2005-034® . . M
ORDINANCE No. 2005- 34
AN ORDINANCE dissolving the 1986 Town Center District Tax
Increment Redevelopment Project Area Special Tax . Allocation
Fund and terminating the designation of the Town Center District
Tax Increment Redevelopment Project Area of the Village of
Buffalo Grove, Cook and Lake Counties, Illinois.
WHEREAS, the Village of Buffalo Grove, Lake and Cook Counties, Illinois (the
"Village "), did heretofore cause the preparation of a redevelopment plan and redevelopment
project for (the "Plan" and "Project ") and designate a portion of the Village as a redevelopment
project area known as the "Town Center District Tax Increment Redevelopment Project Area"
(the "Project Area ") and did heretofore adopt tax increment allocation financing for the Project
Area and in connection therewith establish the 1986 Town Center District Tax Increment
Redevelopment Project Area Special Tax Allocation Fund (the "Special Tax Allocation Fund"),
all in accordance with the Tax Increment Allocation Redevelopment Act, as supplemented and
amended (the "TIF Act "); and
WHEREAS, the President and Board of Trustees of the Village (the "Corporate
Authorities") have heretofore amended the Plan and Project to add additional project costs for
acquisition of land, rehabilitation, demolition, reconstruction, repair or remodeling of existing
public or private buildings and fixtures and to extend the estimated date of retirement of
obligations issued to finance redevelopment project costs incurred in connection with the Plan
and Project through December 30, 2005; and
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WHEREAS, the Village did heretofore issue its $5,100,000 original principal amount
Senior Lien Tax Increment Revenue Bonds, Series 1995A, $750,000 original principal amount
Junior Lien Tax Increment Revenue Bonds, Series 1995B, and $3,400,000 original principal
amount Subordinated Second Lien Tax Increment Revenue Bonds, Series 1995C (collectively,
the "1995 Bonds"), to pay the costs of refunding certain theretofore issued tax increment
allocation bonds and to pay certain redevelopment project costs associated with the
redevelopment of the Project Area; and
WHEREAS, the Village did thereafter adopt an ordinance (the "Prior Bond Ordinance")
authorizing the issuance of and did issue its $4,150,000 Taxable Senior Lien Tax Increment
Revenue Bonds, Series 1999A, its $750,000 Taxable Junior Lien Tax Increment Revenue Bonds,
Series 1999B, and its $3,400,000 Taxable Subordinated Second Lien Tax Increment Revenue
Bonds, Series 1999C (collectively, the "Prior Bonds") to pay the costs of refunding the 1995
Bonds; and
WHEREAS, no Series 1999A Prior Bond or Series 1999B Prior Bond remains outstanding
and unpaid; and
WHEREAS, $3,400,000 principal amount Series 1999C Bonds remains outstanding and
unpaid, which amount is due and payable on December 30, 2005 ( "Stated Maturity"), together
with certain accrued and unpaid interest, said interest being due and payable on June 30, 2005,
and on December 30, 2005 (each being an "Interest Payment Date "); and
WHEREAS, as provided in the Prior Bond Ordinance, the Series 1999C Prior Bonds are
subject to redemption prior to maturity at the option of the Village on any Interest Payment Date,
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as a whole or in part in integral multiples of $1,000 at a redemption price of par plus accrued
interest to the redemption date; and
WHEREAS, the Prior Bond Ordinance further provides, in pertinent part, that the
Series 1999C Prior Bonds are also "subject to extraordinary redemption in integral multiples of
$1,000 on any date in the event that any Accounting [as defined in the Prior Bond Ordinance]
shall demonstrate a sufficient credit balance in the Special Tax Allocation Fund in excess of the
aggregate amount necessary to pay the Unpaid Current Interest Amount and the Current Interest
Amount for the next succeeding Bond Year "; and
WHEREAS, no amount is necessary to pay any Unpaid Current Interest Amount or Current
Interest Amount following Stated Maturity, and accordingly, any and all amounts now in the
Special Tax Allocation Fund are available for the payment of the 1999C Prior Bonds on or
before Stated Maturity; and
WHEREAS, the Corporate Authorities have heretofore and it hereby expressly is
determined that it is desirable and in the best interests of the Village and the Taxing Districts that
the Special Tax Allocation Fund be dissolved and the designation of the Project Area be
terminated; and
WHEREAS, upon the payment of the Series 1999C Prior Bonds, all redevelopment project
costs, including without limitation all Village obligations financing redevelopment project costs
incurred under the Act for the Project Area, shall have been paid in full; and
WHEREAS, the Village is therefore required to provide for the distribution of all surplus
funds remaining in the Special Tax Allocation Fund and is further required to adopt an ordinance
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dissolving the Special Tax Allocation Fund and terminating the designation of the Project Area;
and
WHEREAS, pursuant to Section 11- 74.4 -8 of the Act the Village is required to notify the
Taxing Districts prior to November 1, 2005, if the Project Area is to be terminated by
December 31, 2005; and
WHEREAS, the Corporate Authorities have heretofore, and it hereby expressly is, further
determined that it is therefore advisable and necessary to provide for the redemption prior to
maturity of the Series 1999C Prior Bonds in order to assure the timely notification of the Taxing
Districts of and the timely dissolution of the Special Tax Allocation Fund and the termination of
the designation of the Project Area.
