U'u'l,J:J a,4,:l go ja:lueo, aq:1 UT 92uaeo S>JjoM ojlqr�a aq:1, sa:lva,odjoouT e;D J V ST L11 i sea a q:l uo uteW pup qqnos oq:l uo Aamq2TH Isamq:laolq lq:3.1om qqI uo peoll TuJlu9D Xq papunoq aq p1nom uoisuedxa .7oj paaaptsuoo aq of ea*av TPOT.20T ISOM 941 1841 SJ9UOTSSTMMoo aqq go snsuasuoo aql sum II varaV ApnIS aqlUTUTJ9G w 0 -ioadsoja qunow umolumop ut vaiv auamdoTaAapea e go uoisuedxa papmoi pamolloj aq.ol sdals ;aql JQJ STsvq aql se saAaas 11 • o paaaSe pup aaqoloo Ul JTVJaP UT passnOSTP Sum pup ljodea STqq of paqoelle ST lavqo Ivqi *UOTSUPaxe 0,40191 ;aq:l jog 9,lqv:lam'l:l pup X2919als aql SIPUB 2UTUU91aUTMoqs ljeqo e padOT9A9P JJB S 2UTSUOZ # 4sJUv4,0aqM pup Isaaumo Aaaadoad "S'OTpoq '2aTxe:l pa:lo;aggp moij induT aph-[oui p1nom IeLp p;adoT9AOp a . q pino4s A29:leaIs v lluamdol;aAapea umolumop jog speap puedxa ao alvajo of aa P a 0 ui 1pql llag -o--a-a-a-q -pgiglauapi sum ssaooid STqJ Ul PaVOq a�PTTTA Pup liuulTnsuoo ljjeI*S 'UOTSSTMMOD go 3U9M9AJOAUT 941 ' not lalduaoo jog pajinbaj 9lqe39MTI IVJ9U92 PUP ssaooid aql passno -STOP aH *IDTjisia *a*l*l mau v alvajo ao pupdxa of Aaessooeu 0 0 sdals aql pauillno pup -o—a-Gou-q go 2uilaam patZ jaqmaqdaS aqq POPu9llv 'a9vTl'.A aq3 jog luellnsuoo 93VATid 'MOJ2T .339a Joer -aw *ATqluom aoiml of alnpaqos tut 399M JTaql papuedxe oD--H-G-G-q ' ant J09JTP STRI go uoilaldmoo allpadxe off, -I,jogge IuaMdol9AaP93 V go UOTsu,edxa siql jog snoog ;D4:1 si laa,.IIS 0 0 IP 9UTa UO XJTJl0Vg SJaOM OTlqncl quasaid aq:1 go ;9:lTs aqi, - qaaj:lS 0 0 0 UlVW go JS9M VaJU 941 01 T *ON J0TJJSTG -3-1-1 aql go uotsued -xa ue aa*oidxa of PJBOq 92ell'A PuV a;ABW 9qJ'MOag UOTJo9aT 1p P9AI909J L86T aaquaaldaS 90UTS UmOlUmOp UT VaJ8 JU9tU -dol9A9p8-H *a-lel 941 go UOTsuvdx9 Tvlqualod aql 2UTUlMVX9 uaeq se UOTSSTMMOD luamdol9A9pWa pup quamdolaA9C 301JISTQ SS9UTsnq aql & 0 0 0 It 8861 'ZZ XUVnNVr : alvc[ salunis Nolsmvaxa *d*l*l luoaa"a snivis :10argns "0"'H*G*Cl6'2 NVW*HIVHD 'HOIAO(Mcl rlVH WOW saalsnill ao auvog aNv x0xvw :01 wn(3NVll0W3W 331-4:10WILNI Sloullli lzzodsOld iunoW ;3 cl S 0 J c:f aunc;t^ ;o aselliZ a Mayor and Board of Trustees Page 2 January 22, 1988 and elected officials of the Village and the taxing bodies affected by any expansion to the T.I.F. District. One of the action steps called for in the strategy of the T.I.F. expansion study is to discuss the proposed preliminary plans for develop- ment with the taxing districts and property owners. Th is discussion will take place when the development proposals are better defined. Background Information Planning and Zoning staff, with the assistance of Trkla, Pettigrew, Allen and Payne staff has completed initial survey studies updating the 1984 building condition survey and other physical factors that must be reviewed in order to determine the area eligible for T.I.F. District designation by State statute. The staff is on target with this action step planned for com- pletion between January 1988 and March 1988. The basic infor- mation gathered in the first week of January will be refined by staff in the next several weeks. B,D.D,R,C, Members' Visit To The Area It was the feeling of the Chairman and s taf f that it would be beneficial for members of the Commission to familiarize them- selves more directly with the area under consideration for expansion. A Saturday morning walking tour of the area under consideration was taken on November 21 in order to obtain a first-hand impression of existing buildings and spaces in the area under consideration. T.I.F. Expansion Goals and Obl*ectives Commissioners have begun the preparation of a list of general goals and objectives for the T.I.F. expansion area. General objectives are being developed for design, financial/economic, land use, traffic/ /circulation/parking, and project linkages/ /timing. These will be followed by development of site specific objectives. This step is on target with the March through June 1988 timetable, Community Involvement The commissioners discussed ways of involving elected/ appointed officials, the business community and other interested citizens in the process. It was suggested that communities, such as, City of Naperville, Highland Park and other metropolitan communities be contacted for possible field trips. After preliminary contact, with these communities, it was decided such field trips would indeed be possible and useful. Field trips would best be 2q: dHX oD*%dmcj*G*q ajojaq jq2noaq small jaqlo pue uoisuedxa edol-I aqj jog saipnis pasodoad aqj go aseajqe jdal aq Aem dnoj2 Ivqj 0 OS STseq avInSea e uo s2uTlaam to—doasaag aqj 2utpue3le un2aq se aaqmeqo loadsoad 3unolq aqj UaOJJ ant 1pluasajdaa v 'pua jvqj piemol 'SIPTOTggO P91UTodde pue pajoale pue Isaipoq �uixpj 'XITunmmoo ss;aufsnq Ot4I MOZtg S9AT:je:ju9sa:id9j q:11M SUTj;lOM Xq padolOAap aq JITM ueld aql -ju9mdoj9A9P9J JOg ueld paseqd oilsilvaa e go uoijeajo aqj 01 POIITMMOO ST 11 -poijad STqj SuTanp ATqluom 9OTtAl 199UI of anUTIU00 TTIM PUP alqviauail SIT qllm jaSiel uo si -06-H&GOG09 AjoM pale dioijuV v 0 -quawdoTaAap umolumop uo ainjonJIs TvuOTIez e"i -TUPZJO JTaqq SuTpie2ea sailTunmmoo snOTaVA aqj moag UOTIBMJogul 2UTTqmasSL> Ul -PqmqT ST ggVjS '9MT:lUV9M 94:7 A aq upo 2UTdvo; a - 19 V -puel go 1:)edmT pue XInvaq TTnj 943 U94M 2UTjds aqj uua4el 0 i v 8866 `ZZ Xienuer C a 2ej saaqsnil go paeog pue joXew I Glo t= cn RS MI: ml, �3 CL 0 CT rt " F� cn cn (1) (D Co CD w "'+i �+1 cn cl m cn 0 0 cn 0 t" I CA 0 cn rt cn 0> W. rt z b -A V-4 CS cn H P -1-Z C: H m 110 Lo Lo rr OD OD 00 00 00 OD 00 00 00 00 00 00 00 00 rt m r?CY) N -D CD 00 0**, w t -j �o (D 1-" co 00 cc 00• cc 00 cc 00 00 cc co co co*_j %*.j 00 0 co Mf C7 3* �C � L nL t N Im �G M y p " " d' aw �wwr®eriw� 6-1 TI S 0 U0 go 4ioq go TVAoidde put-4uiujoz)a-i o:j ojaz of .1 jo4 I 0A P-1 F. -Mi Lill, *UoT3ppUawU1o3aj Jjv:)s aqj U1 apew ajam 4POU013UOLL! ss. 9 ISI � U a IIII Hca ao go jaqwnu V A*H Puv SaIDIL10A JT?13.�Ialtiujo.-) q -10(i Oa VUTUTUIJOd 3JU-11) 041 UlP-10A o.14 '"mol! os''1111 Pal@PTS*UO3 VUIAU4 p-IP.0�1 VU-IU07 atj,-L s U () I 1 1-14%,K) . -1 J) M 0 1 "I'l I.- , 'o 1) t , I ( I (),I- . -1 (1 1 po 0(1 ()1 lt� . A mo 1 uo*1:1sa',dVns sili *j pa--odoid J-PLJ�) LI1?Ljj -10111.11ii ;)OLIO 4P.1 -t.; aqj X(j 0 aq p1nm4t; saj31qaA log SUOISIAO-ld 011-1 )PL;.) j)0-jS-0,L(C9$tt'-; pvtj Jaeals UamO OS 01�, JO TTaqdwp.,) *-IW - p') -1 -) I -j -) aaqaang aq pinoqs SZ)13-tqaA TV13jaUIU103 -lo_q sjjjr--)UIa_jinba . -i IP41 PaisaV2ns 3aajjS au -t> Td -40 1 -IV Joao *14 SUOT:j pURt1ILtI()-,)a-1 10 swaTqoad oijj3ads ou ppil jnq apoo aill 10 SUOTSTA03d TP-1,1AOS 3noqu pajinbuT aur -1 uosjaw% jo, sNoTjpuaH -jN •*U 0, T a aas U T -.I aql UO STRDddV jo p-inoq WLiTuo7, aqj ss-nippp pip S.jm1j)1A1j)t1J 00-1 L f) 0 1 ) 11 L ! I 9JV S3111ampuawv ixaj qloq go saidoo OU0110as WLITI.jpd aLp UT appufl ajam suoTsiAaa go jaqmnu v c It pup. o aaqw;E4-.)a(j UO P-IPOg &ITLIC -1 aqi jo suoissnosip aq:j uodn pasug *UoTloas �iLjpjjpd T.f PUP, sp-lpx pajinbaj ui S-�3aj) 01 WUT1VT@J'SjUat1IpL1aaIp --Ixa--1 po . s () d o. I d a43 JO MalAal 11a4:1 pa�a-[duio;) st?q sTt!oddV jo p-ivon j �WIUOJ OLJ,�, tR6L 16Z iaquiaoaa J-DHJSONd INnOW AO r.qDVIIIA 619 -V -(R -W7 MINOZ GNV ONINNVId J0 I10.10'.ANJQ 'NNVa ON NRjjjr.q,T,s �Ir.49VNVW '.4DYJ11A 'NOXI(I 'A NTJOr "I- WnCNV*dOW3W 3DI-430*83INI S10,M111 'i3adswd iunoW !tunOL �0 96ellw[A 093013301a ti -a Pug C -d aql lvovzovl Pup EotIZOVI quotloas A3031jue aloaqjout alalaa 0 0 & 0 3993 oz 33133sip ivilupplsea JuaDecpv 3993 01 OUTI 301 aoije3ul 3993 oc Aam-3o-3tj2lx -.uioag joeqlas mnmtUTW 0 0 oloaluoo Ilv4s aajvaa2 941 6sluamajinbea mnmiuim asaqj up4l noeqlas aajpaj2 v seainbai joialsip v uaqp, OD Iz-a 11-cl 11-1 ,gym/0 t�-s I E -g 6 1 . Z -q I Z -B 61_n 19-11 'i7 -S 'E -S :93otalsi(i 'Sutmollog aLp ui palvool eaje 2ui�jed Aug aog s;joaq3as jol tut wnuaiuttu atpaq IlTm SulmOTIOg 941 a & a 10 I Aft [Ito I Z) oc PROPOSED OFF-STREET PARKING ARTICLE April, 1987 December, 1987 qons go uoijeaedo pup :jU9MaA0adnjiL pav S0111113V3 0 `"IsaP 'u01'3E?301 e4:1 VU01UJaA02 uiaaaq suoijuln'A09a Ile jeqj pap P 1"A Oad sou 2uiplinq .30 poet *go asn IRUJISIX9 Aug aAaRS 0:1 Saij!jjoeg- 2uppol 6 ao Vutlaed joajjs-jgo jo .)UatD4siIqPis9 Sae aun,JOA jU0Aaad*oj p�!W.9,ap eq JIV14S aouvu-11230 S143 Ul 2ult!