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1987-025Ordinance Number 87 -25 AN ORDINANCE providing for the issuance of $8,500,000 Tax Increment Allocation Revenue Bonds (Buffalo Grove Town Center District Tax Increment Redevelopment Project) of the Village of Buffalo Grove, Cook and Lake. Counties, Illinois. WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village ") has heretofore designated a portion of the Village as a "Redevelopment Project Area" known as the Village of Buffalo Grove Town Center District Tax Increment Redevelopment Project Area (the "Project Area ") in accord with the provisions of the Illinois Tax Increment Allocation Redevelop- ment Act, as amended, Ill. Rev. Stat., Ch. 24, Sections 11- 74.4 -1, et seq. (the "Act "); and WHEREAS, the Village has held the necessary public hearing on October 6, 1986, has approved the Redevelopment Plan and Project, has designated the Project Area, has adopted tax increment financing, and has claimed the state sales tax increment, all as required or provided by the Act; and WHEREAS, the President and Board of Trustees have determined that it is necessary and in'the best interests of the Village that the Village issue tax increment allocation revenue bonds for the purpose of paying the redevelopment project costs for the redevelopment project which has been approved for 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, 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: (a) "Act" means the Tax Increment Allocation Redevelopment Act of the State of Illinois, as amended and supplemented from time to time. (b) "Bonds" means the $8,500,000 Tax Increment Allo- cation Revenue Bonds (Buffalo Grove Town Center District Tax Increment Redevelopment Project), authorized under this Ordinance and to be issued under two Series Ordinances. (c) "Bond Registrar" means American National Bank and Trust Company of Chicago, Chicago, Illinois, or its successors or assigns designated as Bond Registrar hereunder. (d) "Village" means the Village of Buffalo Grove, Cook and Lake Counties, Illinois, and its successors and assigns. (e) "Corporate Authorities" means the President and Board of Trustees of the Village. (f) "Government Securities" means bonds, notes, certi- ficates of indebtedness, treasury bills or other securities con- stituting direct obligations of the United States of America and all securities or obligations, the prompt payment of principal and interest of which is guaranteed by a pledge of the full faith and credit of the United States of America. (g) "Incremental Taxes" means the ad valorem taxes if any, arising from the tax levies upon taxable real property in the Project Area by any and all taxing districts or municipal corporations having the power to tax real property in the Project Area, which taxes are attributable to the increase in the then current equalized assessed valuation of each taxable lot, block, tract or parcel of real property in the Project Area over and above the Total Initial Equalized Assessed Value of each such piece of property, all as certified by the County Clerk of The County of Lake, Illinois, in accord with Section 11- 74.4 -9 of the Act, plus the taxes, if any, arising under the Municipal Retailers' Occupation Tax Act, the Municipal Service Occupation Tax Act, the Retailers' Occupation Tax Act, the Use Tax Act, the Service Use Tax Act, and the Service Occupation Tax Act, which taxes exceed the amount of such taxes collected from taxpayers within the Project Area for calendar year 1985, as determined by the IW& r Illinois Department of Revenue, in accordance with Section 11- 74.4 -8a. of the Act. (h) "Incremental Taxes Fund" means the Incremental Taxes Fund - Village of Buffalo Grove Town Center District Tax Increment Redevelopment Project Area, which is a special tax allocation fund for the Project Area established pursuant to Section 11- 74.4 -8 of the Act and created by Ordinance Number 86 - 64 heretofore adopted by the Corporate Authorities on November 3, 1986, as continued and further described by Section 7 of this Ordinance. (i) "Ordinance" means this Ordinance as originally adopted and as the same may from time to time be amended or sup- plemented in accordance with the terms hereof. (j) "Project" means the Redevelopment Project hereto- fore approved by the Corporate Authorities, pursuant to Ordinance Number 86 - 63, adopted on November 3, 1986 in furtherance of the objectives of the Redevelopment Plan. (k) "Project Area" means the Village of Buffalo Grove Town Center District Tax Increment Redevelopment Project Area described more fully in Exhibit A attached hereto and heretofore established by the Corporate Authorities in accord with the pro- visions of the Act. (1) "Project Costs" means the sum total of all reason- able or necessary costs incurred or estimated to be incurred which are incidental to the Redevelopment Plan and Project, including, without limitation, the following: (i) Costs of studies and surveys, plans, and specifi- cations, professional service costs including, but not lim- ited to, architectural, engineering, legal, marketing, financial, planning and special services; (ii) Costs of the construction of public works or improvements; (iii) Financing costs, including but not limited to bond discount and all other necessary and incidental expenses related to the issuance of the Bonds, provided that such expenses of issuance do not exceed an amount equal to 3% of the proceeds of the Bonds, and which may, in addition, include payment of interest on the Bonds accruing during the estimated period of construction of the Project and for not exceeding 18 months thereafter and including reasonable reserves related thereto; and (iv) All or a portion of a taxing district's capital costs resulting from the Redevelopment Project necessary incurred or to be incurred in furtherance of the objectives of the Redevelopment Plan and Project. -3- x i (m) "Qualified Investments" means investments in Gov- ernment Securities and certificates of deposit or time deposits of any bank, as defined by the Illinois Banking Act, including expressly the Trustee, provided such bank is insured by the FDIC, or successor agency, and provided that such deposits or certifi- cates in the amount in excess of the FDIC insured amount be col- lateralized by a pledge of Government Securities. (n) "Redevelopment Plan" means the Redevelopment Plan and Project of the Village for the Project Area, heretofore approved by the Corporate Authorities by Ordinance Number 86 - 62 adopted on November 3, 1986 and together with any further amendments and supplements thereto. (o) "Series Ordinance" means an ordinance adopted by the Board of Trustees of the Village under the authorization of this Ordinance providing for the issuance of a series of the Bonds. (p) "Sinking Fund Account Requirement" means, at any given time of determination, the amount which, together with the income or other amounts to accrue thereon and any amounts then on deposit in the Principal and Interest Account, would be equal to the principal of and interest on the Bonds to be paid from the date thereof through and including the maturity date of the Bonds. (q) "Total Initial Equalized Assessed Value" means the total initial equalized assessed value of the taxable real property within the Project Area certified by the County Clerk of The County of Lake, Illinois, in accordance with the provisions of Section 11- 74.4 -9 of the Act. (r) "Total Initial Sales Tax Base" means taxes collected in calendar year 1985 from taxpayers within the Project Area pursuant to the Municipal Retailers' Occupation Tax Act, the Municipal Service Occupation Tax Act, the Retailers' Occupation Tax Act, the Use Tax Act, the Service Use Tax Act, and the Service Occupation Tax Act, as determined by the Illinois Department of Revenue in accordance with Section 11- 74.4 -8a. of the Act, as amended. (s) "Trustee" means American National Bank and Trust Company of Chicago, and its successors and assigns. Section 2. Findings. The Corporate Authorities hereby find that the Project Area has been established in accordance with the provisions of the Act and that it is necessary and in the best interests of the Village that the Village construct, :ZAM acquire and install the Project and that the Bonds be issued to enable the Village to pay a portion of the.Project Costs. Section 3. Bond Details. There shall be borrowed for and on behalf of the Village the sum of $8,500,000 for the purposes aforesaid; bonds of the Village (the "Bonds ") shall be issued in said total amount, pursuant to two individual Series Ordinances, and shall be designated "Tax Increment Allocation Revenue Bonds, Series A, Tax Exempt (Buffalo Grove Town Center District Tax Increment Redevelopment Project)," and "Tax Increment Allocation Revenue Bonds, Series B, Taxable (Buffalo Grove Town Center District Tax Increment Redevelopment Project)." The Bonds shall be dated March 1, 1987 and shall also bear the date of authentication, shall be in fully registered form, shall be in denominations of $5,000 each or an integral multiple thereof, shall be numbered consecutively, by Series, from 1 up- wards, shall become due and payable on March 1, 1997. Series A Bonds shall be issued in the total principal amount of $6,490,000, shall bear interest at the rate of 10% per annum, and interest thereon shall be excludable from the income of recipients thereof pursuant to Section 103 of the Internal Revenue Code of 1986. Series B Bonds shall be issued in the total principal amount of $2,010,000, and shall bear federally taxable interest at the rate of 13% per annum. The Bonds shall bear interest from their date or from the most recent interest payment date to which interest has been paid or duly provided for, until the principal amount of the Bonds is paid, such interest (computed upon the basis of a 360 -day -5- year of twelve 30 -day months) being payable on the first days of September and March of each year, commencing on September 1, 1987. Principal of each Bond shall be paid in lawful money of the United States of America, at the principal corporate trust office of the Bond Registrar. Interest on each Bond shall be paid by check or draft of the Bond Registrar to the person in whose name such Bond is registered at the close of business on the 15th day of the month next preceding the interest payment date. The Bonds shall have impressed or imprinted thereon the corporate seal or facsimile thereof of the Village and shall be signed by the manual or facsimile signature of the Village Presi- dent and attested by the manual or facsimile signature of the Village Clerk and in case any officer whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery. All Bonds shall have thereon a certificate of authenti- cation substantially in the form set forth in the applicable Series Ordinance duly executed by the Bond Registrar as authen- ticating agent of the Village and showing the date of authentica- tion. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Ordinance or any Series Ordinance unless and until such certificate of authentica- tion shall have been duly executed by the Bond Registrar by manual signature, and such certificate of authentication upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The certi- ficate of authentication on any Bond shall be deemed to have been executed by the Bond Registrar if signed by an authorized officer of the Bond Registrar, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. Section 4. Registration of Bonds; Persons Treated as Owners. The Village shall cause books (the "Bond Register ") for the registration and for the transfer of the Bonds as provided in this Ordinance to be kept at the principal office of the Bond Registrar, which is hereby constituted and appointed the Regis- trar of the Village. The Village is authorized to prepare, and the Bond Registrar shall keep custody of, multiple Bond blanks executed by the Village for use in the transfer and exchange of Bonds. Upon surrender for transfer of any Bond at the principal office of the Bond Registrar, duly endorsed by, or accompanied by a written instrument or instruments of transfer in form satisfactory to the Bond Registrar and duly executed by, the registered owner or his attorney duly authorized in writing, the Village shall execute and the Bond Registrar shall authenticate, date and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of the same maturity of authorized denominations, for a like aggregate principal amount. Any fully registered Bond or Bonds may be exchanged at said office of the Bond Registrar for a like aggregate principal amount of Bond or Bonds of the same maturity of other authorized denominations. The execution -7- by the Village of any fully registered Bond shall constitute full and due authorization of such Bond and the Bond Registrar shall thereby be authorized to authenticate, date and deliver such Bond. The Bond Registrar shall not be required to transfer or exchange any Bond during the period'of fifteen (15) days next preceding any interest payment date on such Bond. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of the principal of or interest on any Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. No service charge shall be made for any transfer or exchange of Bonds, but the Village or the Bond Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds exchanged in the case of the issuance of a Bonds or Bonds for the outstanding portion of a Bond surrendered for redemption. Section 5. Security. The Bonds, together with the interest thereon, are limited obligations of the Village, payable solely and only from the collection of the Incremental Taxes and the amounts on deposit in the various funds and accounts as provided herein. No holder of any Bond shall have the right to Min r is r i compel the exercise of any taxing power or any use of the general funds of the Village for payment of principal thereof or interest thereon. The Bonds do not constitute an indebtedness of the Village or a loan of credit thereof within the meaning of any statutory or constitutional provision. Section 6. Form of Bond. The Bonds shall be in such form as set forth in the Series Ordinances. Section 7. Incremental Taxes Fund - Accounts. There is hereby created a special fund of the Village which fund shall be held separate and apart from all other funds and accounts of the Village and shall be known as the Special Tax Allocation Fund for the Village of Buffalo Grove Town Center District Tax Incre- ment Redevelopment Project Area (the "Incremental Taxes Fund "), which the Village agrees to maintain with the Trustee. All of the Incremental Taxes and any other revenues from any source whatsoever designated to pay principal of and interest on the Bonds shall be set aside as collected and be deposited in the Incremental Taxes Fund which is a trust fund established for the purpose of carrying out the covenants, terms and conditions imposed upon the Village by this Ordinance and any Series Ordinance. The Bonds are secured by a pledge of all of the moneys on deposit in the Incremental Taxes Fund, and such pledge is irrevocable until the obligations of the Village are discharged under this Ordinance, and any Series Ordinance. In accord with the provisions of the Act, the Incre- mental Taxes are to be paid to the Village by the municipal, county and state officers who collect or receive the Incremental r i Taxes. Whenever the Village receives any of the Incremental Taxes, it shall promptly cause the same to be remitted to the Trustee for deposit into the Incremental Taxes Fund. Notwithstand- ing the foregoing, the Village shall not be required to remit to the Trustee for deposit in the Incremental Taxes Fund any Incre- mental Taxes with respect to any period commencing after De- cember 31, 1996. After receipt of all Incremental Taxes collected with respect to the period ending on December 31, 1996, whether received by the Village before or after December 31, 1996, and distribution of same for the payment of the Bonds and the interest thereon, and the distribution of any excess monies pursuant to Section 11- 74.4 -8 of the Act as amended, the Village may adopt an ordinance dissolving the special tax allocation fund for the Redevelopment Project Area and terminating the designation of the Redevelopment Project Area as a redevelopment project area. The monies on deposit in the Incremental Taxes Fund shall be used by the Trustee solely and only for the purpose of carrying out the terms and conditions of this Ordinance and any Series Ordinance and shall be deposited as hereinafter provided to the following accounts within the Incremental Taxes Fund: (a) The Principal and Interest Account. There is hereby created a special account within the Incremental Taxes Fund to be known as the "Principal and Interest Account" which the Village agrees to maintain with the Trustee. As moneys are deposited by the Village into the Incremental Taxes Fund, the Trustee shall deposit such moneys into the Principal and Interest Account and, except as hereinafter provided, such moneys shall be used solely and only for the purpose of paying principal of and interest on the Bonds as the same become due together with the fees of the Trustee, the Bond Registrar and of any paying agent in connection therewith. All funds derived from the proceeds of the sale of the Bonds and deposited in the Principal and Interest Account pursuant -10- EM to Section 10 hereof shall be held in the Principal and Interest Account until applied to the payment of interest on the Bonds as the same becomes due. If, on or before sixty days before the interest payment date on any of the Bonds, there are funds (other than funds derived from the proceeds of the sale of the Bonds pursuant to Section 10 hereof) in the Principal and Interest Account in excess of the amount necessary to pay such principal, interest and expenses on such date, such funds shall first be transferred by the Trustee to the Sinking Fund Account as provided below and next be transferred by the Trustee into the General Account as described below. (b) The Sinking Fund Account. There is hereby created a special account within the Incremental Taxes Fund to be known as the "Sinking Fund Account" which the Village agrees to maintain with the Trustee. The Trustee shall next transfer the balance of the Incremental Taxes into the Sinking Fund Account until such account aggregates the Sinking Fund Account Requirement, and thereafter no such payments shall be made into said Account except that if the amount on deposit in such Account is at any time less than the Sinking Fund Account Requirement annual payments shall be resumed and continued until said Account has been restored to an aggregate amount equal to the Sinking Fund Account Requirement. Moneys on deposit in the Sinking Fund Account shall be used by the Trustee to provide for the payment of the principal of and interest on the Bonds in accord with this Ordinance and any Series Ordinance and shall be transferred to the Principal and Interest Account as may be necessary from time to time to prevent or remedy a default in the payment of interest on or principal of the Bonds. Whenever such a transfer is made the Trustee shall promptly give written notice thereof to the Village. Whenever the Village has deposited in the Sinking Fund Account an amount sufficient to meet the Sinking Fund Account Requirement and there remains an excess (after remedying deficien- cies, if any, in the Principal and Interest Account) in said Account, the Trustee shall then deposit such excess into the following account. (c) The General Account. There is hereby created a special account within the Incremental Taxes Fund to be known as the "General Account ". The Trustee shall deposit into the General Account the excess funds in the Sinking Fund Account referred to above. Moneys on deposit in the General Account shall be transferred by the Trustee first, if necessary, to remedy any deficiencies in any prior accounts in the Incremental Taxes Fund; and, thereafter, shall be disbursed promptly to the Village to be held in an account of the Incremental Taxes Fund created on its books, and held by the Village and shall be used for one or more of the following purposes: (i) for the purpose of paying any Project Costs; or -11- gn (ii) for the purpose of distributing such funds to the taxing districts or municipal corporations having the power to tax real property in the Project Area in accord with the provisions of the Act and to municipal corporations and the State of Illinois having the power to impose taxes on retailers and servicemen with respect to transactions at places of business located within the Project Area in accord with the provisions of the Municipal Retailers' Occupation Tax Act, the Municipal. Service Occupation Tax Act, the Retailers Occupation Tax Act, the Use Tax Act, the Service Use Tax Act and the Service Occupation Tax Act; or (iii) for any other purpose related to the Project or the Plan. (d) Investments. The moneys on deposit in the Incre- mental Taxes Fund and the various accounts therein may be invested from time to time in Qualified Investments pursuant to directions from the Village to the Trustee or by the Village directly if held by the Village in the General Account. Any such