1980-007ORDINANCE NO. 80 - I
AN ORDINANCE TO ESTABLISH PROCEDURES AND FEES REGARDING
APPLICATION FOR INDUSTRIAL AND COMMERCIAL REVENUE BONDS
WHEREAS, the Village of Buffalo Grove has shown its intention to
cooperate with eligible developers by Resolution #79-35 to issue industrial
and commercial revenue bonds to finance projects within the corporate limits;
and
WHEREAS, it would be in the best interests of both the Village of Buffalo
Grove and eligible developers to establish application procedures and fees
in connection with requests for the Village of Buffalo Grove to issue industrial
and commercial revenue bonds.
NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, that to favorably
consider issuing industrial and commercial revenue bonds to qualified developers,
the following requirements and criteria are hereby established:
SECTION 1. There is hereby added to the Municipal Code of the Village
of Buffalo Grove to Title 3 a new Chapter 3.20 to read as follows:
Chapter 3.20 Procedures and Fees Regarding A plications for Industrial
and Commercial Revenue Bonds
3.20.010 Initiation of Application Applications for industrial and
Commercial revenue bonds shall be made to the Village Manager. Any
person, firm, or corporation may file an application, as hereinafter
provided, requesting consideration of the issuance of these bonds.
3.20.020 Application The person, firm, or corporation requesting the
issuance of commercial and industrial revenue bonds shall develop their
application, accompanied by a non - refundable applicable fee as established
from time to time by the corporate authorities of the Village of Buffalo
Grove, and shall contain the following information:
A. Name, address, and telephone number of the applicant. If
application is to be developed on beha.lf of an applicant, the
name, address and telephone number of that party along with a
brief description of the relationship of such party to the
applicant;
B. Street address and legal description of the property where
the proposed project will be located;
C. Name and address of any and all legal and beneficial owners
of she property where the project is to be located;
D. If the applicant is not the owner of th-e property where the
project is to be located, a statement indicating his interest,
if any, the applicant has in the property where the project is
to be located. If the applicant is a lessee or contract purchaser
of said property, a copy of such lease or contract shall be filed
along with the application;
E. A description of the project for which industrial and commercial
bond financing is requested.
F. A resume of the applicant which shall include the following:
1. A description of each business in which the applicant is
engaged;
2. A description of any and all projects in which the applicant
has participated which were similar to the project for which
industrial and commercial revenue bond financing is requested;
3. A statement indicating whether the applicant has ever been
involved in a project financed by commercial and industrial
revenue bonds and if so, a description of each such project
and a statement indicating whether there has ever been a
default in any such bonds;
4. A statement indicating whether applicant has been a party
in any bankruptcy proceedings at any time in the 5 -year
period preceding the date of the filing of the application
and if so, a description of such precedings, including
the caption of any lawsuits, and the outcome thereof;
5. A statement indicating whether applicant, within 3 years
preceding the date of application, has been in default ,
or allegedly in default in the payment of any debt instruments
on which the applicant is a signatory and if so, a description
of such debt instrument and such default;
6. If applicant is a corporation, a statement indicating the
dates and places of incorporation of such incorporation
along with a statement that applicant is.either a corporation
in good standing in Illinois or that applicant is a registered
foreign corporation in Illinois and in good standing;
7. If applicant is registered or is required to be registered
under the Illinois Assumed Name Act, the date applicant filed
under the Act, the county within which applicant filed and
the assumed name under which the applicant has filed;
8. A statement indicating the length of time applicant has been
doing business and the length of time applicant has been
engaged in projects of the type for which industrial and
commercial revenue bond financing is requested.
9. If the applicant is a corporation, copies of any and all
annual reports and prospectuses issued within 5 years
preceding the date of application for commercial. and
industrial revenue bonding;
10. Certified copies of audited financial statements of the
applicant for 5 years preceding the date of the.filing of
the application for commercial and industrial revenue bond
financing;
-2-
11. The most current Securities and Exchange Commiss %on 10 -K
Report of the corporation if it is required under applicable
laws to file;
12. A list setting forth the caption, if pending, and a brief
description of any and all pending or threatened litigation
against the applicant which could have an impact on the
existance of the applicant or its business or the financial
position of applicant. In this regard, applicant shall
disclose any pending or threatened litigation which charges
applicant or, if applicable, any of its officers or partners
with misfeasance, misrepresentation, fraud, a violation of
any criminal law, or anti -trust violations; and any cases in
which judgment has.been.entered or requested against applicant
in an amount in excess of $250,000 unless the disclosure of
cases in which lesser or greater judgments have been entered
or requested is required by the Village Manager.
13. Any other data which discloses relevant financial information
such as the applicant's bond rating and the like. The Village
Manager, upon the advice of staff and /or consultants, may
require any additional information from applicant.
