HomeMy WebLinkAboutRes 53-85 10/15/1985
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RESOLUTION NO. 53-85
A RESOLUTION APPROVING A PROJECT ON BEHALF
OF NORTHWEST P~RTNERS 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, Northwest Partners, an Illinois partnership. (the
Partnership) with offices presently located at 1190 South Elmhurst
Road in the Village has determined to acquire land and 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); and
WHEREAS, the Partnership has requested that the Village of
Mount Prospect issue its industrial development revenue bonds in an
amount not exceeding $5,500,000 for the purpose of obtaining the
necessary funds to allow the Partnership 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 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 Partnership 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 Partnership that the Village
issue its industrial development revenue bonds in a principal amount
of not to exceed $5,500,000 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 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.
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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 $5,500.000, 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, Wattenbe~g
NAYS: None
ABSENT:
Floras, Van Geem
APPROVED this
15th
day of October. 1985.
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VIFLAGÈ PRESIDENT
ATTEST:
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VILLAGE CLERK