Now, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village
of Buffalo Grove, Cook and Lake Counties, Illinois, in the exercise of its home rule powers, as
follows:
Section 1. Definitions. The following words and terms used in this ordinance shall
have the following meanings unless the context or use indicates another or different meaning:
"Act" means, collectively, the TIF Act, as amended and supplemented from time
to time, and specifically as supplemented by the Local Government Debt Reform Act, as
supplemented and amended, and Section 6 of Article VII of the 1970 Constitution of the
State of Illinois.
"Bondholder" or "holder" means the registered owner of any Bond or Additional
i 4 4
"Bond Register" means the books of the Village kept by the Bond Registrar to
evidence the registration and transfer of the Bonds.
"Bonds" means, collectively, the Taxable Senior Lien Tax Increment Revenue
Bonds, Series 1999A, the Taxable Junior Lien Tax Increment Revenue Bonds, Series
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1999B, and the Taxable Subordinated Second Lien Tax Increment Revenue Bonds, Series
1999C, authorized under the Prior Bond Ordinance.
"Bond Year " means that twelve- calendar month period beginning on
December 30 of any calendar year and ending on December 29 of the subsequent year.
"Corporate Authorities" means the President and Board of Trustees of the
Village.
"Designated Officials" means the Village President, Village Clerk or Village
Treasurer or their successors, designees or assigns.
"Interest Payment Date " means a Stated Maturity of interest on the Bonds.
"Maturity Date " means December 30, 2005.
"Outstanding" or "outstanding" refers to 1999C Prior Bonds which are
outstanding and unpaid; provided, however, such term shall not include any 1999C Prior
Bonds (i) which have matured and for which moneys are on deposit with proper paying
agents, or are otherwise properly available, sufficient to pay all principal and interest
thereof, (ii) the provision for payment of which has been made by the Village by the
deposit in an irrevocable trust or escrow account of funds or direct, full faith and credit
obligations of the United States of America, the principal of and interest on which will be
sufficient to pay at maturity or as called for redemption all of the principal of and interest
and any applicable premium on such 1999C Prior Bonds or (iii) which are unpaid after
December 30, 2005.
"Plan" means the comprehensive program of the Village for the Project Area
heretofore approved by the Corporate Authorities by an ordinance adopted on
November 3, 1986, and amended by an ordinance adopted on November 1, 1993, and
together with any further amendments and supplements thereto.
"Project" means the redevelopment project heretofore approved by the Corporate
Authorities pursuant to an ordinance adopted on November 3, 1986, and amended
pursuant to an ordinance adopted on November 1, 1993, in furtherance of the objectives
of the Redevelopment Plan.
"Project Area" means the Town Center District Tax Increment Redevelopment
Project Area described more fully in Exhibit A attached hereto and heretofore designated
by the Corporate Authorities in accord with the provisions of the Act.
"Special Tax Allocation Fund" means the 1986 Town Center District Tax
Increment Redevelopment Project Area Special Tax Allocation Fund of the Village,
which is a special tax allocation fund for the Project Area established pursuant to
Section 11- 74.4 -8 of the TIF Act and created by an ordinance heretofore adopted by the
Corporate Authorities on November 3, 1986.
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"State " means the State of Illinois.
"Stated Maturity" when used with respect to any 1999C Prior Bond or any
interest thereon means the date specified in such 1999C Prior Bond as the fixed date on
which the principal of such 1999C Prior Bond or such interest is due and payable whether
by maturity, mandatory redemption, or otherwise.
"Taxing Districts" means the taxing districts or municipal corporations having
the power to tax real property in the Project Area.