G. A statement indicating the zoning classification of the property
where the project is to be located along with a statement indicat-
ing whether any amendments to the Zoning Ordinance of the Village
of Buffalo Grove or special approvals such as variations or special
permits will be required for the project. This statement should
include a basic description of the use that the project will be
put to;
H. A site plan for the property where the project is to be located
showing any existing structures and the proposed projects;
I. A rendering of the project;
J. A statement indicating the amount of funding requested for the
project and a description of the purpose for which the funding
will be used;
K. A description of any proposed .financing arrangement for the
project e.g. Village to own the project and lease to applicant;
L. The name and address of the proposed purchaser of the commercial
and industrial revenue bonds proposed to be issued, if known;
M. A proposed Memorandum of Agreement;
N. A statement of the public purpose to be served by the issuance
of commercial and industrial revenue bonds for the project.
3.20.030 Procedure. The Village Manager shall review an application for
commercial and industrial revenue bond financing within 15 business days
of the date it is filed and shall notify the applicant in writing within
20 business days of the date said application is filed whether said
application is complete. If it is not.complete, the Village Manager
shall in said written notice advise the applicant of any additional
information which is required. Within 90 days after the filing of a
completed application with the Village Manager, the Village Manager shall
forward said application to the Village Board of Trustees. Before the
Village considers the issuance of commercial and industrial revenue bonds,
the following reports will be required:
A. A statement from the Village.Attorney that he has reviewed all
documents pertinent to the application and bond issue. The
Village Attorney shall state the amount of any fee he will charge
for his services payable by the applicant and to be included as
a part of the estimated cost of the bond issue.
199
B. A statement from the Village's Financial Consultant that, based
on his study of the information supplied as part of this applica-
tion and from other available sources, the applicant is a
financially sound industry and, that in the event that this
industry should be in financial difficulty, the Village would be
protected from any financial obligation. The Consultant shall
also state the amount of any fee he will charge for his services
payable by the applicant and to be included as a part of the
estimate of cost of the bond issue.
C. A statement from the Village Planner that the project is in
compliance with the Village's Comprehensive Plan and that the
proposed project will be an asset to the Village.
D. A statement from the Village's Director of Finance and General
Services that suitable arrangements have been made for the
payment of all fees due.
E. Statements from any and all additional consultants or Village
officials that may be necessary to properly culiminate the
request for commercial and industrial revenue bond funding.
Any additional fees due as part of these additional reviews
shall be included as part of the estimate of cost of the bond
issue.
F. A statement from the Village Manager that he has reviewed all
documents and recommends to the President and Board of Trustees
that they authorize the issuance of the proposed funding.
3.20.040 Consideration by Village Board The President and Board of Trustees
shall consider each application for industrial and commercial revenue bonds
which is presented. Compliance with the procedures set forth herein shall
not be construed as obligating the President and Board of Trustees to act
upon the application favorably. The issuance of such bonds pursuant to
this ordinance wholely is at the discretionary judgment of the President
and Board of Trustees. The President and Board of Trustees reserve the
right to have the applicant appear before them to explain the proposed
development and answer any questions.
3.20.050 Costs In addition to the non - refundable application fee to be
paid by the applicant at the time of the filing of the application for
industrial and commercial revenue bond financing, applicant shall pay any
and all costs, including, but not limited to, attorney's fees, fees of
financial consultants., fees of any and all other consultants and any and
all other costs of the Village in 'connection with. the review of the
applicants' application, negotiations, preparation, and duplication of
documents and any and all other work undertaken by the Village relating
or pertaining to the applicants' application, including, but not limited
to, any and all costs associated with the issuance of industrial and
commercial revenue bonds. Applicants shall pay any and all such. costs
within 10 days of receipt of an invoice therefore from the Village.
3.20.060 Fees In addition to payment of a non- refundable application fee
and any and all costs,as provided hereinabove, applicant shall pay the
Village a fee, as established from time to time by the corporate authorities,
if commercial and industrial revenue bonds are issued for the project at
the time such bonds are issued. Such fee shall be considered a project
cost related to the financing of the project.
3.20.070 ValiditX of Bonds Failure on
Village to comply with the requirements
Buffalo Grove Municipal Code shall not
and industrial revenue bonds issued.
-4-
the part of the applicant or the
of this Chapter of the Village of
effect the validity of any commercial
SECTION 2: This Ordinance shall be in full force and effect from and
after its passage and approval in the manner provided by law.
AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kavitt, Gerschefske
NAYES: 0 - None
ABSENT: 0 - None
PASSED: February 4 , 1980.
APPROVED: February 4 � 1980.