-JOH •s .- UTPOOPI due 12'allaucl 9AISSIM.10a a 0 taliloej w OP3VOS 929111A aq:11q pauimaoiap aq IjPqs aouds Suilaed tjons qDva aol a93 aqj *spun3-'juija;d 16 02elft A 941 01 aleuop of isanbai Sem aeumo 94, 4sluamaaln-bea VutNjed 943 03 maojuoo 3OUUp3 pup 0 Pall1sualul, S1 aouds aoolg 2ul, ILI js�lxa M30JU03-DON 101a3sta umolumou U94M 'JOIJISIQ UMOJUMOG qqj Ul -W, oesn ao 2uipllnq mou 3plImTs e aoj gouputpo s,43 go sjuam -aainbaj aqi molaq poonpoa aq aajgpaaot4 jou. Ile4-S 91ep PAI 1:)ajg a t4ons aa:ige XIjaeiunjOA PaPIAOad aaam ao 9:)upulpao - sit4j 30 a GIRP ant jD9g39 Sqj UO aDualsixe ul 039M ROT '4 m s a 1I IT 1 Or I 'DIU 11 pe 21 0 1111 as 2ujAaed j99ajs-g30 *Satilljova Iful 11pleorl puv vul4ava WullsIX3 a 0 1 0 & & 0 opajoldwoo Allpiauvisqns uaaq 9AV4 SUO1jVD1JjpoW 2UT�avd se amij cons Iijun 92eIIIA Z0141 Xq panss7 aq - Arm Azwed * a 000 go BIV01911383 ON OaDUPUTP30 S141 go SUOISIAOad Vuipeat pug 2ui�aed aqj of ioalqns ao 2ulas; xa aye 3 IV 1 041 � 9 1 asn 309 aS043 paa:)xa p1nom asn mau 941 go sivawaainbai aq3 q-.)Iqm Aq junowe aqj ui Aluo Aaolvpupw ear sa,11,10eg 2u!ppol ao 2utlied jvUOtj1ppv 19DUo -Dag- PUT P30 8143 JO alep ant a 03 go aye ol ao ad paj.D9.1a sem ean3onals ao 2utplInq eqj gj 'a9A9mOH earn dons j0mg P9pjA0jd se paatnbaa aq Ijvqs sat 3jIjDpg 2ulpeol ao 2uil3ed lasn mau u o pa2ue4o aq 3039eaJO4 Ile4s' sa:)uds tui peal Pup 2ui�jvd laaals-ggo go aaqwnu pajinboa aqj q1jM PaPIA03a uaaq seq 4:)l m ainjonjis 11 ao 2ulplInq v go asn 2uilsixa qtjj a 9A9U a t4m as[I go I., a 1 2u q:) *asn 30 Xllsualul UY aseaa,ouj q,:)ns ao, P9PIAoad aq llrqs uiejaq 'b a, a but9an se S1811,"'Deg �31peol Pup, 2Uj,4avd Isail,t1jof * 6 U 10 E?g PvO'j 30 2uiia,ed Pea m as 309 ulaaeq pat toads :zua'maanseam 0 (0 b 0 go. siiun 3,aqio ao 'Ailzmdez) 2uijeas 'ea -le 300TJ ssO.32 Isilun-tui llamp 1RU01i1ppe q2no.3,'.ql poseaa:)ui S1 S;)STma,3d ao aanSona ls'Suipllnq Cue go asn go X:jjsua'-.1ui" ata 4uaqM 0 . :jou peau * POPI AOa d aq 30:19au-taaaq pajInbaa, sv i salljIlDej 2uP"01 '* i T, pup 2uilaed 'uoiiajdm'o:) o:j pajn:�;4soad A'j,iva2ijjp pup " ;),I P. p M� - - 9AIJDaj);i� qonsgo 941uom xis u7q,i�im un2aq sl uoi..)nja�jstjon e q'j, p,9 P .1 A Oa d' pi up a :), u R U, I P 3 0 S 1 1413 10 aj.,VP ant load 3a ;�tqj of ao ad panssuaaq Vutpltnq v ipiat4m 'JaAPM014 "ajoi,1:iv siql A'qpajinba,3 st? pap Road aq jjr.LjS sat bac 2u 1 Ppo I Pup 2u i �, a ed' Ajossa:):)p ojejaq, juawpu*awp as 8:)upuTP3O sl ql 90 alvP aA1413aJja a41 jaijp pays ijqpjsa puvl jo sasn 11V PUP paioaaa saanl:)na:ls pup s2ui .pjjnq 11v 10,4 :stool tag se Aldde 11eqs aoueui pao s1q:j 10 SUO 1 9 1 Ac)jd 2ulpaol put? 2uilaud laa.31s-ggo at, I -,suotjvIn2a%d go ado:)S ko, 'Damage or DestruccionFor any conforming or, legally non - con I t . ormr ing bul' Iding ouse which is in existence, on the effective date of this ordinance which subsequently thereLio, is damaged or partially destroyed to the extent of less than Uifty percent of its replacement value by fire, collapse, explosion or other cause, and which is reconstructed, re-established or repaired, off-street parking or loading facilities need not be provided, except ghat parking or loading facilities equivalent to any maintained at the time of such damage or destruction shall be restored or continued in operation. However, in the event the principal building or structure is damaged or destroyed by any means of f if ty (50) percent or more of its replacement value, it shall be necessary to provide parking or loading facilities as required by this ordinance for equivalent ne'w uses or con- struction; provided, however, that if the principal building or structure contains more than one use, parking and loading facilities, as required by this ordinance, need be provided only for those uses which have been damaged or destroyed to the, extent of fifty percent (50%) or more of their replacement value, Off-site Remote Parking Facilities Where required parking fac "I'll, i 11 L i t i e I s are prove d I ed on of er than the lot on which the building or use served by such facilities is located, they shall be and remain in the same possession or ownership as the lot occupied by the building or use to which the said facilities are necessary, 1. Such lot upon which said parking facilities are proposed shall 'be located within one thousand feet (1,000') of the lot 'if located within the Central Business District or five hundred feet (500') if located outside the Central Business D i s t r I c t . The building or use served by such facilities must be located within the above perimeters and such lot must first be zoned a Parking District designation before the approval of the President and Board of Trustees may be sought. 2. An applicant for off -premises parking facilities as is allowed in a Parking District shall be required to guarantee that the off-preinises parking lot shall be used solely in conjunction with the building or use served by such off - premises facilities. This guarantee shall be given and established pursuant to the following procedure: a, Warranty Deed (or Trustee's Deed in the case of a lot held in a land trust) for the off -premises parking lot to a third party from the owner,, b. Warrarb,...y Deed (or Trustee's Deed in the case of a lot held in a land trust) for the said off -premises parking lot from the aforementioned third party to the applicant, which deed shall contain the following restrictive covenants! -1 z - 941 *SSBP 99343 P893xe 01 iou poiaad v aoj Jaumo a4l Xq pauealD tui aq si OIDT49A IDUOIJUIDaDai v ua4m 30 gsasima3d vans le ODIAJaS 0 P but JaPuaa 0 6A39A1 lap R 2uilum uaqm ideoxasasitnead 1Pi1uaP*1s,-)J Xuv UO paaois 30 paL:ted" 11P S '93alTeal as 1*sq1 10018 90 Ss9DXa ul iqViam pasuaDil So iq'Alam ssa V SUIAeq S,-:)Ield asueoll 431M $39111P.33 ao a a an V1,03amwoD 191DT yr_.% 'TvuO' -Paaoa 14Dnal 053013361a Jelluapisall Ut Sala 3 -6-9-ti —1 .1 a e d ON 0 IN 0 149A 0 *1,, '.0111111 mima smouviriou ivNoijLi(i(iv .SAVMPvoa Ivlaalav aOlum UOOM10qP93VD'O1 U94M sessvdA'q jo/pue sono laoqs se am;s go asn-92eanoosi,p ol, sv os paint sap aq ll,pqs sassaDDe pue scot 2u1:qavd wepo:) jmamdolaAaCl aql"pue 90 UVU T p 3 0 sitil 30 sivameaynbea q3jm Xldm,00 1snm uolssimqns 0 943 A, 4ZM's AuV *mOIg 01-998al 3UGIDI399 pue ayes a!Reano;Dua :3s,nm seouamIg UO3 PUE? sluol 1 1, 09 S 39 1 U I ' 013JVal JIV *Pa&a;DS aq of at4i go s9sn: pasodozid at41 01 sUoJ:Jvlaj 971viadoad"de jietp ui pup cA:1qgvs pulp, a':)'uqTuqAu,O:> cojlqnd '301.8m, waols go ggouna ol 1suoij1puo:) l,vo,1qdv.i2odoj of 1!?u1:jcm1s dn4w0AJ.1P PUP 'SUippol 1§uijjvd 3,0 uoiieavdas o3 'Isveav 2'u1:1jvd o:1, jua,courpe pue 7u1t4J'tm :Digge�.3,1 01 uoj1v1noaiz elqvuoseaa ol "S:1aa,j,is pauuvld *puv* Suilsixe, 03 U013PTaa U;. paaaIpisuoo, aq 11eq's seaa,e ftj "' 1,v ". P u e �D-p 2 j,avd 1,1,v go uot Z�0'1 '41PIM "TWDIXD `Xa10,v3v4:) 13pama2upaiv p4a, -,;D o,up n s s, 1'.maad ftipljnq a,3ogaq pauiv:1qo aq :isnw, IvAbadde $14 PUP SUO*I 1 IN w I VJ - n,Saa esaql go, uol:,:)as 2 av " d" aye 411M ODuviidwoD ainsua of U sJol guyj,jvd, Ile sueld MatAal 01 301naal 0 0 .0 'RUIUOZ PUP 'Ruluueld 941, 30 4ij,11qi'su,od's9.i, ay` aq 11v4s 31 uvisan vIv '2ui,4jvd 941 go saa,isnal go pavog pup luaPISOld D43 01 U013ePu9mW0002 S31 T 2U1,Jet(J U1 UO'J�P.I;DpISUOD S11 0 1 - :109 02elliA 941 go slvaddv go pagog 2ulu;2 qq3 of paqsivang aq isnm 99juvienIS qonS *C suoileloiA dons ao3 sanp 39qio jo sa2emvp aaAO093, 03 a,o 2uiop os oa,3 may.jo tai J�UOA,i�o.)d 03 3014:1'la 0 IN, pue 3Uv'u9AOa qzms Aue ;a�3vjojA ol 2uildmalle jo Suileloi,A # # IN suos.3ad jo uos,j,ad a,qqisu.,A, iv2e X:iinba ul' io mel iv 2uipaaoo.1,d due ainDasoad ol a2vllt * 0 0, all:) 2utpn1ou-1 oiaaa4 sa ' ta'vd J9410 aqi jog Injmel aq 11u4s -11�'ulda3a4 S:IUVUaAO:) a43 90 Cue 9:)VIOIA of Idwalle 3.0 alUJOIA JJV4S SU21SSU JO SJJR4 i1eqJ 0 a 0 N 0 30 IM941 go Aug 30 1OJa3q4J sai:lavd aL11 j1 suoilvaodioo lvdtoiunW v '92R111A eqj 2uipnIDui `maga a9pun S�Ni uiwvlo smai a g, a .