"TIF Act" means the Tax Increment Allocation Redevelopment Act, as
supplemented and amended
"Total Initial Equalized Assessed Value" means the total initial equalized
assessed value of the taxable real property within the Project Area determined by the
County Clerk of The County of Lake, Illinois, in accordance with the provisions of
Section 11- 74.4 -9 of the TIF Act.
"Trustee" means J.P. Morgan Trust Company, N.A., as successor to American
National Bank and Trust Company of Chicago, Chicago, Illinois, and its successors and
assigns, as trustee for the 1999C Prior Bonds.
"Village" means the Village of Buffalo Grove, Lake and Cook Counties, Illinois,
and its successors and assigns.
Section 2. The Incorporation of Preambles. The Corporate Authorities hereby find
that all of the recitals contained in the preambles to this Ordinance are full, true and correct and
do hereby incorporate them into this Ordinance by this reference.
Section 3. Authorization. The Village is a home rule unit under the provisions of
the 1970 Constitution of Illinois, and as a home rule unit may, under the powers granted by
Section 6(a) of Article VII thereof, "exercise any power and perform any function pertaining to
its government and affairs," and that this Ordinance is adopted pursuant to the Village's home
rule powers, any provisions contained in any other Village Ordinance or Resolution for an
Illinois law to the contrary notwithstanding.
11.E
Section 4. Series 1999C Prior Bonds Redeemed. The Designated Officials are
hereby authorized and directed to proceed, without further official action of the Corporate
Authorities, to effectuate the redemption prior to maturity of the Series 1999C Prior Bonds,
including, without limitation, to provide for (A) the requisite notification of the Trustee as set
forth in the Prior Bond Ordinance and (B) the transfer of funds from the Special Tax Allocation
Fund to the Trustee to pay the redemption price of the Series 1999C Prior Bonds at the times and
in the amounts as the Designated Officials shall deem necessary.
Section S. Special Tax Allocation Fund Deemed Dissolved. Upon the redemption
of the Series 1999C Prior Bonds, such that no 1999C Prior Bonds remain outstanding, the 1986
Town Center District Tax Increment Redevelopment Project Area Special Tax Allocation Fund
shall be deemed to be dissolved. All surplus funds, if any, remaining in the Special Tax
Allocation Fund shall be distributed by being paid by the Village Treasurer to the Department of
Revenue of the State, the Village and the County Collector of The County of Lake, Illinois; first,
to the Department of Revenue and to the Village in direct proportion to the tax incremental
revenue received from the State and the Village, but not to exceed the total incremental revenue
received from the State or the Village less any annual surplus distribution of incremental revenue
previously made; with any remaining funds to be paid to the County Collector who shall
immediately thereafter pay said funds to the Taxing Districts in the same manner and proportion
as the most recent distribution by the County Collector to the Taxing Districts of real property
taxes from real property in the Project Area..
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I
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Section 6 Designation of Project Area Deemed Terminated. It is hereby expressly
provided that upon the redemption of all outstanding Series 1999C Prior Bonds, such that no
1999C Prior Bonds remain outstanding, the designation of the Project Area shall be deemed to be
terminated.
Section 7. Transmittal to Taxing Districts, County Clerk and Department of
Revenue. The Village Clerk is hereby expressly directed to transmit on or before November 1,
2005, a certified copy of this Ordinance to each Taxing District, to the County Clerk of The
County of Lake, Illinois, and to the Department of Revenue of the State.
Section 8. Repealer. All ordinances, resolutions, orders or parts thereof, in conflict
with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed.
Section 9. Effective Date. That this Ordinance shall be in full force and effect upon
its passage and approval.
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Presented, passed, approved and recorded by the Village of Buffalo Grove, Cook and
Lake Counties, Illinois, a home rule unit of government this 6th day of June , 2005.
ATTEST:
Villa lerk, Village of Buffalo Grove,
Cook and Lake Counties, Illinois
[SEAT.]