APPROVED:
Village President
ATTEST:
Vi Clerk
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` ORDINANCE NO. 80
AN ORDINANCE TO ESTABLISH PROCEDURES AND FEES REGARDING
APPLICATION FOR INDUSTRIAL AND COMMERCIAL REVENUE BONDS
WHEREAS, the Village of Buffalo Grove has shown its intention to
cooperate with eligible developers by Resolution #79-35 to issue industrial
and commercial revenue bonds to finance projects within the corporate limits;
and
WHEREAS, it would be in the best interests of both the Village of Buffalo
Grove and eligible developers to establish application procedures and fees
in connection with requests for the Village of Buffalo Grove to issue industrial
and commercial revenue bonds.
NOW, THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, that to favorably
consider issuing industrial and commercial revenue bonds to qualified developers,
the following requirements and criteria are hereby established:
SECTION 1. There is hereby added to the Municipal Code of the Village
of Buffalo Grove to Title 3 a new Chapter 3.20 to read as follows:
Chapter 3.20 Procedures and Fees Regarding Applications for Industrial
and Commercial Revenue Bonds
3.20.010 Initiation of Application Applications for industrial and
Commercial revenue bonds shall be made to the Village Manager. Any
person, firm, or corporation may file an application, as hereinafter
provided, requesting consideration of the issuance of these bonds.
3.20.020 Application The person, firm, or corporation requesting the
issuance of commercial and industrial revenue bonds shall develop their
application, accompanied by a non - refundable applicable fee as established
from time to time by the corporate authorities of the Village of Buffalo
Grove, and shall contain the following information:
A. Name, ad- -ress, and telephone number of the applicant. If
application is to be developed on behalf of an applicant, the
name, address and telephone number of that party along with a
brief description of the relationship of such party to the .
applicant;
B. Street address and legal description of the property where
the proposed project will be located;
C. Name and address of any and all legal and beneficial owners
of the property where the project is to be located;
D. If the applicant is not the owner of the property where the
project is to be located, a statement indicating his interest,
if any, the applicant has in the property where the project is
to be located, if the applicant is a lessee or contract purchaser
of said property, a copy of such lease or contract shall be filed
along with the application;
E. A description of the project for which industrial and commercial
bond financing is requested.
F. A resume of the applicant which shall include the following:
I. A description of each business in which the applicant is
engaged;
2. A description of any and all projects in which the applicant
has participated which were similar to the project for which
industrial and commercial revenue bond financing is requested;
3. A statement indicating whether the applicant has ever been
involved in a project financed by commercial and industrial
revenue bonds and if so, a description of each such project
and a statement indicating whether there has ever been a
default in any such bonds;
4. A statement indicating whether applicant has been a party
in any bankruptcy proceedings at any time in the 5 -year
period preceding the date of the filing of the application,
and if so, a description of such precedings, including
the caption of any lawsuits, and the outcome thereof;
5. A statement indicating whether applicant, within 3 years
preceding the date of application, has been in default
or allegedly in default in the payment of any debt instruments
on which the applicant is a signatory and if so, a description
of such debt instrument and such default;
6. If applicant is a corporation, a statement indicating the
dates and places of incorporation of such incorporation
along with a statement that applicant is either a corporation
in good standing in Illinois or that applicant is a registered
foreign corporation in Illinois and in good standing;
7. If applicant is registered or is required to be registered
under the Illinois Assumed Name Act, the date applicant filed
under the Act, the county within which applicant filed and
the assumed name under which the applicant has filed;
8. A statement indicating the length of time applicant has been
doing business and the length of time applicant has been
engaged in projects of the type for which industrial and
commercial revenue bond financing is requested.
9. If the applicant is a corporation, copies of any and all
annual reports and prospectuses issued within 5 years
preceding the date of application for commercial and
industrial revenue bonding;
10. Certified copies of audited financial statements of the
applicant for 5 years preceding the date of the filing of
the application for commercial and industrial revenue bond
financing;
11. The most current Securities and Exchange Commisslon 10-K
Report of the corporation if it is required under applicable
laws to file;
12. A list setting forth the caption, if pending, and a brief
description of any and all pending or threatened litigation
against the applicant which could have an impact on the
existance of the applicant or its business or the financial
position of applicant. In this regard, applicant shall
disclose any pending or threatened litigation which charges
applicant or, if applicable, any of its officers or partners
with misfeasance, misrepresentation, fraud, a violation of
any criminal law, or anti -trust violations; and any cases in
which judgment has been entered or requested against applicant
in an amount in excess of $250,000 unless the disclosure of
cases in which lesser or greater judgments have been ,entered
or requested is required by the Village Manager.