-I I pue sat laud 941 Ile i uo tupulq aq lleqs IN " a PUP PURI 941 4310M un:t 0:1 82V SJUVU9AOD ago SUOI 10131SO3 a9qqJ Q) (saii1liDeg 2ui4aed asaql Aq PaA39S aq of (s)iol jog uoi1dtj:)SqP IV2-al Jjqsul) :se paqlaosep Allv2al puel go asn aqj qi1m uoy1ounCuoo ui A1111oug, 2uijpd 19aj1s-jjo up se Alplos pfssn aq of si :1:)P.31 sy 4 -t (1) SLora ge of a vehicle meeting the above criter [a, by Lhe operator of said vehicle at his place of residence shall not constitute the making or rendering of a service and shall be prohibited. Any recreational vehicle, commercial vehicle or trailer under 8,000 lbs. in dross or licensed weight shall be permitted in garage Storage only. Personal use vehicles such as pickups and vans, are not subject to this restriction. Repair and Service No motor vehicle repair work of a commercial nature s Irl h 'I a '"' 11 1 be permitted in conjunction with off-street parking facilities provided. Hand ica Parkin At ,least one handicapped parking stall shall be W provided in al off-street parking areas larger than 15 spaces. Additional handicapped parking shall be provided at the rate of 2% of the total number of stalls. Handicapped parking stalls shall be at least 12 feet by 18 feet for 906 p,arking,, and shall be proportionately larger at the other angles as per Figure I hereinafter adopted in this Article. All stalls shall be appropriately marked and signed, be located in close proximity to the principal building, and shall offer barrier free access to the principal bulilding. A designation of handicapped parking, stalls shall constitute consent by the property owner to the enforcement of the restriction of such spaces to handicapped moLorts,Ls by the Village. An Computation of Reaired Parko. ng and Loading SRaces qi Use Chart 11 to calculate the number of spaces required for each use. Chart #2 should be used to determine how many loading spaces are necessary for each use. A Planned ' Unit Development requires a ten percent (10%) increase above and beyond the required spaces stated herein. When determination of the number of off-street parking spaces required by this ordinance results in a requirement of a fcac- Lional space, it shall be counted as one parking space. Such required parking spaces shall not be used for parking of trucks, trailers, or passenger vehicles operated by any, business or use on the property. Where a use has vehicles* including, but not limited to; delivery, service, or sales vehicles, additional parking shall be provided in an amount not less than the number of vehicles used by the business. Such additional parking shall be located away from adjacent roads and screened from residential districts or developments. CHART 11 - PARKING REQUIREMENTS 4/1000 sq. fL. unless otherwise listed below Assembly plant, laboratory area 1/1000 sq. ft. Assembly hail/banquet hall 10/1000 sq, ft* - 4 - ei3 obs OOOT/Z U193aq Pa`P]Ao,3d aszr-:-.,qjO Se S92unol . .aa/pup sjuvinelsea put?,o,lj- 9bs SZI/I le smo,03 41qmesse aoj coeds leu0ji1ppe snld moot :isan2 aad aovds T U19304 P9PIAoad asimia4lo Se aeq /iuvjniosaa dasnoq -qnlo aoj lvuol3lppe snld aloq aad C *jj abs 0001/Z eoeft aolied 3 *33 *bs OS/I *13 obs 0001/S UOT3VJS aad saoeds 2ut:jOvj.S snld 0061/sc (3uo aad 02Ae *Ulm E) 2ut3lem go Sainulm OZ ao; saDeds 2uiNovIs ,Kv,q :tad saDvds 2ujNDvjs Z' s nd A'e q aad aoeds 1, 2 U 1, . �avd w8kkojdma, /jamoisnD se palsod pug paleu2i sap aq 0 :IsnW) ,vaje P 3 1 A39S Jog IVUOT:)Ippg 4up snld aaiv 3 o 3o *33 obs OOOT/l Avq DOIA39S aad 9oads 2uiNojjs I 92911PO IJV 'tanesnw IXjvaq!j Sa2pol Jolow (Slelow 9slaJOH sas3noo g1of) saaois ain31u3n2 sawofl jeaaunj sdoqS 4jnv9q/aaqjvg qVnojqj-aAIIG 'SJUV2 jauunj - 4seh aeo aAaaS j IaS - qsrM 3PO xz)ua2v luluax 10 sales 810149,& Jolow 0 snl,, 913 'DS 0001/5 GOIAJaS a5UP4D 110 sd04S' UOIssIm's'ue.21 Xpoq ojne/2uiiuivd luoyarlIpisui pue sales laiti IsdO4S oMe.3q pue. ielg3nm Isdot4s Xeq aDIA.39S/r J Tedai �>U,I�pnj.-)w SUOIJEJS 0:)I,A,3aS ony sash oinv Med ical Of f ices, husp it als, Satellite Care Facilities 5/1000 sq, ft, Office Building -Less than 30,000 sq. ft. Total compilation of Multi-family/Townhouses each individual use 30,000 - 60,000 sq. ft. 4/1000 sq, ft, above 60,000 sq. ft. 3.5/1000 sq ft. Tele -marketing or other similar 5/1000 sq* Office Use 3/4 of a space per 1 Public Parks, Athletic Fields l/5000 sq. ft. of land plus 1/2000 sq. ft* of aLhlet is field area Recreational Facilities, convention halls, 10/1000 sq. ft. of dance halls, skating rinks, assembly halls, floor area gymnasiums, bowling alley, arcades, health 15/1000 club, Lindooc swimming pools (non -single 10/1000 family). 10/1000 Outdoor Swimming Pools (non -single 10/1000 sq. ft. of family) enclosed land/deck area Residential Single Family 2 per unit Duplex 2 per unit Multi-family/Townhouses 2 bedrooms or less 2 per unit more than 2 bedrooms/dens 2 plus 1/2 for each den/bedroom over 2 R-5 Senior Citizen Housing 3/4 of a space per 1 bedroom or e f f *1 ciency unit space per 2 bedroom unit Restaurants Class IV 15/1000 Class 111 15/1000 Class It 10/1000 Class 1 10/1000 Drive-through 13-5/1000 plus 7 stacking spaces from window Schools Commercial School/Training, Facility 1/75 sq. ft. floor (Including dance, music, art) area Elementary School/Junior High SC1001 1/staff member High School 114 students College/ Un fivers iLy 1/2 students Day Care 1/s.taff member 6 MW L , J003943 UO1I0933 30 0001001 40pa aog OS x ZI lquollippe 0 I snld 000,001 OS X ZT Z 000,001 - 047 09 X zi I 00010,� - Ol SE X zi I 000'OT - 9 liupla AlqmassV lAaojP3oqerj Is2uiplina sd04S ate dad jonpoad a2paojS pup asnoqaavM 3093041 u0l,30va3 30 000'00Z 409a 303 09 x ZI Tpuollippe 0 I snld 000,001 09 X zi c 000,001 - 017 OS X ZT Z 00010'7 - Oc SE X zi z 00060C - Ol SE X ZI T 000' OT - S oln,V Isiuv3nvlsa%a 'paigloads 0 asimaaqio a SUOI IVIS ODIA30S ssalun) 5*830:ls liV30-8 ez SE X z ipuo"ippr 1 000'009 4DPP 309 snld ;Aoqe sv GAoqu pup 000,00S SE X zi 1puOlUppe 0 1 000,001 40ra snld OS x ZI I 000,00S 001 SE X zi 1 000,001 OI *le3UQMUJOAOf) PUP IPUOTsse1 oacl Issautsnq 69a:>Tgjo 'SJUVO • d' 0 & SINN W3XIOU 3DVdS ONIaVOI - ZI IXVHD oij obs 000I/S amoH 2uisanN 41-3 obs OOSI/I asnoqaaeM secl:le :19LI10 .203 O:ij •,bs 0001/Z 30 leuoy3ippa snld gives qoan4o 6mmaojjpnV 'Palua4l ianoo .gad z sl3noo STUUal 0001P7 aAoqe pue 00060SI 0001/Z/1 -V *qjobs 000'OS1 0004Oasn lenplAtpUt 0 0 4090 go uoi3elldmoD ,bs 00010C up4lssal aawn 2uiddoqs 4. Recreational facilities, Convention halls, Dance halls, Skating rinks, Assembly Halls, Gymnasiums, Auditoriums, Bowl ing Alleys, Theatre 10 - 209000 1 12 x 35 20 - lOOpOOO 1 12 x 50 200,000 plus I additional 12 x 50 for each additional 100,000 or fraction the ceof hotels, Motels, MoLor Lodges 10 - 200,000 1 12 x 35 200,000 plus I additional 12 x 35 for every 200,000 if the above use contains any of the following: retail shop, convention halls, exhibition halls, business professional office, then 10 - 209000 1 12 x 35 20, 000- 150sOOO 1 12 x 50 150,000 or above I additional 12 x n 50 for each 