Recorded in the Ev. rds of the Village
the 6a day of 2005
APPROVED:
M
President, Village of Buffalo Grove,
Cook and Lake Counties, Illinois
Exinur A
Legal Description of the
Town Center District Tax Increment Redevelopment Project Area
Lots 1 through 18 inclusive in Buffalo Grove Town Center Unit 2, being a Subdivision of part of
the Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded December 1, 1989, as Document No. 2855919
in Lake County, Illinois; and
Lots 4 and 5 in Buffalo Grove Town Center Unit 3, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded April 20, 1990, as Document No. 2898129 in
Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Unit 4, being a Subdivision of part of the Southwest 1/4 of
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian, according to the
Plat thereof recorded April 7, 1991, as Document No. 2988362 in Lake County, Illinois; and
Lots 1, 2, 3 and 4 in Buffalo Grove Town Center Unit 5, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded March 8, 1991, as Document No. 2997160 in
Lake County, Illinois; and
That part of the following described Parcel, lying Northwesterly of Lot 1 in Buffalo Grove Town
Center Unit 4; commencing at the Northwest corner of the Southwest quarter of Section 33,
Township 43 North, Range 11, East of the Third Principal Meridian; thence North 89° 58' 47"
East along the North line of the Southwest quarter of said Section 33, a distance of 193.02 feet to
the Easterly line of Buffalo Grove Road per Document No. 1408038, said point being the point
of beginning; thence South 6° 30' 17" East along the Easterly line of Buffalo Grove Road, a
distance of 87.66 feet; thence Northeasterly along a curve concave to the Northwest, having a
radius of 105.00 feet, an arc distance of 153.36 feet to a point of reverse curvature, the chord of
said arc having a length of 140.09 feet and a bearing of North 41° 39' 08" East; thence
Northeasterly along a curve concave to the Southeast, having a radius of 95.00 feet, an arc
distance of 111.06 feet to a point of compound curvature, the chord of said arc having a length of
104.84 feet and a bearing of North 33° 18'03" East; thence Easterly along a curve concave to the
South, having a radius of 423.50 feet, an arc distance of 655.76 feet to a point of compound
curvature, the chord of said arc having a length of 592.18 feet and a bearing of south 68° 50' 54"
East; thence Southeasterly along a curve, concave to the Northeast; having a radius of 300.00
feet, an arc distance of 96.14 feet to a point of tangency, the chord of said arc having a length of
95.73 feet and a bearing of South 33° 40' 12" East; thence South 42° 58' 03" East, a distance of
70.54 feet to a point on the North line of Lot 2 in Buffalo Grove Town Center Unit 1; thence
North 50° 12' 54" East along the North line of Lot 2, a distance of 198.31 feet to the Northeast
corner of said Lot 2, said point being also on the Westerly line of Illinois Route 83; thence
Northwesterly along said Westerly line of Illinois Route 83, said line being a curve, concave to
the Southwest, having a radius of 1,096.00 feet, an arc distance of 473.45 feet to a point of
tangency, the chord of said arc having a length of 469.77 feet and a bearing of North 41° 44'41"
West; thence North 54° 07' 12" West along said Westerly line of Illinois Route 83, a distance of
555.55 feet to the Easterly corner of Lot 1 in Amoco addition to Buffalo Grove, according to
Document No. 2317012; thence South 64° 48'23" West along the Southerly line of said Lot 1, a
distance of 280.69 feet to the Southwest corner of said Lot 1; said point being also on the
Easterly line of Buffalo Grove Road, dedicated by Document No. 1408038; thence South 6° 30'
17" East along said Easterly line, a distance of 446.54 feet to the place of beginning, in Lake
County, Illinois; and
Lot 1 in Amoco addition in Buffalo Grove, being a Subdivision of part of the Southwest 1/4 of
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian, according to the
Plat thereof recorded October 18, 1984, as Document No. 2317012 in Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Subdivision, being a part of the Southwest 1/4 Section 33,
Township 43 North, Range 11, East of the Third Principal Meridian, according to the plat thereof
recorded October 17, 1978, as Document No. 1953929 in Lake County, Illinois.
All properties are within the area bounded by Lake -Cook Road, Illinois State Route 83 and
Buffalo Grove Road, lying entirely within Lake County, Illinois.
r
STATE OF ILLINOIS) ss.
COUNTY OF COOK )
CERTIFICATE
I, Janet M. Sirabian, certify that I am the duly elected
and acting Village Clerk of the Village of Buffalo
Grove, Cook and Lake Counties, Illinois.
I further certify that on June 6, 2005, the Corporate
Authorities of the Village passed and approved
Ordinance No. 2005 -34 entitled: AN ORDINANCE
DISSOLVING THE 1986 TOWN CENTER DISTRICT TAX
INCREMENT REDEVELOPMENT PROJECT AREA
SPECIAL TAX ALLOCATION FUND AND TERMINATING
THE DESIGNATION OF THE TOWN CENTER DISTRICT
TAX INCREMENT REDEVELOPMENT PROJECT AREA
OF THE VILLAGE OF BUFFALO GROVE, COOK AND
LAKE COUNTIES, ILLINOIS provided by its terms that
it should be published in pamphlet form.