13. Any other data which discloses relevant financial information
such as the applicant's bond rating and the like. The Village
Manager, upon the advice of staff and /or consultants, may
require any additional information from applicant.,
G. A statement indicating the zoning classification of the property
where the project is to be located along with a statement indicat-
ing whether any amendments to the Zoning Ordinance of the Village
of Buffalo Grove or special approvals such as variations or special
permits will be required for the project. This statement should
include a basic description of the use that the project will be
put to;
H. A site plan for the property where the project is to be located
showing any existing structures and the proposed projects;
A rendering of the project;
J. A statement indicating the amount of funding requested for the
project and a description of the purpose for which the funding will be used;
K. A description of any proposed financing arrangement for the
project e.g. Village to own the project and lease to applicant;
L. The name and address of the proposed purchaser of the commercial
and industrial revenue bonds proposed to be issued, if known;
M. A proposed Memorandum of Agreement;
N. A statement of the public purpose to be served by the issuance
of commercial and industrial revenue bonds for the project.
3.20:030 Procedure The Village Manager shall review an application for
commercial and industrial revenue bond financing within 15 business days
of the date it is filed and shall notify the applicant in writing within
20 business days of the date said application is filed whether said
application is complete. if it is not complete, the Village Manager
shall in said written notice advise the applicant of any additional
information which is required. Within 90 days after the filing of a
completed application with the Village Manager, the Village Manager shall
forward said application to the Village Board of Trustees. Before the
Village considers the issuance of commercial and industrial revenue bonds,
the following reports will be required:
A. A statement from the Village Attorney that he has reviewed all
documents pertinent to the application and bond issue. The
Village Attorney shall state the amount of any fee he will charge
for his services payable by the applicant and to be included as
a part of the estimated cost of the bond issue.
v. r% 5f-dLCMU11L irUrn Lne viiiage•s rinancial consultant that, based
on his study of the information supplied as part of this appiica-
tion and from other available sources, the applicant is a
financially sound industry and, that in the event that this
industry should be in financial difficulty, the Village would be
protected from any financial obligation. The Consultant shall
also state the amount of any fee he will charge for his services
payable by the applicant and to be included as a part of the
estimate of cost of the bond issue.
C. A statement from the Village Planner that the project is in
compliance with the Village's Comprehensive Plan and that the
proposed.project will be an asset to the Village.
D. A statement from the Village's Director of'Finance and General
Services that suitable arrangements have been made for the
payment of all fees due.
E. Statements from any and all additional consultants or Village
officials that may be necessary to properly culiminate the
request for commercial and industrial revenue bond funding.
Any additional fees due as part of these additional reviews
shall be included as part of the estimate of cost of the bond
issue.
F. A statement from the Village Manager that he has reviewed all
documents and recommends to the President and Board of Trustees
that they authorize the issuance of the proposed funding.
3.20.040 Consideration by Village Board The President and Board of Trustees
shall consider each application for industrial and commercial revenue bonds
which is presented. Compliance with the procedures set forth herein shall
not be construed as obligating the President and Board of Trustees to act
upon the application favorably. The issuance of such bonds pursuant to
this ordinance wholely is at the discretionary judgment of the President
and Board of Trustees. The President and Board of Trustees reserve the
right to have the applicant appear before them to explain the proposed
development and answer any questions.
3.20.050 Costs In addition to the non- refundable application fee to be
paid by the applicant at the time of the filing of the application for
industrial and commercial revenue bond financing, applicant shall pay any
and all costs, including, but not limited to, attorney's fees, fees of
financial consultants, fees of any and all other consultants and any and
all other costs of the Village in connection with the review of the
applicants' application,, negotiations, preparation, and duplication of.
documents and any.and all other work undertaken by the Village relating
or pertaining to the applicants' application, including, but not limited
to, any and all costs associated with the issuance of industrial and
commercial revenue bonds. Applicants shall pay any and all such costs
within 10 days of receipt of an invoice therefe,e from the Village. -
3.20.060 Fees In addition to payment of a non- refundable application fee
and any and all costs,as provided hereinabove, applicant shall pay the
Village a fee, as established from time to time by the corporate authorities,
if commercial and industrial revenue bonds are issued for the project at
the time such bonds are issued. Such fee shall be considered a project
cost related to the financing of the project.
3.20.070 Validity of Bonds Failure on the part of the applicant or the
Village to comply with the requirements of this Chapter of the Village of
Buffalo Grove Municipal Code shall not effect the validity of any commercial
and industrial revenue bonds issued.
z
SECTION 2: This Ordinance shall be in full force and effect from and
after its passage and approval in the manner provided by law.
AYES: 6 - Marienthal, Stone, O'Reilly, Hartstein, Kavitt, Gerschefske
NAYES: 0 - None
ABSENT: 0 - None
PASSED: February 4 1980.
APPROVED: February 4 , 1980.
APPROVED:
1
Village President
ATTEST: (/
Vi 1 lags' Clerk