150,000 or fraction thereof 6. Schools, hospitals or other similar institutional buildings; and multi -family buildings 20,000 - 200p004 1 12 x 50 200,000 plus 1 additional 12 x 50 for each 200,000 sq. ft. 7. Shopping Centers 5,000 - 25,000 1 12 x 35 25,000 - 200,000 1 12 x 35 plus 1 12 x 50 2009000 - 400p044 2 12 x 35 plus 2 12 x 50 400,000 plus I additional 12 x 50. for every 100,000 addition 8. Motor Vehicle Sales, Rental and Machinery Sales 8vOOO - 25t000 1 12 x 50 25,000 plus I additional 12 x 50 space for each 25,000 sq. ft. Land Bankin Any development that has a requirement for 150 parking spaces or more may request up to a 30% reduction in the required parking spaces. Such request shall be approved by the Director of Planning and- Zoning and shall be accompanied by such documen- tation and evidence jusLifying the reduce ion. Such requests Wim JUaWaAOU1 avinoNOA 83VS JOJ 9PIAojd0,1 pi)pj A, I P, k1too isXqd aq q Ism apim sauel Z upqI aaow AeMOAlap V' *aptm Z1 aq 1,1v4s Uu v I auvi 4tO 089 'paeu go sseq 941 UJOID031.0 VuUO2 PUR Wu l. * - aql Aq p,jadde eav s*qUv1 Z UvqJ 8,10M Uat4m * (quel, aad 4.1pim #7- 10 SABMDAlap 9Avq 11v4s sasn a941o, lIV 0301410 ejojDaala 2uluoz pup 2uluuvld a4i Aq p9Aoadde aq Isnm (,0C) jeag Kjaitll P96OX9 4D14M 0 ISAVM9AJa 0 0911S 943 go ino pue ul s4anal a9Anauem of aIvn&Rpv al..Ilvys� 'hut i pllnq Iviaisnpuup Jog t4Jp1M AUMOAIIJP 941 # 0 *Tvl,alsnpul *sAum4lem ivaovCpv Ile apnloui IlVqS 4IPtM XVMaA13 10 0 0 . p wnwtxetu ai4,L asmopuim ipq pue IsaDvIdajig sAauwtqD se gone 1.,tat t4:>Poi,oua Cue mig pa1Dnjjsqoun aq IIvt4s pue 41pim u (11'Z) laag auo-iivaml go wnmixem P pup (,6) aag aulu go mnmluiva v aq llvtls sAvm9Ai WaG 041pim 'JU9MOAed 199ais aql ol avinDTpuadjad illelluessa aouum p ul pjP4 luo3g p9ainbea a4l ssoao 4em pue (s)aDeds 9ui:qjpd iaa3is-jjo paiinba.1 of peal -)sntu 'SAP*M9A1 3(] *U01:)P.D01 -UOT�Jet3RA Xq Aluo palilm,aad # If 0 aq 4vm s4vmaAiap ale-juoag Irnp jo jelnoato ',KV,MaA 1 .3 P Jed JUatUaAed ' jaaa,,Is atil o,I.uo jnpqano go tun Mix"em e qi1m 11ol Jed pallymaad aq A'FRW APM,aA,13p OUO *aaqmniq ;sivama,JinbaaVul�lmollog Oq 013 mlqj U0 0 - , 1 --Ileq,s 'IV ix -,d aql ui, sABi#S-0ATJP IvyluopTsev # I v 1 :1 U a pi'' sad -apoo ivamdolOAaa, 943 ui qiaog i9s sivamajinbaa 941 01 m3OguOD Isnua SXVMaAl3p JIV esDi3jDads jog apo:) juatudolOA9a 943 01 jaga-d ssivawaambea apo:) Iu9md;I9A9Q Ile 03 maoluoz) ' s 10 2ut,jpd 1_1 941 go 1noXel pup uol3onalsuoa aql uWTsea pup not 16naIsuoD •a1 paaaqpe care PaA3;DS asn 94-.1 ol uotIplaa ui sooeds 2ullaed AaOSS930V go U0119301 2U,IU39AOV SUoi�lvingaa Ile ieLii 4. w 0 POPI'AOad pue asn Bons qopa jog sluamajinbai alrapdas aql go mns a 941 u841 SSOI IOU slA19A110allOD P9p1AOjd saouds jo jaquinu jejoi 0 (a 941 Jr AlOA13091100 PDPIAOad aq Am Sol ewes a uo sasn bieapda s Jog 591311!Deg 2ui�avd laaals-333 OSUOTSIA02J 8A13DalIO3 r 0 0 0 *diqsjoumo aqI uodn aapio pies aojogua of pup Xaessaoau pameep, uaq,m pue gi palIv.1sul, aq 2uilaed lvuoi�ippp aainbz).3 01 92ellIA a4l go, Xita,oLline a,43 9oads 11rqs UVUaAOD qons31 1, #2uTi,avd caning aoj, puvT aq1. ]o asn aql iDialsea of puel aql L11 7 m 2uiuun:i iup.ua,Ao:) P Aq pajuedw000e aq lleLls" Pup Vui�jpd o3 paia9OA _UO3 aq Xem 4DItim, Pei/ �UP I I eUO I I I PPP 30J "" ,AOjd oslE> 11Pqs Size and Access . All parking stalls and aisles shall have the r - m - i - n - imum dlimens ions, as set forth in Figure 1, provided that the automobile overhang of not greater than 2 feet may be included in sLall depth calculations where such overhang does not extend beyond the proper Ly line or encroach on the minimum width of the sidewalk or encroach upon a required setback. When automobile overhang beyond an installed curb is included in the stall depth calculation such overhang shall be considered as part of the parking stall for landscaping or setback purposes. Parking lots not open to the sky shall have a minimum vertical clearance of 7 feet 6 inches to any obstruction and shall be measured at right angles to the access of the vehicle. An 'Industrial, commuter, or long-term business office use may request a reduction to 8 1/2 feet in stall width. Such request shall be approved by the Director of Planning and Zoning and must be accompanied by such documentation and evidence which shall justify the parking lot safety. In Yards. Off street parking spaces may not be located In any require dyard . Setbacks shall comply with the specific Zoning District requirement, No pavement, loading, or turn-arounds are allowed in the required yards. Wheel Guards. Parking spaces shall be provided with wheel guards or ump-er guards where concrete curbs are not required so that no part. of parked vehicles will encroach on an adjacent sidewalk. Bumper guards are not required for interior stalls,, I& _t I ng. All parking lot lighting shall comply with the but ding Code and Development: Code of the Village of Mount: Prospect. Electric lighting used to illuminate off-street parking areas shall be directed awayfrom residential properties in such a way as not to crate a nuisance. All such lighting shall be extin- g u i shred I between the hours of eleven o'clock (11:00) P.M. and seven o clock (7:00) A.M. unless the premises on which or for which the Ifight L*ng is specifically operating is engaged in the operation of its business, in which event the lighting shall not operate past the closing hour of the establishment. Light poles in a parking lot shall be protected from vehicles. Curbed islands for protection are recommended. Curbs and Cutters. Combination concrete curb and gutter or concrete bar-rier curb is requilred around the perimeter of all parking lots and around all islands, provided that with approval of the, Director of Planning #4nd Zoning tIiI,s requirement may be deferred for the area, adjacent to any future expansion as part of a staged development.' Where. alternatives to concrete curb and gutter are demonstrated to be more appropriate and recommended by the Village Engineer, said alternatives may be approved by the Director of Planning and Zoning. 10 - *apoD juawdol9Aaa 941 go uoijDas adeDspurl qt4j ul pc-)utviuoo sjuatueainbea aq:i :iad se pauaaaaz)s A19AII-109]gO ;aq Heys saouds "dui 3no U'e q 0 1 - - I -. I ajow 2uTu!BIuOD sealu qua lied aliqowolne uadu j1V e0s-Wut—d- a 0 puej pb—C-12616053DS -saiijapInVaiii jaqjo jo Vul' qjnD ua�oaq 'sa104 and jnoqjjm Isamij 11P. ju pauie--juiew 'ja a d o a d 9q Ilu4s sea -2p Suinaed Ile 1t;oii9idtuoD uodn Oaoueualuiew 0 a O;alqlsva.g aaAaaaqm pass aq 11eqs su2is juqj p9plAOad 4sSullaum moIT9A jo/pue suets is 3o 2ulsod Aq p9j'3em aq 0 & 11eqs sauel aai3 se pajeu2isap segae 1IV *aAijeuaeijv e1qe1dazioe ll"X ue aip s2uiliem juamaAed Di Ise IdOw3941 ea14M 30 MOIJBut pajuied eq 11948 eoeds tut 40e9 aOJ SuidialS -papuammoDaj s i ada is alqnop V *aouds 9'I 3 1m 01 t4ove go LpSual 'moa qjpUl saqoui 4 anoj jo tnnmiuiw e aq Ile4s pue pajinbai si meds ied 40pq qui3ap 01 O�e3 an s jUaWaAed aqj 3*o 2uidi It jjS I Vuxdiais 0 0 0 0 N ro Qi r -f 41 r -i +RS of 4 Ra i.) Ri r�i tt� C.T (L} ,,.•# 41 r-4 � RS ro tT 4J C to r -N CO .J � CT •-) � U U)ro (3 9 4J -r-i 9 Ul (1)•� -r-i �: U) -o-4 0 res �, (n � U •H . 