The pamphlet form of Ordinance No. 2005 -
34including the Ordinance and a sheet thereof, was
prepared, and a copy of such Ordinance was posted
in and at the Village Hall, commencing June 7, 2005,
and continuing for at least ten days thereafter.
Copies of such Ordinance were also available for
public inspection upon request in the Office of
Village Clerk.
Dated at Buffalo Grove, Illinois, this 7th day of June,
2005.
Village Cler
By
ORDINANCE No. 2005- 34
AN ORDINANCE dissolving the 1986 Town Center District Tax
Increment Redevelopment Project Area Special Tax Allocation
Fund and terminating the designation of the Town Center District
Tax Increment Redevelopment Project Area of the Village of
Buffalo Grove, Cook and Lake Counties, Illinois.
WHEREAS, the Village of Buffalo Grove, Lake and Cook Counties, Illinois (the
"Village "), did heretofore cause the preparation of a redevelopment plan and redevelopment
project for (the "Plan " and "Project ") and designate a portion of the Village as a redevelopment
project area known as the "Town Center District Tax Increment Redevelopment Project Area"
(the "Project Area") and did heretofore adopt tax increment allocation financing for the Project
Area and in connection therewith establish the 1986 Town Center District Tax Increment
Redevelopment Project Area Special Tax Allocation Fund (the "Special Tax Allocation Fund"),
all in accordance with the Tax Increment Allocation Redevelopment Act, as supplemented and
amended (the "TIF Act "); and
WHEREAS, the President and Board of Trustees of the Village (the "Corporate
Authorities") have heretofore amended the Plan and Project to add additional project costs for
acquisition of land, rehabilitation, demolition, reconstruction, repair or remodeling of existing
public or private buildings and fixtures and to extend the estimated date of retirement of
obligations issued to finance redevelopment project costs incurred in connection with the Plan
and Project through December 30, 2005; and
WHEREAS, the Village did heretofore issue its $5,100,000 original principal amount
Senior Lien Tax Increment Revenue Bonds, Series 1995A, $750,000 original principal amount
Junior Lien Tax Increment Revenue Bonds, Series 1995B, and $3,400,000 original principal
amount Subordinated Second Lien Tax Increment Revenue Bonds, Series 1995C (collectively,
the "1995 Bonds"), to pay the costs of refunding certain theretofore issued tax increment
allocation bonds and to pay certain redevelopment project costs associated with the
redevelopment of the Project Area; and
WHEREAS, the Village did thereafter adopt an ordinance (the "Prior Bond Ordinance ")
authorizing the issuance of and did issue its $4,150,000 Taxable Senior Lien Tax Increment
Revenue Bonds, Series 1999A, its $750,000 Taxable Junior Lien Tax Increment Revenue Bonds,
Series 1999B, and its $3,400,000 Taxable Subordinated Second Lien Tax Increment Revenue
Bonds, Series 1999C (collectively, the "Prior Bonds") to pay the costs of refunding the 1995
Bonds; and
WHEREAS, no Series 1999A Prior Bond or Series 1999B Prior Bond remains outstanding
and unpaid; and
WHEREAS, $3,400,000 principal amount Series 1999C Bonds remains outstanding and
unpaid, which amount is due and payable on December 30, 2005 ( "Stated Maturity"), together
with certain accrued and unpaid interest, said interest being due and payable on June 30, 2005,
and on December 30, 2005 (each being an "Interest Payment Date "); and
WHEREAS, as provided in the Prior Bond Ordinance, the Series 1999C Prior Bonds are
subject to redemption prior to maturity at the option of the Village on any Interest Payment Date,
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as a whole or in part in integral multiples of $1,000 at a redemption price of par plus accrued
interest to the redemption date; and
WHEREAS, the Prior Bond Ordinance further provides, in pertinent part, that the
Series 1999C Prior Bonds are also "subject to extraordinary redemption in integral multiples of
$1,000 on any date in the event that any Accounting [as defined in the Prior Bond Ordinance]
shall demonstrate a sufficient credit balance in the Special Tax Allocation Fund in excess of the
aggregate amount necessary to pay the Unpaid Current Interest Amount and the Current Interest
Amount for the next succeeding Bond Year "; and
WHEREAS, no amount is necessary to pay any Unpaid Current Interest Amount or Current
Interest Amount following Stated Maturity, and accordingly, any and all amounts now in the
Special Tax Allocation Fund are available for the payment of the 1999C Prior Bonds on or
before Stated Maturity; and
WHEREAS, the Corporate Authorities have heretofore and it hereby expressly is