investments may be sold from time to time by the Village as moneys may be needed for the purposes for which the Incremental Taxes Fund and such accounts have been created. In addition, the Trustee and the Village shall (with or without direction from the Village) sell such investments when necessary to remedy any defi- ciency in the Incremental Taxes Fund or such accounts created therein. Any earnings or losses on such investments shall be attributed to the account within the Incremental Taxes Fund for which the investment was made. Section 8. General Covenants. The Village covenants and agrees with the holders of the Bonds that, so long as any Bonds remain outstanding and unpaid: (a) The Village will punctually pay or cause to be paid from the Incremental Taxes Fund the principal of and interest on the Bonds in strict conformity with the terms of the Bonds and this Ordinance, and it will faithfully observe and perform all of the conditions, covenants and requirements thereof. (b) The Village will pay and discharge, or cause to be paid and discharged, from the Incremental Taxes Fund any and all lawful claims which, if unpaid, might become a lien or charge upon the Incremental Taxes, or any part thereof, or upon any funds in the hands of the Trustee, or which might impair the security of the Bonds. Nothing herein contained shall require the Village to make any such payment so long as the Village in good faith shall contest the validity of said claims. (c) The Village will keep, or cause to be kept, proper books of record and accounts, separate from all other records and accounts of the Village, in which complete and correct entries -12- shall be made of all transactions relating to the Project and to the Incremental Taxes. Such books of record and accounts shall at all times during business hours be subject to the inspection of the holders of not less than ten percent (10 %) of the principal amount of the Bonds then outstanding, or their representatives authorized in writing. The Village will cooperate with the Trustee in the preparation within one hundred eighty (180) days after the close of each fiscal year of the Village so long as any of the Bonds are outstanding, complete financial statements with respect to the preceding fiscal year showing the Incremental Taxes received, all disbursements from the funds and accounts created by this Ordinance and the financial condition of the Project, including the balances in all funds and accounts relating to the Bonds and the Project as of the end of such fiscal year, which statements shall be accompanied by a certificate of opinion in writing of an independent certified public accountant. The Village will furnish a copy of such statements to any Bondholder upon request. (d) The Village will preserve and protect the security of the Bonds and the rights of the Bondholders, and will warrant and defend their rights against all claims and demands of all persons. From and after the sale and delivery of any of the Bonds by the Village, the Bonds shall be incontestable by the Village. (e) The Village shall continue to implement the Project with all practicable dispatch in accord with its stated objectives and purposes in conformity with the Redevelopment Plan and the Act. (f) The Village will adopt, make, execute and deliver any and all such further ordinances, resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention of, or to facilitate the performance of, this Ordi- nance, and for the better assuring and confirming until the hold- ers of the Bonds of the rights and benefits provided in this Ordinance. Section 9. Sale of the Bonds. The Bonds shall be sold upon such terms as shall be agreed upon by the Village and the purchaser or purchasers thereof and in accordance with the Series Ordinances. Section 10. Use of Bond Proceeds. The accrued interest received by the Village upon the sale of the Bonds and capitalized interest, as set forth in the Series Ordinances, -13- •+ t i shall be deposited in the Principal and Interest Account of the Incremental Taxes Fund and be used to pay the interest coming due on the Bonds. The Trustee shall then disburse the balance of the proceeds to the Village. The Village shall then allocate from the Bond proceeds an amount not to exceed 3% of the proceeds of the Bonds for expenses incurred in the issuance of the Bonds which shall be deposited into an "Expense Fund" to be maintained by the Village and disbursed for such issuance expenses from time to time in accordance with usual Village procedures for the dis- bursement of funds. Monies not disbursed from the Expense Fund within 6 months shall be transferred by the Village to the here- inafter described Project Fund, and any deficiencies in the Expense Fund (not to exceed 3% of the proceeds of the Bonds) shall be paid by disbursement from the Project Fund. The balance of the Bond proceeds, in proportion to the total proceeds received from the Series A and Series B Bonds, shall be placed by the Village in two special funds to be designated as the "Series A, Tax Exempt Bond Proceeds Project Fund" and the "Series B, Taxable Bond Proceeds Project Fund ". Funds in the Project Funds shall be used to pay or to reimburse the Village for the payment of Project Costs, and such funds shall be held therein for such purpose and for the benefit of the holder or holders of any of the Bonds as their interests may appear. Funds on deposit in the Project Funds shall be withdrawn by the Village for Project Costs from time to time in accordance with usual Village procedures for the disbursement of funds and the Tax Increment Cooperation Agreement, -14- entered into as of March 16, 19817, and attached hereto as Exhibit a After the completion of the Project and after all Proj- ect Costs have been paid, the Village shall transfer from the Project Funds any remaining balance into the Incremental Taxes Fund. In addition, all earnings from investment of the moneys in the Project Funds shall be paid by the Village to the Trustee for deposit in the Principal and Interest Account of the Incremental Taxes Fund. Funds on deposit in the Project Funds may be invested in Qualified Investments. Any such investments shall mature or be callable at the option of the holder on or before the date on which moneys will be needed to pay the Project Costs as the same become due. Section 11. Defaults and Remedies. The events of default hereunder and remedies therefor are as follows: (a) Definition of Events of Default; Remedies. If one or more of the following events, herein called "Events of Default ", shall happen, that is to say, in case: (i) default shall be made in the payment of the prin- cipal of any Bond when the same shall become due and payable, either at maturity or by proceedings for redemption or other- wise; or (ii) default shall be made by the Village in the per- formance of any installment of interest on any Bond when and as such installment of interest shall become due and payable; or (iii) default shall be made by the Village in the per- formance of any obligation in respect of the Sinking Fund Account and such default shall continue for 30 days there- after; or (iv) the Village shall (1) commence a voluntary case under the Federal bankruptcy laws, as now or hereafter con- stituted, or any other applicable Federal or state bankruptcy, -15- r insolvency or other similar law (2) make an assignment for the benefit of its creditors, (3) consent to the appointment of a receiver of itself or of the whole or any substantial part of its property, or (4) be adjudicated a bankrupt or have entered against it any order for relief in respect of an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Fed- eral or state bankruptcy, insolvency or other similar law and such order continue in effect for a period of 60 days without stay or vacation; or (v) a court of competent jurisdiction shall enter an order, judgment or decree appointing a receiver of the Village, or of the whole or any substantial part of its property, or approving a petition seeking reorganization of the Village under the Federal bankruptcy laws or any other applicable Federal or state law or statute and such order, judgment or decree shall not be vacated or set aside or stayed within 60 days form the date of the entry thereof; or (vi) under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdic- tion shall assume custody or control of the Village or of the whole or any substantial part of its property, and such custody or control shall not be terminated or stayed within 60 days from the date of assumption of such custody or control; or (vii) the Village shall default in the due and punctual performance of any other of the covenants, conditions, agree- ments and provisions contained in the Bonds or in this Ordi- nance or any Series Ordinance on the part of the Village to be performed, and such default, shall continue for 30 days after written notice specifying such default and requiring the same to be remedied shall have been given to the Village by the Trustee (which may give such notice whenever it deter- mines that such a default is subsisting and shall give such notice at the written request of the holders of not less than 25% in principal amount of the Bonds then outstanding); then in each and every such case the Trustee may, and upon the written request of the holders of 25% in principal amount of the Bonds affected by the Event of Default and then outstanding here- under shall, proceed to protect and enforce its rights and the rights of the holders of the Bonds by a suit, action or special proceeding in equity or at law, by mandamus or otherwise, either for the specific performance of any covenant or agreement con- tained herein or in aid or execution of any power herein granted or for any enforcement of any proper legal or equitable remedy as the Trustee, being advised by counsel, shall deem most effectual to protect and enforce the rights aforesaid. During the continuance of an Event of Default, all monies received by the Trustee under this Ordinance from the -16- Village or from any other source shall be applied by the Trustee in accordance with the terms of paragraph (i) of this Section as set forth hereinbelow. (b) Notice of Default. The Trustee shall within 90 days after the occurrence of an Event of Default, mail to the Village and the Bondholders at the address shown on the registra- tion bonds of the Village maintained by the Bond Registrar notice of all Events of Default known to the Trustee unless such defaults shall have been cured before the giving of such notice. (c) Termination of Proceedings by Trustee. In case any proceedings taken by the Trustee on account of any default shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the Village, the Trustee and the Bondholders shall be restored to their former positions and rights hereunder, respectively, and all rights, remedies and powers of the Trustee shall continue as though no such proceeding had been taken. (d) Right of Bondholders to Control Proceedings. Any- thing in this Ordinance to the contrary notwithstanding, the holders of a majority in principal amount of the Bonds then out- standing shall have the right, by an instrument in writing exec- uted and delivered to the Trustee, to direct the method and place of conducting all remedial proceedings to be taken by the Trustee hereunder in respect of the Bonds; provided that such direction shall not be otherwise than in accordance with law and the Trus- tee shall be indemnified to its satisfaction against the costs, expenses and liabilities to be incurred therein or thereby. (e) Right of Bondholders to Institute Suit. No holder of any of the Bonds shall have any right to institute any suit, action or proceeding in equity or at law for the execution of any trust hereunder, or for any other remedy hereunder or on the Bonds unless such holder previously shall have given to the Trus- tee written notice of an Event of Default as hereinabove pro- vided, and unless also the holder, or holders, of 25% in prin- cipal amount of the Bonds then outstanding shall have made writ- ten request of the Trustee after the right to exercise such powers, or right of action, as the case may be, shall have accrued, and shall have afforded the Trustee a reasonable opportunity either to proceed to exercise the powers hereinbefore granted, or to institute such action, suit, or proceeding in its name; and unless, also, there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee shall have refused or neglected to comply with such request within a reasonable time; and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to the execution of the powers and trusts of this Ordinance or for any other remedy hereunder; it being understood and intended that no one or more holders of the Bonds shall have any right in any manner whatever -17- by his or their action to affect, disturb or prejudice the secu- rity of this Ordinance, or to enforce any right hereunder, except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all holders of the outstanding Bonds. Nothing in this Section contained shall, however, affect or impair the right of any Bondholder, which is absolute and unconditional, to enforce the payment of the principal of and interest on his Bonds out of the Incremental Taxes Fund or spe- cial funds and accounts provided for such payment, or the obliga- tion of the Village to pay the same, out of said taxes or special funds and accounts, at the time and place in the Bonds expressed. Provided, however, that neither the Trustee nor the Bondholders shall have any right to enforce the payment of the principal of or interest on the Bonds, or any other amounts payable under this Ordinance, from Incremental Taxes with respect to any period commencing after December 31, 1996. After receipt of all In- cremental Taxes with respect to the period ending on December 31, 1996, whether received by the Village before or after December 31, 1996, and distribution of same for the payment of the Bonds and the interest thereon, and the distribution of any excess monies pursuant to Section 11- 74.4 -8 of the Act as amended, the Village may adopt an ordinance dissolving the special tax allocation fund for the Redevelopment Project Area and terminating the desig- nation of the Redevelopment Project Area as a redevelopment project area. (f) Suits by Trustee. All rights of action under this Ordinance, or under any of the Bonds, enforceable by the Trustee, may be enforced by it without the possession of any of the Bonds or the production thereof at the trial or other proceeding rela- tive thereto, and any such suit, or proceeding, instituted by the Trustee shall be brought in its name for the ratable benefit of the holders of.the Bonds affected by such suit or proceeding, subject to the provisions of this Ordinance. (g) Remedies Cumulative. No remedy herein conferred upon or reserved to the Trustee or to the Bondholders is intended to be exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. (h) Waiver of Default. No delay or omission of the Trustee or of any Bondholder to exercise any right or power shall be construed to be a waiver of any such default, or an acquies- cence therein; and every power and remedy given by this Section 12 to the Trustee and the Bondholders, respectively, may be exer- cised from time to time, and as often as may be deemed expedient. (i) Application of Monies After Default. The Village covenants that if an Event of Default shall happen and shall not -18- have been remedied, the Trustee shall apply all monies, securities and funds received by the Trustee pursuant to any right given or action taken under the provisions of this Section as follows and in the following order: (i) Principal and interest on the Bonds to the payment of the interest and principal then due on the Bonds and otherwise as follows: (1) Unless the principal of all the Bonds shall have become due and payable, all such monies shall be applied as follows: (A) first, to the payment to the persons entitled thereto of all installments of interest then due in the order of the maturity of such installments, and if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any discrimination or preference; and (B) second, to the payment to the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due (other than Bonds called for redemption for the payment of which monies are held pursuant to the provisions of this Ordinance), in the order of their due dates, with interest upon such Bonds from the respective dates upon which they became due, and if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with such interest, then to the payment first of such interest, ratably according to the amount of such in- terest due on such date, and then to the payment of such principal ratably according to the amount of such principal due on such date, to the persons entitled thereto - without any discrimination or preference. (2) If the principal of all the Bonds shall have become due and payable, all such monies shall be applied to the payment of the principal and interest then due and unpaid upon the Bonds, with interest thereon as aforesaid, without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amounts due respec- tively for principal and interest, to the persons entitled thereto without any discrimination or preference; Whenever monies are to be applied by the Trustee pursu- ant to the provisions of this paragraph, such monies shall be applied by the Trustee at such times, and from time to time, as the Trustee in its sole discretion shall determine, having due regard to the amount of such monies available for application and -19- the likelihood of additional monies becoming available for such application in the future. The deposit of such monies with the paying agents, or otherwise setting aside such monies, in trust for the proper purpose, shall constitute proper application by the Trustee; and the Trustee shall incur no liability whatsoever to the Village, to any Bondholder or to any other person for any delay in applying any such funds, so long as the Trustee acts with reasonable diligence, having due regard to the circumstances, and ultimately applies the same in accordance with such provisions of this Ordinance as may be applicable at the time of application by the Trustee. Whenever the Trustee shall exercise such dis- cretion in applying such funds, it shall fix the date (which shall be an interest payment date unless the Trustee shall deem another date more suitable) upon which such application is to be made and upon such date interest on the amounts of principal paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the fixing of any such date and of the endorsement to be entered on each Bond on which payment shall be made, and shall not be required to make payment to the holder of any unpaid Bond until such Bond shall be presented to the Trustee for appropriate endorsement, or some other procedure deemed satisfactory by the Trustee. (ii) Expenses of Trustee, the Bond Registrar and paying agents to the payment of the reasonable and proper charges, expenses and liabilities of the Trustee, the Bond Registrar and paying agents. Section 12. Pertaining to the Trustee. The Trustee hereunder is hereby constituted and appointed as the trustee of an express trust hereby created for the Bondholders. The further rights and duties of the Trustee are set out as follows: (a) Acceptance by Trustee. The Trustee shall accept the trusts hereby created by certificate of acceptance duly de- livered, but only upon the terms and conditions set forth in this Section 13. (b) Performance of Duties. The Trustee shall, prior to an Event of Default, and after the curing of all such Events of Default which may have occurred, perform such duties and only such duties as are specifically set forth in this Ordinance, using such care as a corporate trustee ordinarily would use in performing trusts under a corporate indenture or trust or deposi- tary agreement. The Trustee shall, during the existence of any such Event of Default which has not been cured, exercise such of the rights and powers vested in it by this Ordinance, and use the same degree of care and skill in their existence, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. MUGIM No provision of this Ordinance shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: (i) Prior to an Event of Default hereunder and after the curing of all such Events of Default which may have occurred: (1) The duties and obligations of the Trustee shall be determined solely by the express provisions of this Ordinance, and the Trustee shall not be liable except for the performance of such duties and obliga- tions as are specifically set forth in this Ordinance, and no implied covenants or obligations shall be read into this Ordinance against the Trustee; and (2) In the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificate or opinion furnished to the Trustee conforming to the requirements of this Ordinance; but in the case of any such certificate or opinion which by any provision hereof is specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not it conforms to the requirements of this Ordinance. (ii) At all times, regardless of whether or not any Event of Default shall exist: (1) The Trustee shall not be liable for any error of judgment made in good faith by a