01 4J W cn KC a AC 3: CQ +QC a 4 3: cn a 45° 9 18.5 13 12.7 49 15.3 16 18 60° 9 19.8 17 10.4 53 17.6 16 18 90 0 9 18.0 24 60 24 18 -jodoad pean'Rt3 aq Ile4s PAoqu lav43 043 ul pajuolpul 0 so' 394m u941 39qlO s9l2ug 411m gut 4aed ao] UOISU09MTGO as 0 0 eivameambea pavX aqj go aaa g poplAoad s 2UP43OA0 a 31 $91 aq uBD 3038MTaad 043 uO sooeds aeagap AjauiN esuinjoa uo ITpea ,S OAv4 11 06 amu} a v4s Suilaud 0 'uilinqu spurlsi ala3OUO3** i 010 SAPMOA13P SS9J?D/SSaa2Uj ez suanlea uo ippi jOE 9AP4 Ilv4s q3no jaijauq aleaouoo 419 431m ppaapaoq aq lleqs slot 2uplied s9:3ON (panuiluoo) i# s-annia 5. Sections 14olOO2,D, 14,1102*Dl 14*1202eD9 14*1302*Dl shall be revised to add the Eollowing,: I "Patios, balconies, wood decks may encroach In the required rear yard; provided the minimum distance between the rear property line and the near ,edge of the structure Is fifteen (15) feet, and that -no - such structure is located over or upon an easement." "A service walk, not exceeding thirty-six (36) inches in width, may encroach In the required front, side or rear yards to gain access to entrances or provide better accessi- bility for maintenance." 6. Section 14.2602. Shall be revised to add the following deflaftion: TERRACE: "A landscape treatment of mounded earth, rock wall, railroad t wall,, or other retaining device used to modify steep grade differences on a lot. A terrace shall not include a patio or deck surface." . .. . . . .. ........ ................. ........... . . .......... " . . 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'V86L UT 3 GPBW aJaM SUOTqo@Cojd J8aA-T4TnW 'q' aCDJd VMVC at44 90UBUTJ oq saxaq Aqjadoid pus anUaAaJ JaqBM JO UOTqEUTqwoo e asn 04 UOTSTDap aqq Pus S 'ON BaJV GOTAJaS TETOadS JO UOTqBGJD aq4 q4Tm Z86L UT PGSTAaJ SEM UOTqBWJOJUT q8q1 -sjeaA ainqnj UT paqoadxa aq PTnoo q8qq SaqBJ PaqSTTqeqsa qOT.L4M lia4em uebTqOTW 9>lel JO UOTqTSTnboe* aqq JOJ bUTuUBTd aqq qqTM UOT4ounCuoo UT`L86L UT paqonpuoo sem Apnqs V -qoadsOdd qunoW jo ObBTTTA at44 JOJ 'sa4BJ JlDmGs Pula J9 -48M gqeTjdoidde aqq allTWJ949P oq AJq oq apew uaaq GABq SUOTqD@Coid pus SaTpnqs jo jaqwnu e 'SJBGA TBJGA@S qsed aqq J@Ao aseajouj aqB8 jaqeM pasodOdd :133Cens 886L IZZ AjenueC :31VG J040@JTG 90UBUTJ luosdaC -j PTAea :Wodj JG58UeW G68TTTA 'UOXTG UO4Tn3 uqoC :01 WnGNVIIOW3W 331.4.401dalNl, sqou!jjj IzzadsoAd iunoW v A 0, a 4•9 c j ci a u mr� oU j o a 5 e John F. Dixon Page 2 Proposed Water Rate Increase From the above summary, it can be seen that expenditures are expected to be $1,240,000 higher in the fiscal year ending 4/30/88 than in the year ending 4/30/87 and expenditures for 4/30/89 are expected to be $1,400,000 higher than 86/87. Some of the increase is due to normal increased costs, but in 87/88, $1 070,000 was committed to the new Public Works Facility and in 88/89, $80t000 has been allocated to the Public Works Facility and approximately $1 000,000 has been budgeted for water and sewer repairs and improvements. The result is that using current rates the expected fund balance as of April 30, 1989 would be a negative $98,2400 In the 1988/1989 budget we are proposing a rate increase that will add $300,000 to revenue and a loan of $500,000 to partially fund the planned sewer repairs. With the rate increase and the loan proceeds the balance at 4/30/89 will be raised to $701,760. When the proposed rate increase in 1987 was deferred, the Village did not know the extent of the sewer repairs that would be required in 1988. The magnitude of these costs require the Village to raise rates at this time. Also., with the draw -down of our fund balance, an additional rate increase will be needed in 1989 and increases in future years can be expected. The rates that have been in place since May 1, 1984 are $1 .97 per 1 1000 gallons for water and $.13 for sewer for a combined rate of $2.10. It is my recommenda- tion that a two-step rate increase be put into place at this time. The first step would be to increase the rates to $2.10 for water and $.20 for sewer as of May 1, 1988 and the second step would take the rates to $2.28 for water and $.22 for sewer as of May 1, 1989. These rates are lower than the projections of 1984 and 1986 and almost identical to the projections in 1987. This will give us a combined rate as of May 1, 1989 of $2.50 per 1,000 gallons. In comparison, if rates had increased 6 per year since 1984 we would have had a combined rate of $2.81 as of May 1 9 1989. With a Water and Sewer budget of $6.3 million, I believe it is mandatory that we maintain a fund balance of $600,000 to $700,000 for working cash purposes. In order to achieve this target, the water rate increase should be adopted by the end of February with effective dates of May 1, 1988 and May 1, 1989. -sjaAedxeq ueqq jaqqej S@TqTjnoes qdwexa-xeq PT04 PTnom 'SqUGWUJ9AOb TBOOT PUB G184S GMTT 'SaTqTqU9 bUT48dxeq-uo ' u 8JOW GOUTS Ainseeal -S -n aqq sod.sanuaA8J OSU9JOUT ATTanqoe PTnOO STeaP t4ons 4BLIq PTBS jaqwaw JJeqs TBUOTSS@JbUO0 8 PUB STeTOTjJ0 Ainseeii (17 Pus ,!SMOTJ qSeO MOJOSG aqq jo A4TTTq8TT8A8 bUTPJeb@J UJGOU0O quasaid hue S@AOWGJ s,ApooW Aq pages PUS PGZTU600GJ (VjqW) jejnSUT puoq e W4Tm 9oui8.TnSUTjj qeqq paqeqs anSST PT9TJJaaa aqq JOJ qjod@8 4TP9J3 TedTOTunW s,ApooW (� !UOTUTdO Te68T aqq GqOJM UTL4OnW Iu*aqqeA jo wnequeeig m@l PUB u.eTd 6UTOUBUTJ Gqq UO JJO P9UbTS jalqno Pus uewdeqj Pus STAeZ Pus UTqonW luaqqeA L4qoq (Z 'TqTs .9 sod bUTqeJ qim SGqbTq aqq qqspuoq jo spuoq jjVVV,j wciL4*4 spew qDajj@ UT qOTqM VjqW Aq painSUT aJGM paseqojnd SGTqTjnoas,,at4q (L :ase ueTd f)UTOUeUTJ STqq jo sainqeaj queqjodWT JaqqO aqq JO GWOS •SUOTqBbTTqo iP@TJTTenb-Mueqli jo qdaouoo aqq SUTeTdxa PuB*TTe49P 8JOW UT UOTqOeSUBJq aqq saqTjosep *owaw s,auaz[ON *JW *s4u@PTS@J GbBTTTA 01 4SOO OU 48 Sq6GWaAojdWT U.T 000'qZV$ PGATaO8J 10ajjg UT PUB WBJbOJd lUaW9AOjdwl T84T003 JTaqq UT 000'8ZV$ aqq pasn PTGTJJ9a(] -UTBb S,PTGTJJaGo SeM q0TqM 100019Zi7$ snTd 'GTBS a4q q4TM PaqSTOOSSE s4sOO TTB JGA0O 04 qUaTOTjjns wnTWaid e 48 PTOs 9J@m SPu09 PTGIJJGaG aqq qat4q os painqonjqs sem anSST puoq at4i -squawAed aOTAJaS qqap ain:lnj HE qa9w TTTM qeqq punk. 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Dixon Page 2 Bond Issue Financing Plan One of the other points that I would like to mention is that the earnings represent allowable "arbitrage earnings." Prior to the Tax Reform Act of 1986, most municipalities were able to realize "arbitrage earnings" whenever municipal bonds were issued. Simply stated, "arbitrage earnings" are the difference between the amount of interest the municipality pays on the bonds it has issued and the amount of interest it receives by investing the proceeds of the bonds it has sold. Because the interest on most municipal bonds is exempt from Federal income taxes, a municipality could generally invest the bond proceeds at a higher rate of interest than it had to pay on the bonds it had issued. In many cases, these "arbitrage earnings" were substantial and often resulted in borrowing less than was actually needed and making up the difference with this interest income. However, the 1986 Tax Law changed all this, and now most arbitrage earnings on municipal bonds must'be paid to the U. S. Treasury. The Deerfield financing plan is one of the exceptions to the arbitrage rebate provisions of the 1986 Tax Act. An example of how the Village of Mount Prospect has realized arbitrage earnings is to look at the results of the 1982 Special Service Area #5 bond issue. From that bond issue, 15/10 of the proceeds were used to set up a Bond Reserve Fund. Currently we are earning investment income of $32,250 per year from the Bond Reserve Fund and we are paying interest expense of $24,750. The difference of $7,500 is "arbitrage earnings." These earnings have been used to pay the principal and interest on the bonds and is one of the reasons we have been able to abate a portion of the SSA #5 tax levy each year. This type of benefit is no longer available to a municipality under the 1986 Tax Act. In fact, a municipality is actually "taxed" by the Federal government for successful investment practices. One of the ideal ways that the Village of Mount Prospect could use this financing concept would be to link it with a specific capital improvement project such as the Sewer System Improvements or a