HomeMy WebLinkAboutRes 58-85 12/03/1985
3075S
RESOLUTION NO. 58-85
A RESOLUTION AUTHORIZING AN AMENDMENT TO A
CERTAIN MEMORANDUM OF AGREEMENT BETWEEN THE
VILLAGE OF MOUNT PROSPECT AND NORTHWEST PARTNERS
REGARDING THE FINANCING OF A DEVELOPMENT PROJECT
BY ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
WHEREAS, on September 17,1985, this Board did adopt a
Resolution No. 46-85 authorizing the execution of a Meìnorandum of
Agreement with Northwest Partners, an Illinois partnership, as an
inducement to the Partnership to acquire land arid cOnstruct and
equip a one-story office complex at the southwest corner of
Algonquin Road and Route 83 within the village for use as an office
complex (the "Project") ¡ said Project to be funded through the
issuance by the Village of its Industrial Development Revenue Bonds
in an amount not exceeding $5,500,000¡ and
WHEREAS, following a public hearing, upon duly published notice
not less than fourteen (14) days prior thereto, this Board adopted
Resolution No. 53-85 on October 15,1985 to approve the said Project
and the issuance of Industrial Development Revenue Bonds of the
Village in the principal amount not to exceed $5,500,000 in order to
finance all or a portion of the cost thereof¡ and
WHEREAS, the Northwest Partners have requested that this village
increase the issuance of its Industrial Development Revenue Bonds
for the purpose of funding the Project in an additional amount of
$1,5QO,OOO for a total aggegate principal amount not exceeding
$ 7 , 000;000 ¡and
WHEREAS, there is presently available to this Village an
unallocated amou.ntof~l ,500,000 of the Village I s share of available
Industrial Development "Revenue Bond authority, which amount may be
allocated to the subject project¡ and
WHEREAS, both Northwest Partners and this Village have agreed to
amend the aforesaid Memorandum of Agreement to include the increased
amount of IndustriglDevelopment Revenue Bonds in a principal amount
not to exceed $7,000,000 and to reaffirm the Memorandum of Agreement
as so amended¡ ~hd the President and Board of Trustees of this
Village find and determine that the execution of the Amendment to
the Memorandum of Agreement whereby this village agrees, subject to
the provisions of such Agreement as amended, to issue its revenue
bonds. in the increased aggregate amount of $7,000,000 to finance
the Project would be in the best interests of ~his 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 a public hearing on the proposal to undertake and
finance the Project and to issue the bonds¡ which additional public
hearing is deemed by this Board to be necessary with respect to the
proposal to increase the amouI1~ of ::;PÇqÞ9I1Clsfr9m $5,500,000 to
$7,000,000.
NOW THEREFORE BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUS TEES. .c:.)F'!'flÊ"" v~t~:Aj~~:"§'R']-!ggE!:'A'~fi~g~J't!)F~;';~ðf{"f;¡¡(!ðt'Jm"'$ØTtT:YNõ'Y'S:
SECTION ONE: The President and Board of Trustees of this
Village find as facts the matterS þ.ereiI1ë:iÞQy~§et fofth, àridthe
Village President is hereby authorized to execute, and the Village
Clerk is hereby authorized to attest an Amendment to the Memorandum
of Agreement with the Partnership in substantially the form of such
Amendment attached hereto as Exhibit A and made a part hereof by
this reference.
()
...'"
.:.;i-/
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 $7,000,000 in
order to finance the costs of the Project is hereby called and shall
be held on the 17th day of December, 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 newspàþetófgeneral circulation in the
Village, at least once not less than fourtE!en 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 as Amended when executed and, subject to the provisions of
and the compliance with said MeIl\9I."gnc:1P..In of Agreement, to prepare the
necessary documents and to issue revenue bonds described above upon
the terms and conditions stated in said Memoranduìn9f Agreement as
Amended 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 3rd day of December, 1985.
AYES: Arthur, Farley, Floros, Murauskis, Van Geem, Wattenberg
NAYS: None
ABSENT: None
APPROVED this 3rd day of December, 1985.
/J /J II U
L-4:A- ~ ~ /'It r ~_..
Village President
ATTEST:
~~/~
Village Clerk
-2-
n
l~
3077S
AMENDMENT TO MEMORANDUM OF AGREEMENT
This Amendment to the Memorandum of Agreement made and entered
J
into this 17th day of September, 1985, by and between the Village of
Mount Prospect, a municipality in Cook County, Illinois (the
"Issuer") and Northwest Partners (the "Partnership") ¡
WIT N E SSE T H:
----------
WHEREAS, the Issuer and the Partnership have heretofore entered
into a Memorandum of Agreement regarding the issuance by the Issuer
of $5,500,000.00 in Economic Development Revenue Bonds, for the
purpose of financing in whole or in part, the cost of acquiring the
necessary land and of constructing and equipping an office building
complex by the Partnership, said land acquisition, building
construction and equipment hereinafter referred to as the "Project"
to be located on a site within the corporate limits of the Issuer¡
and
WHEREAS, the Issuer and the Partnership desire to increase the
amount of Economic Development Revenue Bonds from $5,500,000 to a
total of not to exceed $7,000,000 and to amend the Memorandum of
Agreement with respect thereto¡ and
WHEREAS, both the Issuer and the Partnership reaffirm and agree
to be bound by the terms and conditions of the Memorandum of
Agreement as amended.
r'\
NOW, THEREFORE, upon the considerations hereinabove expressed,
the Issuer and the Partnership do hereby agree as follows:
1.
The Memorandum of Agreement dated the 17th day of
September, 1985, is hereby amended by changing paragraph A.l. to
increase the principal amount of bonds set forth therein from
$5,500,000 to $7,000,000 and to further change the amount set forth
in paragraph A.l.(c) to read $7,000,000 rather than $5,500,000.
2.
All other terms and conditions of the Memorandum of
Agreement dated the 17th day of September, 1985 shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have entered into this
Amendment and have executed and attested the same by their officers
herein duly authorized, and have affixed the official seal as of the
3rd day of December, 1985.
NORTHWEST PARTNERS
VILLAGE OF MOUNT PROSPECT, ILLINOIS
By
Partner
By ~.f~ fJ K~
Village President
ATTEST:
By~J ~
Village Clerk
-2-