responsible officer or officers of the Trustee unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; (2) The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority (or such larger percentage as is otherwise specifically required by the terms hereof) in aggregate principal amount of all the Bonds at the time outstanding. (iii) None of the provisions contained in this Ordinance shall require the Trustee to expend or risk its own funds or otherwise incur individual financial liability in the per- formance of any of its duties or in the exercise of any of its rights or powers. (iv) The Trustee shall not be answerable for other than its negligence or willful default. The Trustee shall not be -21- required to take notice or be deemed to have notice of any default hereunder, except failure by the Village to cause to be made any of the payments to the Trustee required to be made by Section 7, unless the Trustee shall be specifically notified in writing of such default by the Village or by the holders of at least 25% in aggregate principal amount of all Bonds then outstanding, and all notices or other instruments required by this Ordinance to be delivered to the Trustee must, in order to be effective, be delivered at the princi- pal office of the Trustee, addressed to its Trust Depart- ment, and in the absence of such notice so delivered, the Trustee may conclusively assume there is no default except as aforesaid. (v) At any and all reasonable times, the Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants and representatives, shall have the right fully to inspect any and all of the books, papers and records of the Village pertaining to the Project Area and the Bonds, and to take such memoranda from and in regard thereto as may be desired. (vi) The Trustee shall not be required to give any bond or surety in respect of the execution of the said trusts and powers or otherwise in respect of the premises. (vii) Notwithstanding anything elsewhere in this Ordi- nance contained, the Trustee shall have the right, but shall not be required, to demand, in respect of the withdrawal of any cash or any action whatsoever within the purview of this Ordinance, any showings, certificates, opinions, appraisals or other information or corporate action or evidence thereof, in addition to that by the terms hereof required as a condi- tion of such action by the Trustee, deemed desirable for the purpose of establishing the right of the Village to the withdrawal of any cash or the taking of any other action by the Trustee. (viii) Before taking any action under this Section 13, the Trustee may require that a satisfactory indemnity bond or other security satisfactory to it be furnished for the reimbursement of all expenses to which it may be put and to protect it against all liability, except liability which is adjudicated to have resulted from the negligence or willful default of the Trustee in connection with any action so taken. (ix) All monies received by the Trustee or any paying agent shall, until used or applied or invested as herein provided, be held in trust for the purposes for which they were received. (c) Instruments Upon Which Trustee May Rely. Except as otherwise provided in paragraph (b) hereof: -22- (i) The Trustee may rely and shall be protected in acting upon any resolution, certificate, statement, instru- ment, opinion, report, notice, request, consent, order, Bond, or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; (ii) Any notice, request, direction, election, order or demand of the Village mentioned herein shall be sufficiently evidenced by an instrument signed in the name of the Village by its President or its Clerk (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Corporate Authorities may be evidenced to the Trustee by a copy thereof certified by the Village Clerk under the Village seal; (iii) The Trustee may consult with counsel (who may but need not be counsel for the Village) and the opinion of such counsel shall be full and complete authorization and protec- tion in respect of any action taken or suffered by it here- under in good faith and in accordance with the opinion of such counsel; (iv) Whenever in the administration of the trusts under this Ordinance, the Trustee shall deem it necessary or de- sirable that a matter be proved or established prior to tak- ing or suffering any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by a certificate of the Village; and such certificate of the Village shall, in the absence of negligence or bad faith on the part of the Trustee, be full warranty to the Trustee for any action taken or suffered by it under the provisions of this Ordinance upon the faith thereof. (d) Trustee not Responsible for Recitals and Other Matters. The Trustee shall not be responsible in any manner whatsoever for the correctness of the recitals herein or in the Bonds (except the Trustee's certificate of authentication thereon), all of which are made by the Village solely; and the Trustee shall not be responsible or accountable in any manner whatsoever for or with respect to the validity or execution or sufficiency of this Ordinance, or of any ordinance supplemental hereto, or of the Bonds, or the sufficiency of the taxes to pay the principal of and interest on the Bonds, or for the security afforded hereby or for the validity of any securities at any time held hereunder, and the Trustee makes no representation with respect thereto. The Trustee shall not be accountable for the use or application by the Village of any Bonds authenticated and delivered hereunder or of the proceeds of such Bonds, or for the use or application of any monies paid over by the Trustee in accordance with any provision of this Ordinance. -23- (e) Trustee May Acquire Bonds. The Trustee and its Officers and directors may acquire and hold, or become the pledgee of, Bonds and may otherwise deal with the Village in the manner and to the same extent and with like effect as though it were not Trustee hereunder. (f) Monies Need Not Be Segre ated. Subject to the provisions of Sections ? and 14 hereof, all monies received by the Trustee shall, until used or applied as herein provided, although held in trust for the purposes for which they were re- ceived, need not be segregated from other funds except to the extent required hereby or by law. Notwithstanding the foregoing, the Trustee shall invest monies held by it hereunder pursuant to the applicable provisions hereof. (g) Intervention by Trustee. In any judicial proceed- ing to which the Village is a party and which in the opinion of the Trustee and its counsel has a substantial bearing on the interests of owners of the Bonds, the Trustee may intervene on behalf of Bondholders and, subject to the provisions of subpara- graph (b)(viii) of this Section 12, shall do so if requested in writing by the owners of at least 25% in aggregate principal amount of all Bonds then outstanding. The rights and obligations of the Trustee to intervene in any such judicial proceeding under this Section are subject to the approval of a court of competent jurisdiction if approval of such intervention is otherwise required by law. (h) Compensation of Trustee. The Village covenants and agrees to cause to be paid from the Incremental Taxes Fund to the Trustee from time to time, and the Trustee shall be entitled to reasonable compensation for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust, and the Village will pay or reimburse the Trustee, solely from funds on deposit in the Incremental Taxes Fund, upon its request for all expenses (ordinary and extraordinary), disburse- ments and advances incurred or made by the Trustee in accordance with any of the provisions of this Ordinance including the rea- sonable compensation and the expenses and disbursements of its counsel and of all persons not regularly in its employ, except any such expense, disbursement or advance as may arise from its negligence or bad faith. The Village also covenants to indemnity the Trustee for, and to hold it harmless against, any loss, lia- bility, expense or advance incurred or made without negligence or bad faith on the part of the Trustee, arising out of or in con- nection with the acceptance or administration of this trust, including fees for legal, engineering and other professional services deemed advisable by the Trustee and all costs and ex- penses of defending itself against any claim of liability in the premises. The obligations of the Village under this paragraph to compensate the Trustee for services and to pay or and reimburse -24- the Trustee for expenses, disbursements, liabilities and advances shall constitute additional indebtedness hereunder. In default of the payment of such additional indebtedness by the Village, the Trustee shall have a lien therefor on any monies held by the Trustee hereunder prior to any rights in such monies of the hold- ers of the Bonds except funds held in trust by the Trustee for the benefit of the holders of particular Bonds. (i) Qualification of Trustee. There shall at all times be a Trustee hereunder which shall be a corporation organ- ized and doing business under the laws of the United States or any state thereof, authorized under such laws to exercise corpo- rate trust powers, having a combined capital, surplus and undiv- ided profits of at least $10,000,000; and subject to supervision or examination by federal or state authority. Any such Trustee except for a successor Trustee appointed under subparagraph (j)(iii) hereof shall have its principal office and place of business in the State of Illinois; provided, however, if there be no such corporation qualified under this Ordinance and willing tc so act as Trustee, any such Trustee shall then meet the require- ments of a successor Trustee shall then meet the requirements of a successor Trustee set forth in subparagraph (j)(iii). If such corporation publishes reports of condition at least annually, pursuant law or to the requirements of any supervising or examin- ing authority above referred to, then for the purposes of this paragraph the combined capital, surplus and undivided profits of such corporation shall be deemed to be its combined capital, sur- plus and undivided profits as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this paragraph, the Trustee shall resign immediately in the manner and with the effect specified in paragraph (j) hereof. (j) Resignation of Trustee and Appointment of Successor. (i) The Trustee may at any time resign by giving writ- ten notice to the Village and by giving to the Bondholders notice by publication of such resignation, which notice shall be published at least once in a financial newspaper or journal printed