Street Improvement Project. In the 19851989 budget, we are proposing a $500,000 bond issue to finance the*Village's share of sewer improvements. Our expected debt service in the first year is estimated to be $72,500 leaving net proceeds of $427,500 that would be available for construction. Under a financing plan like the Deerfield concept, the Village would issue $9 million to $10 million in bonds and use the arbitrage earnings to fund the sewer improvement. The investment income would be used to pay debt service and as a result,. the Village would not have any net expense on the bond issue and still earn enough arbitrage to fund the project. The same approach could be used for any other capital improvement project, but only one such project can be done each year. I agree with Mr. Norene that this type of financing would need to be by a negotiated sale and that parameters would need to be established to insure an appropriate return to the Village. One of the other features that I think would be preferable would be to determine if the proceeds rnuld be invested in an Illinois tax-exempt bond issue. I have asked Mr. Norene to provide more information on this possibility. I believe this financing plan is worth exploring and I would recommend that we present it to the Village Board for their consideration. In addition to- Mr. Norene's memorandum, I am attaching a copy of an article that appeared in the "Bond Buyer" and Moody's Municipal Credit Report on the Deerfield bond issue, An pesuqoand aqq uo sivawKed aalgu sAep 9 sivawAud judiouiad pup isaaalul 9AP4 01 Jas alam spuoq S,pTaijaaaa '10eg u*t--p9sPqo.1nd aaam ipq-a spuoq ago Aq piud KlaIaldwoo aq p1nom spuoq Splaigazaa qeqq quuaw qoiqm saiva uodnoo awes aqi pup squnowe Silanjuw TpoiluapT puq plos pTalgaaaa qpqq spuoq aq,1 ',KJ 6A -L -loads aj 1%Og,,q pup %oi7,,jR go salua uodnoo q:JTM ZooZ pup TOOZ u".L aaam plaigaaaCl Aq paspqoand sa-LijanIum aqj, -spuc-q sipJ91gA99G jog plat K OqJ 9Aoqu Alluiluelsqns plaiK p iu paspqoand aaam (spuoq lwv paij1Tenb-uou) paseq3and plaigaaaG Iu4i spuoq 9qI osuaniaa iftaxa-xel apinSaa 4qlm auil ui u-inqaj xv-3-.10-49P a'914-3 s2u-LJq 143-114m solea IS9.193uT (9s -10m) J914STq TE apva-3 spuoq INV • (Iuaid-t3aa aq-3 go saxv-3 mntuiuim aA-LIPU-19-31? 2U1U1U1JaI9p U1papnToui aq a 01 PP spuoq OS041 UO ISa9qUI '[SJU9W9AOadwi iaodaip sp qons] sasodand uipqa93 jog pasn aaam spse3oad puoq 9T PTPS 40E XEI 9e6T a4l) suoiiPTn3Teo (,1WV) xeI wntuiuim 9AIqBU-19-31B 01 Ioa[qns aaam spuoq asoqq ATluuo-L:lTppe pus p lenb-uou 1A . 919T 14 sum IP41 anssi up moag ajam pasEq3jnd suoiqv2i1qo aqI -spuoq p-a-LgTTPnb-uou upqq jaIlaq slu-Lod s-Lseq Og o-3 gZ Iv Tlas spuoq av4-4 9;Laqm o; sasuaa3ui s�ueq leioaammoo oi anTBA 941—P943PU9 SPM J9A9U q3V XVI 986T a4i gT sp isnl spuoq aqi ipeal uu3 spuoq asoqq go saapToq )Iuuq Tuloaawmoo f ,P9-t.9TTPnb,, uaqM (,,paigT1unb,, os aq ueo Kaql `000'000'OT$ p9aoxa Iou scop apaK aepualpo u u -L panss-L lqap go Iunomp aA-L;uTnmno aq-3 se-SucT-se) ,suo-L-3u!B-LTqo qduiax9-xPI p9-Lg11Pnb,, se spuoq aqq go uO'lpu21s9P s,a2`PTT!A 94:1 S-40913al aoeTd-3a:qaew aq-3 u -L spuoq s,-a'SPIITA aql go aoiad aqj, -a1qPpuP1sj9pun KTIppaj s -E S-3U9MaAojdw-L jog 00015Zi7$ go aouuTeq B aAeaT pus aouenssi jo sisoo TTP Aed oi spaaooid TuuoiiTppv IU9101gJnS aAPq PUP spuoq go 000100010T$ Knq of spazooad aqq asn pup anssi puoq 000'000'.OT$ v ITas off. KITITqs 1poiqPmaqqum aqI muiu.12oad JU9W6AOadwi Tuildvo S41 jog AJ9ATTaP IV qsvO 30 000'9Z17$ 4ITM a2PITTA 9q-3 9PIAOad oI pus (-o-4-a 'IuaSe 2u-LKvd/.ieaIs-L2aa puoq Iuage moaosa 'Suiquiad puoq 18u-tIua puoq 'JOS-LAP-e TP-Loueuig 11asunoo puoq 1pvaads S,aallamiapun) aouenss-L go sisoo Ile Aed of lua-Lo-Ljjns aaam spaaooid puoq 1,K1Tuuo-L-31ppV 'spuoq aseq:1 uo sivawAed AuB 9�PUI 0:1 -8AB4 -40U ITTm plaijaaaa go sivapisa-g -speaooid puoq qi1m paspqoand JU9U1JS9AU1 UP moij Alajiiva aiaqi ui pTed aq TTTm spuoq aqq 'paSpald aae sax,eq A-3aadoad q:)-Lqm jog spuoq uoiie2ilqO leaeuef) ajE spuoq asaqq 911qM -(2uiiva joiad aqq go uoiiunuiiuoo e) s,ApooW Aq Ipv,, paIea aaam spuoq qqI -SIPak 9 used aql jog 9A2q am Se a2B1111 9qI 01 SJOSIAPB TVIOUPUT-9 SB PaA-IaS 9M *L96T Sa'PaS 'spuoq uoiqP8i1qO TBa9u9D 000'000'OT$ Plal.P99CI IOE aaquiaoaa uO PaaaAlTaP 90 a2ETTIA L96T qd9ouoD Suioueuid maN :IogrqnS 996T `ET Kaenupf :RJ1VG ioadsOAd *IN 30 92PITIA '90uuuld 30 10`40all.0 luosdar -0 PTAPG :01 quaJON Uou :WOUq I 'Oul 's91B!OOssV V 3N38ON WH -- . ..... — R. V. NOREN E &Associates, Inc. bonds to provide time for, MBIA to make payment on the bonds if that issuer did not. While Deerfield's bonds had 8.40% and 8.50% coupons, the market for Deerfield's bonds (Aa qualified tax-exempt obligations) was approximately 7%. For a purchaser to receive a yield of 7% on an 8.40 or 8.50 coupon requires the payment of a premium --it was this premium that produced the amount above $10,000,000 to pay all expenses and still provide the Village with $425,000 for capital improvements. The fact that the bonds purchased by Deerfield were rated "All by Moody's and -additionally are insured by MBIA provided the Village with the necessary comfort that the Village's bonds would be paid as they fall due. In structuring the program, bond counsel had to address both state law and federal tax law considerations. Both Katten Muchin & Zavis (Borge and Pitt) and Chapman and Cutler signed off on the concept and Katten Muchin & Zavis (Borge and Pitt) rendered the legal opinion (copy enclosed) on the issue. The Official Statement (copy enclosed) was prepared by our firm and distributed to both Moody's and Hutchinson, Shockey, Erley & Co. (the underwriter). Moody's Investors Service reviewed t ' he Village's credit and noted in their Credit Report (copy enclosed) that ... "The self-support of the present bond issue derived from certain escrowed investments is given weight, as is the intent of the Village ' to maintain that self—support." Their report also stated ... "Insurance of that debt service with a bond insurer recognized and rated by Moody's, removes any present concern regarding availability of the escrow1cash flows for debt service." Before the Village Board agreed to proceed with the program with Hutchinson, Shockey, Erley & Co. (the originator of the financing concept), it established a list of parameters (copy enclosed) which, in summary, noted the Village's Moody's rating had to be maintained at Aa; the proceeds to the Village after all costs could not be less than $400,000; total expenses could not exceed $200,000; the acquired securities had to be insured; and, the transaction had to be completed by December 31, 1987. As the Village has capital improvements that it expects to fund in 1988, it was necessary that the full $10,000,000 capability for 1988 be retained. Quite obviously, all of the requirements were met and the bonds were delivered prior to December 319 1987. This type of financing is most appropriately done via a negotiated sale. For Moody's to be able to review and analyze the securities that will be placed in escrow, the securities must be under the control of an investment banker. Even though the sale is via negotiation, it is still critically important that a full and complete presentation of the Official Statement be made available to Moody's Investors Service as their credit analysis fire` addresses the strengths of the issuer and then addresses the self-supporting nature of the bonds. Ron Norene ,- 2 - .1. "rijilos.,)i �i i i ;i. -i i N q. -s p 1) t p.-% A14.<1J.1 -sq Isnul N111vilb t I.,) til ,%jojnjv)% )notpm 1puoq oI 'ItI.X111.1J.) W-2 :1111i Ituoll pillon etiPoq 1I!A -Sjtl.-1tUj'-Z)Atll 4,01.1 -SP Pill 110 U.-wil .10 ;5SP;)ld V jo,p.-)u.isqr. x1i jo ;,snr.").,oS ps- �jr -.