determined that it is desirable and in the best interests of the Village and the Taxing Districts that
the Special Tax Allocation Fund be dissolved and the designation of the Project Area be
terminated; and
WHEREAS, upon the payment of the Series 1999C Prior Bonds, all redevelopment project
costs, including without limitation all Village obligations financing redevelopment project costs
incurred under the Act for the Project Area, shall have been paid in full; and
WHEREAS, the Village is therefore required to provide for the distribution of all surplus
funds remaining in the Special Tax Allocation Fund and is further required to adopt an ordinance
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dissolving the Special Tax Allocation Fund and terminating the designation of the Project Area;
and
WHEREAS, pursuant to Section 11- 74.4 -8 of the Act the Village is required to notify the
Taxing Districts prior to November 1, 2005, if the Project Area is to be terminated by
December 31, 2005; and
WHEREAS, the Corporate Authorities have heretofore, and it hereby expressly is, further
determined that it is therefore advisable and necessary to provide for the redemption prior to
maturity of the Series 1999C Prior Bonds in order to assure the timely notification of the Taxing
Districts of and the timely dissolution of the Special Tax Allocation Fund and the termination of
the designation of the Project Area.
Now, THEREFORE, Be It Ordained by the President and Board of Trustees of the Village
of Buffalo Grove, Cook and Lake Counties, Illinois, in the exercise of its home rule powers, as
follows:
Section 1. Definitions. The following words and terms used in this ordinance shall
have the following meanings unless the context or use indicates another or different meaning:
"Act" means, collectively, the TIF Act, as amended and supplemented from time
to time, and specifically as supplemented by the Local Government Debt Reform Act, as
supplemented and amended, and Section 6 of Article VII of the 1970 Constitution of the
State of Illinois.
"Bondholder" or "holder" means the registered owner of any Bond or Additional
"Bond Register" means the books of the Village kept by the Bond Registrar to
evidence the registration and transfer of the Bonds.
"Bonds" means, collectively, the Taxable Senior Lien Tax Increment Revenue
Bonds, Series 1999A, the Taxable Junior Lien Tax Increment Revenue Bonds, Series
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1999B, and the Taxable Subordinated Second Lien Tax Increment Revenue Bonds, Series
1999C, authorized under the Prior Bond Ordinance.
"Bond Year " means that twelve- calendar month period beginning on
December 30 of any calendar year and ending on December 29 of the subsequent year.
"Corporate Authorities" means the ' President and Board of Trustees of the
Village.
"Designated Officials" means the Village President, Village Clerk or Village
Treasurer or their successors, designees or assigns.
"Interest Payment Date " means a Stated Maturity of interest on the Bonds.
"Maturity Date" means December 30, 2005.
"Outstanding" I or "outstanding" refers to 1999C Prior Bonds which are
outstanding and unpaid; provided, however, such term shall not include any 1999C Prior
Bonds (i) which have matured and for which moneys are on deposit with proper paying
agents, or are otherwise properly available, sufficient to pay all principal and interest
thereof, (ii) the provision for payment of which has been made by the Village by the
deposit in an irrevocable trust or escrow account of funds or direct, full faith and credit
obligations of the United States of America, the principal of and interest on which will be
sufficient to pay at maturity or as called for redemption all of the principal of and interest
and any applicable premium on such 1999C Prior Bonds or (iii) which are unpaid after
December 30, 2005.
"Plan" means the comprehensive program of the Village for the Project Area
heretofore approved by the Corporate Authorities by an ordinance adopted on
November 3, 1986, and amended by an ordinance adopted on November 1, 1993, and
together with any further amendments and supplements thereto.
"Project" means the redevelopment project heretofore approved by the Corporate
Authorities pursuant to an ordinance adopted on November 3, 1986, and amended
pursuant to an ordinance adopted on November 1, 1993, in furtherance of the objectives
of the Redevelopment Plan.
"Project Area" means the Town Center District Tax Increment Redevelopment
Project Area described more fully in Exhibit A attached hereto and heretofore designated
by the Corporate Authorities in accord with the provisions of the Act.