in the English language and customarily pub- lished on each business day and of general circulation among dealers in municipal securities in the City of New York, New York, and by first class mail to the names and addresses shown on the list maintained by the Bond Registrar. If, because of the temporary or permanent suspension of the pub- lication or general circulation of any financial newspaper or journal or for any other reason it is impossible or im- practical to publish such notice of resignation in the man- ner herein provided, then such publication in lieu thereof as shall be made with the approval of the Trustee shall con- stitute sufficient publication of notice. Upon receiving such notice of resignation, the Village shall promptly appoint a successor Trustee by an instrument in writing exe- cuted by order of the Corporate Authorities. If no succes- -25- sor Trustee shall have been so appointed and have accepted appointment within 30 days after the publication of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Bondholder who has been a bona fide holder of a Bond or Bonds for at least six months may, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a succes- sor Trustee. (ii) In case at any time any of the following shall occur: (1) The Trustee shall cease to be eligible in accordance with the provisions of paragraph (i) or sub- paragraph (j)(iii) of this Section and shall fail to resign after written request therefor by the Village or by any Bondholder who has been a bona fide holder of a Bond or Bonds for at least six months, or (2) The Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Village may remove the Trustee and appoint a successor Trustee by an instrument in writing executed by order of the Cor- porate Authorities or any Bondholder may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee. (iii) The holders of a majority in aggregate principal amount of all the Bonds at the time outstanding may at any time remove the Trustee and appoint a successor Trustee by an instrument or concurrent instruments in writing signed by such Bondholders. Such successor Trustee shall be a corpo- ration authorized under applicable laws to exercise corporate trust powers and may be incorporated under the laws of the United States or of the State of Illinois. Such successor Trustee shall satisfy the minimum combined capital, surplus and undivided profits Requirement set forth in paragraph (i) of this Section. (iv) The Village, subject to the approval of the holders of a majority in aggregate principal amount of all the Bonds at the time outstanding, may at any time remove the Trustee -26- and appoint a successor Trustee by an instrument in writing signed by the Village and accompanied by an instrument or concurrent instruments in writing signed by such Bondholders approving such removal and appointment. (v) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this paragraph (j) shall become effective upon acceptance of appointment by the successor Trustee as pro- vided in paragraph (k) of this Section. (k) Concerning the Successor Trustee. Any successor Trustee appointed as provided in paragraph (j) of this Section shall execute, acknowledge and deliver to the Village and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the prede- cessor Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of its predecessor in the trusts hereunder, with like effect as if originally named as Trustee herein; but nevertheless on the writ- ten request of the Village or the request of the successor Trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the Trustee so ceasing to act. Upon request of any such successor Trustee, the Village shall execute any and all instruments in writing more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and duties. Any Trustee ceasing to act shall nevertheless, retain a lien upon all funds held or collected by such Trustee to secure the amounts due it as compen- sation reimbursement, expenses and indemnity afforded to it by paragraph (h) of this Section. No successor Trustee shall accept appointment as pro- vided in this paragraph (k) unless at the time of such acceptance such successor Trustee shall be eligible under the provisions of paragraph (i) or subparagraph (j)(iii) of this Section. Upon the acceptance of appointment by a successor Trustee as provided in this paragraph (k), the Village shall publish notice of the succession of such Trustee to the trusts hereunder at least once in a financial newspaper or journal, printed in the English language, customarily published on each business day and of general circulation among dealers in municipal securities in the City of New York, New York, and shall mail a copy of such notice to each person whose name appears on the list maintained by the Bond Registrar. If, because of temporary or permanent suspension of the publication or general circulation of any financial newspaper or,journal or for any other reason it is impossible or impractical to publish such notice of succession in the manner herein provided, then such publication in lieu thereof as shall be made with the approval of the Trustee shall constitute sufficient publication of notice. If the Village fails to publish -27- and mail such notice within 10 days after acceptance of appoint- ment by the successor Trustee, the successor Trustee shall cause such notice to be published and mailed at the expense of the Village. (1) Merger or Consolidation of Trustee. Any corpora- tion into which the Trustee may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Trustee shall be a party, or any cor- poration succeeding to the business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, provided that such successor Trustee shall be eligible under the provisions of subparagraph (k) or subparagraph (j)(iii) of this Section. (m) Financial Statements, Books and Accounts. The Trustee shall retain all financial statements furnished to it by the Village pursuant to this Ordinance for at least a period of seven years after the receipt thereof. The Trustee shall provide an accounting to the Village not less than 30 days after the end of each fiscal year of the Village showing all receipts, disburse- ments fund balances, and investments relating to the Funds held by the Trustee hereunder and shall otherwise assist the Village in any reasonable manner in complying with Section 8(c) hereof. The Trustee shall permit the Village to review and examine all books and records maintained by the Trustee with respect to the Bonds and the funds and accounts maintained by the Trustee pursuant to this Ordinance. (n) Trustee May Act Through Agents and Co- Trustees. The Trustee may execute any of the trusts or powers hereof and perform any duty hereunder either directly or by or though its agents or attorneys. The Trustee may appoint a co- trustee or co- trustees having a principal place of business in the State of Illinois and who shall meet the requirements for a successor trustee set forth in paragraph (k) of this Section. The Trustee may delegate to such co- trustee or co- trustees such power, rights, duties, and responsibilities as the Trustee may deem necessary or desirable in order to permit the lawful execution of the trusts herein set forth without qualifying to do business or otherwise subjecting itself to the jurisdiction of any regulatory authority of the State of Illinois. (o) Notices of Village. The Trustee shall provide to the Village copies of all notices given or received by the Trustee with respect to the Bonds and the funds and accounts maintained by the Trustee pursuant to this Ordinance. Section 13. Evidence of Bondholder Action. Any request, direction or other instrument required by this Ordinance to be signed or executed by Bondholders may be in any number of -28- I f I concurrent writings of similar tenor and may be signed or exe- cuted by such Bondholders in person or by agent appointed in writing. Proof of the execution of any such request, direction or other instrument, or of the writing appointing such agent and of the ownership of Bonds, if made in the following manner, shall be sufficient for any purpose of this Ordinance and shall be con- clusive in favor of the Trustee with regard to any action taken by it under such request: (a) The fact and date of the execution by any person of any such writing may be proved by the certificate of any officer in any jurisdiction, who, by the laws thereof, has power to take acknowledgements within said jurisdiction, to the effect that the person signing such writing acknowledged before him the execution thereof, or by an affidavit of a witness to such execution: (b) The ownership of the Bonds shall be proved by the Bond register maintained by the Bond Registrar. Section 14. Payment and Discharge; Refunding. The Bonds may be discharged, payment provided for, and the Village's liability terminated as follows: (a) Discharge of Indebtedness. If (i) the Village shall pay or cause to be paid to the registered owners of the Bonds the principal and interest to become due thereon at the times and in the manner stipulated therein and herein, (ii) all fees and expenses of the Trustee, the Bond Registrar and the paying agents shall have been paid, and (iii) the Village shall keep, perform and observe all and singular the covenants and promises in the Bonds and in this Ordinance expressed as to be kept, performed and observed by it or on its part, then these presents and the rights hereby granted shall cease, determine and be void, and thereupon the Trustee shall execute and deliver to the Village such instruments in writing as shall be requisite. (b) Provision for Payment. Bonds for the payment of which sufficient monies or sufficient Government Securities shall have been deposited with the Trustee (whether upon or prior to the maturity of such Bonds) shall be deemed to be paid within the meaning of this Ordinance and no longer outstanding under this Ordinance. Government Securities shall be considered sufficient only if said investments are not redeemable prior to maturity at the option of the issuer and mature and bear interest in such IM&M amounts and at such times as will assure sufficient cash to pay currently maturing interest and to pay principal when due on the Bonds without rendering the interest on any Bonds taxable under the Internal Revenue Code of the United States. The Village may at any time surrender to the Trustee for cancellation by it any Bonds previously authenticated and delivered hereunder, which the Village may have acquired in any manner whatsoever, and such Bonds, upon such surrender and can- cellation, shall be deemed to be paid and retired. (c) Termination of