-In.nti .,�qj uo zini,%jis jq.,-sp ppnnb�u 1;i;3w ss ,jj!.otx jrqi %-AlA;1I )CM P;1Jd0I'i1! 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W0,000*0 I s 0 .81DS xoi joio9dS/uoijDBijqo jolquee) anssl MON t96� •6Z J9qLu@ oan S111 Aplepea(3 1 IOU10 l 0 milli lmw, I 111. 29, 1987 2 General Obligationtipecial Tax Dece Deerfield, Illinois Sound financial operations have been maintained occupyingNingle family homes of substantial value. with a trend of gro%ving General Fund balances. More recent data remains consistent - per capita Modest. yet steady tax base growth. in addition to income in 1983 was estimated by the Census growth in the retail and motel trades, offer a Bureau at S 18.7031 and building permits for 70 diversity of tax revenues and continue to support new. single family residences recorded in 1986 the village's operations. Although primarily showed average construction values of S 118.400-. 45 residential, the village's tax base includes increasing such home permits this year showed average value commercial and industrial investment. Censtis data of S 136.5(X). County unemployment rates reflect or Itimoshows.111 al"fluent rx)pulatiovi, gencrally increasing. jobs for an expanding workforce. detalk of bond Legal Name of Issuer: Village (if Deerfield. Lake premium of 2i7,r. and beginning October 8. 1496 at sale: and Cook Counties. Illinois. par. Security: General obligation. unlimited tax. Registrar Marine Bank of Springfield. Springfield. Date of Bonds: October 8. 1987. Paying Agent: Marine Bank of Springfield. Denomination. -S5.(7(.)(). Springfield. Annual Maturities 10/8 ($ 000) Delivery: On or about December 30. 1987. Year Amount Year Amount Bond Counsel: Katten Muchin & Zavis (formerly 2001 $7.000 2()0-) S3.(X)O Borcle and Pitt. Chicago). r Financial Officer: George Valentine. Director of Coupons: 8.40rf ,,,d Finance/Treasurer. Average Life of Issue: 14.3 years. Interest Payable: April S and October S. be%6iiiiiiiii, April 8. IOSS. Advisors: R.V. Noretie and Associates. Inc.. Auditor: Karrison & Byrne. Wheaton (FN' 11)87). %..Ull F-WUIUIM:)- 4, [W211111 11 %.tkl VI 11, VkLI Cb Managing Underwriter: Hutchinson. Shockey. plus 1144-� per %.car lo stated maturity to niaxinium Frlev & Co. Chicaaro. details of last Date of Sale: April 21. 1198b. NIC: 6.8401% comparable Amount: S I I.L)(X),(X)O- Moody's Index: "l-'] 7.1517c sale: Purchaser: Northern Trust Company. Chicago. For Ac iated 11111111:1• .l!4 rating history: May 1971 A June 1982: Aa October 1974: Al . .. . ......... analyst: B. McPhillips %it 11111%x% Im cM, so . '-ft. I % 1% V, 111a 11,1% 41%..1.111. L .11 , 610 % Mlt #I III 911a Ill %, 11-11 At:. $I Of 1111% Ill, •it 111% 11111 is 111.6t it 111 fit . " Ill 11, 1% % 1441.61111LA Ilooll -46110ki;% (o hk I% it lit .111: .41141 1411.11114. hill N't.111W 411 1114 m Ilid 11tv. 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Pua 03 a� � lu'.a,l-1173H wo.13 punogaU saau„ cse.{g �f w•rtjil� �g 996T `e Ammumr 'ABPKd TOOLE •aN EiZ 100 16gl a3uigslmog lvdi3zunw uo fiqpoqjnV aqLL au, 16 (108) The Bond Buyer .Bush Continued from front page viduals. He termed the administra- tion's interest in the proposal par- ti!cularly "suspicious," ',given its past efforts to curbtax-exempt mu- nl clpW bond's. By c tlaa7�Unds, whole new classof t -exemptoffered by the federal government, the prpo could siphon off investors In state and al bonds, Mr. Lebenthal &aid. adding, "I feel a personal sense of threat." Geo a Friedlander. director opr researe for ,Smith, Barney. Harris upharn & Co.. also questioned the pro "From a polity point of view, it looks kind of'scary for the federal government to be creating„ guaranteed tax-exempt instru- menta which would compete with. municipal ds." However, Mr, Friedlander added. "On the surface. it doesn't look like a tremendous competitor" Itdoesn't create anything from investor's point of vtew that you can"t get from rounici s." He noted that the taX exemption would benefit primarily small in- vestors, and would provide no bene- fit enefit at all. to to and local Issuers, while costing the T'reasury an esti- mated $100 million to $1 billion a year. Despite these concerns. Mr. Bush Cmdnued from page 4 based Marine Midland Bank said it appointed Charles W. Sewsight as president, of Marine Midland Mort- gage Corp. and group, executive In charle of M ne's nationwide • i- dential, mortgage banking buss nts& He succeeds Robert Bohan- non. who was named division executive for consumer credit. Mr. SC ht will be responsible for the k's retail, consumer wholesale. and second mortgage lending and servicing activities in New York, State. He will also be in charge, of two, su dlaris Ma- rine Midland, Mortgage Corp, and Marine MldlandMaagige Servicing Corp.. With a portfolio of more than $3 Mon. Marine said it is, the third- largest, cer of mortgages In a United States. Mr. Sewrtght previously was vice pmstdtataradde ment manager of ndary =rketing In rinse's auto ve financial services divi- ston. where he was responsible for the, securitization of auto -related assets for, public and private sale to investors. Last year. he directed the sale of more than $1 billion in auto - loan -backed securities. Wifomia Continued 10 vo pq'e 6 told reriersi In an Interview. On eon y. however, Gov: e, defended Mr. Lun- n's ci Ii rights rd. specifteal- sig h; effoss to include an =ty provisalon in the' 1988 f e iaaraaigrsation law. a goverruor' r � , a list of a rsernents for Mr. Lungren from more than 100 members of minority groups. Few endorsements, however. came from Ja -Aurae ans. some of whom ave criticized Mr. L ngre°n's opposition to paying rep- arations to'World, War 11 internees. Both houses of the Legislature must, act on Mr. Lungren's nomina- tiean by FCb0 ��i. He will take office11if neither hos is the ap nt- ment or If they atl to act by that date. is the Republican front- runner in the presidential election. — has convinced senior, white House officials to support, the pro - 1, and the Education Depart- ment favors It as well,. Within the administration, only the Treasury Department so far has, withheld its support, While the de- partment has traditionally opposed Creating' Griew t tempt instru- ments. ns -meats, admin,tstraation sources said the proposal is gaining support as an aid to education and an incen- tive to savings, Trea,suYury°rets, Ja �es Baker 3d �-- who often h en politically allied with the vice president -- ul- tirnatel;y'wtll decide whether the de- partment will come out and tight the proposal.the sources, said.. Give en the political clout of Mr" Bush. even the de meat's opposition may not suffice to quash it. they said. Some bond dealers. while ex- pressing ing concern, about the idea, said that It might'. bele rather than hinder the bond market by generat- ing new business, and interest In tax,free securities,. ."'With the ,paucity of supply in the bond market right now, there shouldn't be any problem with competition,"' said William W. C,obt'is, senior manlIng director of Public R A ry Group. "To the extent that it creates Elsewhere to y. Ginnie viae said It d raised the maximum, al- lowable size of Veterans Adminis- tration -guaranteed In Ginnie Mae pools, to $144,000 from 6135,*000. The change is effective for !s ed on or after J . 1. urcts, at Ginnie Mae and at the Veterans Administration said the change was made to keep pace With the higher 'Veterans ns Adnrintswt , m, tion tee s authorized by a rs�enily housing bth.. i y. the tnistratfon !d gu ores horrue loans only u to $2"f, . lnier the new, law, t1 a administration bac 50" of the amount of loans that are for $45.000 or less. For loans larger than that., the guarantee is 40%. up to a maximum of $38.000. r .h Continued ft mr pope Z mond Worseck. economist for A.G. Edwards & Sons Inc. "There has to be something other than higher, values. ^ There has to be 1onR- dence." Mr. Worseck said. "And 1 don't think the confidence is there. It"s a manipulation. but 1t°"s not any ,fundamental, chaan Vie."