"Special Tax Allocation Fund" means the 1986 Town Center District Tax
Increment Redevelopment Project Area Special Tax Allocation Fund of the Village,
which is a special tax allocation fund for the Project Area established pursuant to
Section 11- 74.4 -8 of the TIF Act and created by an ordinance heretofore adopted by the
Corporate Authorities on November 3, 1986.
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"State " means the State of Illinois.
"Stated Maturity" when used with respect to any 1999C Prior Bond or any
interest thereon means the date specified in such 1999C Prior Bond as the fixed date on
which the principal of such 1999C Prior Bond or such interest is due and payable whether
by maturity, mandatory redemption, or otherwise.
"Taxing Districts" means the taxing districts or municipal corporations having
the power to tax real property in the Project Area.
"TIF Act" means the Tax Increment Allocation Redevelopment Act, as
supplemented and amended
"Total Initial Equalized Assessed Value" means the total initial equalized
assessed value of the taxable real property within the Project Area determined by the
County Clerk of The County of Lake, Illinois, in accordance with the provisions of
Section 11- 74.4 -9 of the TIF Act.
"Trustee" means J.P. Morgan Trust Company, N.A., as successor to American
National Bank and Trust Company of Chicago, Chicago, Illinois, and its successors and
assigns, as trustee for the 1999C Prior Bonds.
"Village" means the Village of Buffalo Grove, Lake and Cook Counties, Illinois,
and its successors and assigns.
Section 2. The Incorporation of Preambles. The Corporate Authorities hereby find
that all of the recitals contained in the preambles to this Ordinance are full, true and correct and
do hereby incorporate them into this Ordinance by this reference.
Section 3. Authorization. The Village is a home rule unit under the provisions of
the 1970 Constitution of Illinois, and as a home rule unit may, under the powers granted by
Section 6(a) of Article VII thereof, "exercise any power and perform any function pertaining to
its government and affairs," and that this Ordinance is adopted pursuant to the Village's home
rule powers, any provisions contained in any other Village Ordinance or Resolution for an
Illinois law to the contrary notwithstanding.
ff.'s
Section 4. Series 1999C Prior Bonds Redeemed. The Designated Officials are
hereby authorized and directed to proceed, without further official action of the Corporate
Authorities, to effectuate the redemption prior to maturity of the Series 1999C Prior Bonds,
including, without limitation, to provide for (A) the requisite notification of the Trustee as set
forth in the Prior Bond Ordinance and (B) the transfer of funds from the Special Tax Allocation
Fund to the Trustee to pay the redemption price of the Series 1999C Prior Bonds at the times and
in the amounts as the Designated Officials shall deem necessary.
Section S. Special Tax Allocation Fund Deemed Dissolved. Upon the redemption
of the Series 1999C Prior Bonds, such that no 1999C Prior Bonds remain outstanding, the 1986
Town Center District Tax Increment Redevelopment Project Area Special Tax Allocation Fund
shall be deemed to be dissolved. All surplus funds, if any, remaining in the Special Tax
Allocation Fund shall be distributed by being paid by the Village Treasurer to the Department of
Revenue of the State, the Village and the County Collector of The County of Lake, Illinois; first,
to the Department of Revenue and to the Village in direct proportion to the tax incremental
revenue received from the State and the Village, but not to exceed the total incremental revenue
received from the State or the Village less any annual surplus distribution of incremental revenue
previously made; with any remaining funds to be paid to the County Collector who shall
immediately thereafter pay said funds to the Taxing Districts in the same manner and proportion
as the most recent distribution by the County Collector to the Taxing Districts of real property
taxes from real property in the Project Area.
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Section 6 Designation of Project Area Deemed Terminated. It is hereby expressly
provided that upon the redemption of all outstanding Series 1999C Prior Bonds, such that no
1999C Prior Bonds remain outstanding, the designation of the Project Area shall be deemed to be
terminated.
Section 7. Transmittal to Taxing Districts, County Clerk and Department of
Revenue. The Village Clerk is hereby expressly directed to transmit on or before November 1,
2005, a certified copy of this Ordinance to each Taxing District, to the County Clerk of The
County of Lake, Illinois, and to the Department of Revenue of the State.
Section 8. Repealer. All ordinances, resolutions, orders or parts thereof, in conflict
with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed.
Section 9. Effective Date. That this Ordinance shall be in full force and effect upon
its passage and approval.
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Presented, passed, approved and recorded by the Village of Buffalo Grove, Cook and
Lake Counties, Illinois, a home rule unit of government this 6th day of June , 2005.