Village's Liability. Upon the dis- charge of indebtedness under paragraph (a) hereof, or upon the deposit with the Trustee of sufficient money and Government Secu- rities (such sufficiency being determined as provided in para- graph (b) hereof) for the retirement of any particular Bond or Bonds, all liability of the Village in respect of such Bond or Bonds shall cease, determine and be completely discharged and the holders thereof shall thereafter be entitled only to payment out of the money and the proceeds of the Government Securities depos- ited with the Trustee as aforesaid for their payment, subject to the provisions of paragraph (d). However, if the Trustee, on advice of counsel, shall conclude that, with respect to the Series A Bonds, the determination and discharge of the Village's liability hereunder, upon the deposit of Government Securities with the Trustee as above provided, would or might result in rendering the interest on any such Series A Bonds subject to federal income taxation, the Trustee shall so notify the Village in writing and shall refuse to accept such deposit unless the Village shall execute and deliver to the Trustee a supplemental ordinance meeting the requirements of the next sentence hereof. Such supplemental ordinance shall provide (a) that so long as said deposit of money and Government Securities remains sufficient for its purposes and in the hands of the Trustee, none of the covenants herein appearing except for the covenant of the Village to pay the Bonds as to principal and interest and the covenant not to affect the tax exempt status of interest on the Bonds shall be enforceable or enforced against the Village. Said supple- mental ordinance shall further provide that whenever the monies and Government Securities in such deposit shall become insufficient for the purpose thereof, the Trustee shall immediately so notify the Village and thereupon all provisions of this Ordinance shall again become fully enforceable and shall be enforced by the Trustee. (d) Unclaimed Monies. The Trustee shall continue to hold in trust all monies held by it for the payment of principal of and interest on the Bonds until said Bonds shall have been presented for payment. If, after the expiration of the pertinent statute of limitations (as to which the Trustee may rely upon counsel of its own choosing), any money remains unclaimed, the Trustee shall pay said money over to the Village for use for any lawful corporate purpose or shall pay such money as is then otherwise provided by law. -30- Section 15. Supplemental Ordinances. Supplemental ordinances may be passed as follows: (a) Supplemental Ordinances Not Requiring Consent of Bondholders. The Village by the Corporate Authorities, and the Trustee from time to time and at any time, subject to the condi- tions and restrictions in this Ordinance contained, may pass and accept an ordinance or ordinances supplemental hereto, which ordinance or ordinances thereafter shall form a part hereof, for any one or more of the following purposes: (i) To add to the covenants and agreements of the Village in this Ordinance contained, other covenants and agreements thereafter to be observed or to surrender, restrict or limit any right or power herein reserved to or conferred upon the Village; (ii) To make such provisions for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained in this Ordinance, or in regard to matters or questions arising under this Ordinance, as the Village may deem necessary or desirable and not inconsistent with this Ordinance and which in the opinion of the Trustee shall not adversely affect the interests of the registered owners of the Bonds; (iii) To designate one or more bond registrars or paying agents; (iv) To comply with the provisions of Section 14(c) hereof when money and the Government Securities designated therein sufficient to provide for the retirement of Bonds shall have been deposited with the Trustee; and (v) as to Bonds which are authorized but unissued hereunder; (1) to change the amount of Bonds authorized, or (2) to change in any way the terms upon which such Bonds may be issued or secured. Any supplemental ordinance authorized by the provisions of this Section may be passed by the Village and accepted by the Trustee without the consent of or notice to the registered owners of any of the Bonds at the time outstanding, notwithstanding any of the provisions of paragraph (b) of this Section, but the Trustee shall not be obligated to accept any such supplemental ordinance which affects the Trustee's own rights, duties or immu- nities under this Ordinance or otherwise. -31- (b) Supplemental Ordinances,Reguirin Consent of Bond- holders. With the consent (evidenced as provided in Section 13) of the registered owners of not less than 51% in aggregate prin- cipal amount of the Bonds at the time outstanding, the Village, by the Corporate Authorities may pass, and the Trustee may accept from time to time and at any time an ordinance or ordinances sup- plemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Ordinance or of any supplemental ordinance; provided that no such modification or amendment shall extend the maturity or reduce the interest rate on or otherwise alter or impair the obligation of the Village to pay the principal and interest at the time and place and at the rate and in the occurrence provided therein of any Bond without the express consent of the registered owner of such Bond, or permit the creation of a preference or priority of any Bond or Bonds over any other Bond or Bonds, or reduce the percentage of Bonds required for the affirmative vote or written consent to an amendment or modification, or deprive the registered owners of the Bonds (except as aforesaid) of the right to payment of the Bonds from the taxes pledged thereto without the consent of the registered owners of all the Bonds (as the case may be) then outstanding. Upon receipt by the Trustee of a certified copy of such ordinance and upon the filing with the Trustee of evidence of the consent of Bondholders, as aforesaid, the Trustee shall accept unless such supplemental ordinance affects the Trus- tee's own rights, duties or immunities under this Ordinance or otherwise, in which cause the Trustee may in its discretion, but shall not be obligated to, accept into such supplemental ordinance. It shall not be necessary for the consent of the Bond- holders under this paragraph to approve the particular form of any proposed supplemental ordinance, but it shall be sufficient if such consent shall approve the substance thereof. Promptly after the passage by the Village and the accep- tance by the Trustee of any supplemental ordinance pursuant to the provisions of this paragraph, the Village shall publish a notice, setting forth in general terms the substance of such sup- plemental ordinance, at least once in a financial newspaper or journal printed in the English language, customarily published on each business day and of general circulation among dealers in municipal securities in the City of New York, New York. If, because of temporary or permanent suspension of the publication or general circulation of any financial newspaper or journal or for any other reason it is impossible or impractical to publish such notice of supplemental ordinance in the manner herein pro- vided, then such publication in lieu thereof as shall be made with the approval of the Trustee shall constitute sufficient pub- lication of notice. Any failure of the Village to given such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental ordinance. -32- n (c) Supplemental Ordinance to Modify this Ordinance. Upon the execution of any supplemental ordinance pursuant to the Provisions of this Section, this Ordinance shall be modified and amended in accordance therewith and the respective rights, duties and obligations under this Ordinance of the Village, the Trustee and all registered owners of Bonds outstanding thereunder shall thereafter be determined, exercised and enforced hereunder sub- ject in all respects to such modification and amendments, and all the terms and conditions of any such supplemental ordinance shall be and be deemed to be part of the terms and conditions of this Ordinance for any and all purposes. (d) Trustee May Relv Upon O inion of Counsel Re: Supplemental Ordinance. Subject to the provisions of Section 12(b) the Trustee may receive an opinion of counsel as conclusive evidence that any supplemental ordinance executed pursuant to the Provisions of this Section complies with the requirements of this Section. (e) Notation on Bonds. Bonds authenticated and deliv- ered after the execution of any supplemental ordinance pursuant to the provisions of this Section may bear a notation, in form approved by the Trustee, as to any matter provided for in such supplemental ordinance, and if such supplemental ordinance shall so provide, new bonds, so modified as to conform, in the opinion of the Trustee and the Corporate Authorities, to any modification of this Ordinance contained in any such supplemental ordinance, may be prepared by the Village, authenticated by the Bond Regis- trar and delivered without cost to the registered owners of the Bonds then outstanding, upon surrender for cancellation of such Bonds, in equal aggregate principal amounts. Section 16. This Ordinance a Contract. The provisions of this Ordinance shall constitute a contract between the Village and the registered owners of the Bonds, and upon the acceptance of the duties hereunder between the Village and the Trustee, and no changes, additions or alterations of any kind shall be made hereto, except as herein provided. Section 17. Partial Invalidity. If any section, para- graph, clause or provision of this Ordinance shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance. -33- Section 18. Registered Form. The Village recognizes that the Internal Revenue Code requires the Series A Bonds to be issued and to remain in fully registered form in order that interest thereon is exempt from federal income taxation under laws in force at the time the Bonds are delivered. In this connec- tion, the Village agrees that it will not take any action to permit the Series A Bonds to be issued in, or converted into, bearer or coupon form. Section 19. List of Bondholders. The Bond Registrar shall maintain a list of the names and addresses of the holders of all Bonds and upon any transfer shall add the name and address of the new Bondholder and eliminate the name and address of the transferor Bondholder. Section 20. Rights and Duties of Bond Registrar. If requested by the Bond Registrar, the Village President and Village Clerk are authorized to execute the