� Twokey in, tusare s011 missing. Mr. Gri �_ . He lad true united Swtaates as yet to commit its a, to either stabilizing the dollar or correcting the trade deficit. "Un- til we begin to,see some susitalned lin etneot.� the do f remains n We'"" M'r" d- ' "This bottom ti'n the dol s ° ket 'vaal-, ue is a very tent uttve one.• In rnunici in fat trad- Ing,. heavy er selling that hap- pened to hit 'the mwket as Mr. Johnson spoke delayed municipal trasadtrs"reaction, 'to, the Fed, offl- cial's statements on the dollar, so rices closed lower. but near their ighs. March municipals were 3/is ewer, at 85-2 1. ranging; between. 85-04 and 8528. The Bond, Buyer Municipal Bond, index was calc t- ed today at 87-30, leaving March, muntelfutures at a discount of 20/,9. March Eurodollar futures rose one basis point, to 92. 40, after tram, bat n 131 and '92.,41. while =et suryturesgain polaris. to93.924 aaanging bwea 9w .� and 93.9$. eater awarei,, . would be over, good,ror th .-sA rket,'" added Kathleen Flan en, vice pre3ident of communications for John Nu- veen & Co. In particular, she said, Investors who want tax-free savings would find municipal,,bond3 far superior to the new Instrument because they can be used, for, many purposes other than college education. She added that the yields on mu- nicipal, bonds currently are fear, more attractive than those on Se- ries E savings bonds" which provide only 85% of the average yield, of five-year Treasury bills. "Mun.ict- Continued from famnt page tax, said George Valentine, Deer - field's finance director. The Deerfield transaction. which may be the fl rst in which profits are earned from, the spread between two -exempt, bond-Issum, could s rk a sto of such d by state andloca ov°ernmrnts, especially those that are small issuers, mem- bers of the securities industry in 11- l1nols and Washington said. "It, sounds like a great way to make money," one Washington lawyer said, Band counsel who were told about the Deerfield, deal were glee- ful that a IocsJ, government had found a way to take advan �e of the rnultitiae -exempt ad, market that has been created from Congress' tinkering; with the tax law. "Congress has aarua ed to make a muldtlered market where It"& possible to earn somethtng from the spread." the lawyer to Wash - In n said. Wash - In, to thus tax, reform act. In effect, created subsidies for some tax-exempt bond issuers an pe- nalized otbers. causing var'tna;g,' yie within the , market. e °ow - eat yieldin are bank -qualified bonds, whic eerfleld sold. Banks can pureMse bonds sold,by setae and, 'local, governments that Issue $10+ m, 011on or less, eavh year and still deduct 60% of the interest cha s they y to carry the bon . The d uction makes the bonds popular for banks and greater demand means lower yleldsa. The hest yielding are rivate- activlttinds that are =11t4ftt to the afternative minimum, tax. which Deerfield purchased. Thane yields higher to compensate for the fact that the interest on the bonds must be included In taxable income for the purposes of applying the alternative rninimuin tax, Cur - really. the spread between bank t' boi%ds and alternative minimum tax bonds Is 60 to 100 basis points, traders said. Such deals do not run afoul of fedaal, arbitrage rebate uire- ts, several, lawyers sa,4 be- cause under the requirements, only earningsfrom taxable Investments must be rebated. "'Arbitrage to de- fined as the spread between tax -ex- empts and taxables. The govern- ment shouldn"t be concerned about Profits, from a spread between tax- exempts."' ax- e m ."' said another Washing- ton lawyer. Treasury officialsconi, . slon� staffers . "" you Invest, in tax -exempts. the invest- ment. Is not y1eld t 'ctedd, or, sub - met to rebate," one Treasury offt. said. "It certainly is, not illegal arbitrage." one House staffer said. However, one Treasury official said. "one could raise the question of whether the proceeds are a re- serve fund"' subject to the tautlaw's limitation that no more than 10% of bo p be placed in a m - r e' fund.. According, to ler. Valentine. three bond, counsel and a financial advis - Friday, January 8. 1988 pal bonds have been yleldiru, 90%or re against T uries, ' she said. Mr. Friedlander agreed that if the yields on the, new savings bon were to remain In the current ran e for Series E. most, Investors wou' opt for munis. One possible exception. Mr. Friedlander noted, is the "very small inveptor" who puts aside only a few hundred dollars a year. For this investor, however, the new in- strument would appear to compete primarily with traditional savin accounts rather than munici .s. he said: 1 " . er all ag i that dleld's deal met federal and state legal require- ments. Lewis Greenbaum, a lawyer with Katten, Muchin and Zavis of Chicago,a who wrote the bund coup. sel opinion. would not comment on the deal. But Ronald Norene. president of R.V. Norene and Associates Inc. in Glenview, Ill., who was financial adviser, said, ,'The first thing tha-t. everyone addressed was state and federal law.."' And John Rep- sholdt, a vice president with Hutch- ]noon, utch-in n. Shockey, Erley,& Co. in Chl- o„ 'the underwriter for the deal,, said It did not violate state require- menta that tax-exempt bonds be is- sued for public purpose because the Profits are for street repalm The DeerfleJ4 deal was,ntiated so Information about It was hatted. Butrdi to Mr. Valentine. the viii a ,sold 8 0 million of ble-A rantrn t.,bank-qualified bonds to a banithen punch $10 million of triple -A -rated tax- exempt Dade County A trport neve- nue lion a yield for the bank., qualified "bonds said was about y"4196 and the yield for the revenue, rads was about 8,30%.1a, r. Valen- tine id, addlnt. 'The village net- ted $4� 8,0 ." a said. The deal was structured such that the principal and Interot on the bonds bought, aro to be uiied to, y for the principal and Interest on the bonds sold, but Deerfield is backfin the bond eats nth a, gene obligation pledge, Mr. Nor-, ene said. Both, bond issues inature In about 10 years. he id. Mar. Noone men ers ld profit,"- � Ing tax-exempt bank-quallf ed gov- ernmental bonds and buying, highe-yieldin -exempt non- k-qu�ifl bonds" "You, could, make a Profit from the spread of any of these bonds but the, bi e , bang fbr the buck would be I you sold bank-q4allfled and bmight T bonds,"Mr. Norene saA He said many lilinotso towns are "pee,W,ly suited to these deals, be- cause they have -home -rule" ata - tuts and can issue bonds mom easily because a public referendum is not needed. Treasury officials and con sional staff said that such could actual! y Increase revenues for theTreasury by ensuring that re non-paytag entity Ilke stateand local governments, hold tax-,exempt, Investments than, tax- payers. they said. "You're, taking tax-exempt bonds away from tax- payers. a fhb I& that they wi:l.l. invest in lam Instead, ,. the staffer said. The -:..I staffer said that if these doU become popular, Con, " intent to give breaks to certid n types of issuas could be thwasrted. "'"1*anis not ~suras that mem- ben wouldn't object to this rt of thi , 'You could, drive up the inter- est rates on-quallfted, bonds so that while Congress Intended to provide a subsidy to s �l suers,, that subsidy would be eroded, e said. Mr. Valentine sald that,. given the opportunity. Deerfield may do an- other such deal. "Sum, we'd con- sider doing it again," he said.