ATTEST:
.
Vill lerk, Village of Buffalo Grove,
Cook and Lake Counties, Illinois
[SEAL.]
Recorded in the records of the Village
the day of , 2005
APPROVED:
10
President, Village of Buffalo Grove,
Cook and Lake Counties, Illinois
EXHIBIT A
Legal Description of the
Town Center District Tax Increment Redevelopment Project Area
Lots 1 through 18 inclusive in Buffalo Grove Town Center Unit 2, being a Subdivision of part of
the Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded December 1, 1989, as Document No. 2855919
in Lake County, Illinois; and
Lots 4 and 5 in Buffalo Grove Town Center Unit 3, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded April 20, 1990, as Document No. 2898129 in
Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Unit 4, being a Subdivision of part of the Southwest 1/4 of
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian, according to the
Plat thereof recorded April 7, 1991, as Document No. 2988362 in Lake County, Illinois; and
Lots 1, 2, 3 and 4 in Buffalo Grove Town Center Unit 5, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded March 8, 1991, as Document No. 2997160 in
Lake County, Illinois; and
That part of the following described Parcel, lying Northwesterly of Lot 1 in Buffalo Grove Town
Center Unit 4; commencing at the Northwest corner of the Southwest quarter of Section 33,
Township 43 North, Range 11, East of the Third Principal Meridian; thence North 89° 58' 47"
East along the North line of the Southwest quarter of said Section 33, a distance of 193.02 feet to
the Easterly line of Buffalo Grove Road per Document No. 1408038, said point being the point
of beginning; thence South 6° 30' 17" East along the Easterly line of Buffalo Grove Road, a
distance of 87.66 feet; thence Northeasterly along a curve concave to the Northwest, having a
radius of 105.00 feet, an arc distance of 153.36 feet to a point of reverse curvature, the chord of
said arc having a length of 140.09 feet and a bearing of North 41* 39' 08" East; thence
Northeasterly along a curve concave to the Southeast, having a radius of 95.00 feet, an arc
distance of 111.06 feet to a point of compound curvature, the chord of said arc having a length of
104.84 feet and a bearing of North 33° 18'03" East; thence Easterly along a curve concave to the
South, having a radius of 423.50 feet, an arc distance of 655.76 feet to a point of compound I
curvature, the chord of said arc having a length of 592.18 feet and a bearing of south 68° 50' 54"
East; thence Southeasterly along a curve, concave to the Northeast; having a radius of 300.00
feet, an arc distance of 96.14 feet to a point of tangency, the chord of said arc having a length of
95.73 feet and a bearing of South 33° 40' 12" East; thence South 42° 58' 03" East, a distance of
70.54 feet to a point on the North line of Lot 2 in Buffalo Grove Town Center Unit 1; thence �.
North 50° 12' 54" East along the North line of Lot 2, a distance of 198.31 feet to the Northeast j
corner of said Lot 2, said point being also on the Westerly line of Illinois Route 83; thence
Northwesterly along said Westerly line of Illinois Route 83, said line being a curve, concave to
the Southwest, having a radius of 1,096.00 feet, an arc distance of 473.45 feet to a point of
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tangency, the chord of said arc having a length of 469.77 feet and a bearing of North 41 ° 44' 41"
West; thence North 54° 07' 12" West along said Westerly line of Illinois Route 83, a distance of
555.55 feet to the Easterly corner of Lot 1 in Amoco addition to Buffalo Grove, according to
Document No. 2317012; thence South 64° 48'23" West along the Southerly line of said Lot 1, a
distance of 280.69 feet to the Southwest corner of said Lot 1; said point being also on the
Easterly line of Buffalo Grove Road, dedicated by Document No. 1408038; thence South 6° 30'
17" East along said Easterly line, a distance of 446.54 feet to the place of beginning, in Lake
County, Illinois; and
Lot 1 in Amoco addition in Buffalo Grove, being a Subdivision of part of the Southwest 1/4 of
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian, according to the
Plat thereof recorded October 18, 1984, as Document No. 2317012 in Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Subdivision, being a part of the Southwest 1/4 Section 33,
Township 43 North, Range 11, East of the Third Principal Meridian, according to the plat thereof
recorded October 17, 1978, as Document No. 1953929 in Lake County, Illinois.
All properties are within the area bounded by Lake -Cook Road, Illinois State Route 83 and
Buffalo Grove Road, lying entirely within Lake County, Illinois.
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