Bond Registrar's standard form of agreement between the Village and the Bond Registrar with respect to the obligations and duties of the Bond Registrar hereunder which may include the following: (a) to act as Bond Registrar, authenticating agent, paying agent and transfer agent as provided herein; (b) to maintain a list of Bondholders as set forth herein and to furnish such list to the Village upon request, but otherwise to keep such list confiden- tial; (c) to cancel and /or destroy Bonds which have been paid at maturity or upon earlier redemption or submitted for exchange or transfer; (d) to furnish the Village at least annually a certificate with respect to Bonds cancelled and /or destroyed; and -34- (e) to furnish the Village at least annually an audit confirmation of Bonds paid, Bonds outstanding and payments made with respect to interest on the Bonds. The Village Clerk of the Village is hereby directed to file a certified copy of this Ordinance with the Bond Registrar. Section 21. Other Agreements. The Village President and the Village Clerk are hereby authorized to execute and deliver on behalf of the Village such other documents, agreements and certificates consistent with the terms of this Ordinance, which the Village President or the Village Clerk shall deem necessary or appropriate in order to effectuate the intent and purposes of this Ordinance. Section 22. Prior Inconsistent Proceedings. All ordi- nances, resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance, are to the extent of such con- flict hereby repealed. Section 23. Immunity of Officers, Employees and Mem- bers of Village. No recourse shall be had for the payment of the principal of or interest on any of the Bonds or for any claim based thereon or upon any obligation, covenant or agreement in this Bond Ordinance contained against any past, present or future officer, director, member, employee or agent of the Village, or of any successor public corporation, as such, either directly or through the Village or any successor public corporation, under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officers, directors, members, employ- ees or agents as such is hereby expressly waived and released as -35- , a condition of and consideration for the passage of this Bond Ordinance and the issuance of such Bonds. Section 24.. Superceder and Effective Date. All ordinances, resolutions and orders, or parts thereof, in conflict herewith are to the extent of such conflict hereby superceded, including, in particular, Ordinance Number 86 -66, which is hereby expressly repealed. This Ordinance shall be in full force and effect upon its passage and approval as provided by law. This Ordinance will not be codified. Passed on March 16, 1987. AYES: 4 - MARIENTHAL, GLOVER, REID, CLAYTON NAYS: 9 - KOWALSKI ABSENT: 2 - O'REILLY, SHIELDS Village President of Bu.Ofalo Grove, Cook and Lake Counties, Illinois Attest: Vill Clerk of Buffalo Grove, Cook and Lake Counties, Illinois (SEAL) (821/V) -36- (821/V) EXHIBIT A Legal Descriptions of Parcels in Redevelopment Project Area -37- r -7 Pr'00 et, ty commonly known as ,�e _ie6erman /73xman r?rOtt) oar -:ei c+,SiSting of approximately 7.� acres located u:thln t",e boundaries of Illinois Routs 33. �?ke Cook Roams and Buffalo Grove Rcad. 3uffalo Grove. Lake Cauntyr rllinois an„ leg3!ly as That Part Of the Southwest 1/4 of the 'ttlorthwest I/,- cf Secti =,� 33, 7cwnshiP �3 North, Range 11 East of th? 7�ird Princ:Pa,, "eridian, described as follows: Commencing at t z intersecti_n oF the center line 0; State Aid Route ,40. 33 and South Line Of said Quarter Quarter Section, (said Point being 1421.7 fe4t East Of the Southwest corner, of said Ouarter Se.tian); th,nC3 Northwesterly along the center line Of Said State Aid Route Na. 33 for a distance Of 907.7 feet to its intersection with the center !ire or State =id Route NO 16, ( -31SO frown as State Sand Issue Route No. 83) as shown On the Plat recorded November 5. 1931. as Cocument 374979 in Book "W" Of Plats, Page 20, �1, and 22: thence Southeasterly alcn -g the center lino Of said State Aid Route No. 16. to its intersection with th_ South line Of said Quarter Quarter Section; thence West a]-n,3 with the South line Of said Quarter Quarter Section tO the Pla,.e of baginning exce0tiny From the aforedescrlba�i tract of lan,; all that Part ;,eretcfore dedicated for Sufralo Grove Road and iliinJiS Ra •e No. 33 (S•ArR. No• lE) by plat of Oedlcatian arardad _O. 1969 as Cocument Number 1401031', La%e County. rl11nCisr arc a7 exceot:ng therefrom that Part of the Sou',,.,e5t 1/4 cf t.,e '1ar1, hwest 1/4 of Section 33. arc es,aid, Jescrlop,j a5 F:'I c ;: +ate the East Iine cf Suffala Gr -Ov_• Road is CJn5iuere,j a= "vJe North", for the F011cuing courses: Beginning at the inI?rSaOt;a- o► the said East line 0; Suffala Grove Road being 50 feet cast c; the center pine thereof, and the Southwesterly line of Rcut, 83, being 50 feet Southwesterly Of the center line a► the Straig ^t Portion of Said road. according to t he Plat of Ce,fic_ttom of 53:C roads, Cocument Number 1'0803 °r Recorded Janua.;• 20, ►969; thence South 47 degrees 37 minutes East along said So.t:, - Ster ?y 1ir,a, X6.66 feet to the Point Of to ^Cency of a curved lini, ?Quaffs t!e acImt of beginning :3 F !, his t - aCt of I;.nd C!'- radius of ''S Feet an; 'aI ^rv2 t5 c ► is 3 �a tans ?nt t] the 3fJ'_5_:A E?5: I �� of 9uffaIa Grove Road) ;. :nence can* inu:.j3 Sou t,, dzg, ^e3:; 'nIn,,tes East along the 5- .trnwester I y , ir,e of bout C ^� Feet; thence South 71. degrees 13 minute-3 C0 sic-'n•js !,last feet to a Paint in the sal.j East I inr 'L Su: F'3l o ^ J . I,IrJVA �ca�,_ hence due North, On said line, 27o.0; feet ,� the POir tangency of Said curve Or r-d ^f ^5 ^ �lOrthe35ter, �.+1u5 ��•Q e� ' "y on said curve. COn.a.� t0 the Nart`� a di5'.InC .,5 feet to the point of b_ ;inning, in Lake County ' ,. ty r 1 ;..o. . : E3C��!IQ�C9� s?.9IIi ?98��L 2A 6cnE Property commonly known as the Lieberman /7axman (Platt) cenSlsting Of approximately 9.3 acres located within :,z boundaries of Illinois Route 83, Lake Cook Road and 3uffalo Road, Buffalo Grove. Lake County. Illinois and legally de;cri5�� as follows: That part Of the Southwest quarter Of Section 33, Township »3 North, Range 11, East of the Third principal Meridian, as follows: Commencing at a point in the center line o�e�,cti,neY Road, said point being 736 Feet South of the North Line of sa; Southwest Juarter, as measured along the center line of Mch!enry Road; thence South 9 degrees 36 minutes 18 seconds East along Said center line, 209.75 feet to the point of beginning Of the Property intended to be described; thence South 89 degrees 3? minutes West, 463.36 feet; thence South 3 digreos 20 minutes 9 seconds East, 488.68 feet to the Northeast corner of property conveyed to Francis Kuhn by Geed recorded as document number 241081; thence South 6 degrees 57 minutes 28 Seconds East, 333.90 feet to the South line cf property conveyed to John Popp as pe- document number 146430; thence North 89 degree; 18 minutes 25 seconds East along said South line, 532.52 feet to the Center Line of McHenry Road; thence North 9 degrees 36 minutes ;$ seconds West along Said center line, 327.28 feet to the pc:,t beginning (excepting therefrom that part th?recF fall McHenry Road as used and dedicated, t;)cl1jdin9 that Part 'cnv� to the County of Lake by instrument recorded June 19, document 1661534), in Lake County, Illinois. as P 5 -33- 300 -0; 15- 33- 300 -,,a3 � r dENLEaSQN Peg: :_ _ :_i24a Ac3EE ;-operty commonly known as the h!ene;erscn Parcel consisting aaprcxi,mately 5.4.964 a_res located within the bo��ndaries rliincis Route 83, Lake Cock Road an; 9uFFalo Grave Road, Grave. Lake County, 'Ilinois and legally auffalc .esc-.�ed as fa11awS chat part of the South Uqs, 1/4 of Section 33, Township 43 North, Range il, East cf the Third Princiaal Meridian, descr ;bed as Fallous: Cammencing at the intersection of t,° li Route 83 and the South line OF said South !hest 1 /4cOFtSection 33, said point being 882.40 feet West OF the South East corner aF said South West 1/4 of Section 33; thence Northerly along the Center Line of State Route 83, being a curved line, convexed Westerly and having a radius of 1432.70 feet. a distance of 110.50 feet, rare or less, to a point which is 108.0 feet North of the South line of said iouth Uest i/4 of Section 33; thence North 89 degrees 12 minutes 30 seconds !.Jest paraiiel with the South line of the South West 1/4 of said Section 33, 378.0 feet; thence North 00 degrees 30 ,minutes East, 45.45 feet; thence North 31 degrees West 183.90 feet; thence North 13 degrees c5 minutes West. 215.71 feet to the Paint aF beginning of the property intended to be described: thence North 1.3 degrees 55 minutes Jest, 33.26 Feet; thence cast, 513.76 Feet to a Point in the Center Line of State Route 83, said point being 442.0 Northerly of the South line of the South UeSt 1�'4 of Said Section 33 (as measured along the canter line of said PO'ice 83 and said _enter Lane extended Southerly); thence "4orth 9 degrees .5 minutes 42 seconds West aloe; said center line, 66.0 feet; e Guth 89 degrees _5 .m mules 47 Seconds ua- -,o thence g = �t, 2120.0 reef: thence North 9 degrees 25 minutes 42 seconds '.lest along a line parallel With the center line of State Polite 33, 412.0 FAet to the Scut:n line of POPP property as per document 146430: Chance South P12 degrees 25 minutes 47 seconds Uest along said South line 391,10 Feet; thence South 00 degrees 45-minutes 26 seconds east, e28.35 Feet to the North East corner of Lot 1 of Fdrnbach ;ubdivisicn as per Plat, recorded as document 1032013; thence South 2 degree; :^8 minutes 22 seconds West along the c,st line of Sal', mot Feet to a corner of said Lat 22 n;nutes East along the East ' i,n? of L zti i and 2 if sa, �F nb a d ^r' Subdivision, 72.03 feet to a Paint 61.15 feet North of th, East corner of said Lat 2: Nor, ,, 06 degrees nutes 201.50 feet to tie pc.n" of beginnin; (except 4ohatlnpart cast , r pc. "n" For widening of State Route C; >, in Lake Caur�tY, Iiiina;;. prN. 15 -33: -300 -04� 1 °- 33- 3GC -0 °G LISEM eaJt E?ECEL = 12 aCHS 'rOPerty commonly known as t`,e Lib?rty Bank Parcel consisting aGG±JXlrtlate)Y IO 3Cr?5 t in t`t boundar ies aF ji Rzu.e 33, wak: Coale load a,nd =uFF ='o ,,rove Road FF c County. Illinois and laga�lv '- ;cr,5?d as FCi'o. .d)J JrOv3 �CwS rat Part OF the SCut`+west Quar tdr or - Sec• �ic' 2� Cwngh:� C3 NCrth, Range Ea3: CF the Thirj Prir,,:iPal '"eri t r dian. is F v lows. �ommencIng at th ir:' -r52Ct F + d IJn 0 2 r2ntar E=u i s Grove Pa and t�-.a "J or t --i_ a -j_� -r Shcd �CU;F,u25t , .� +v lit de .,r �r h 6 gr2E3 ni��'�5 :?conds _��t. acv :h =n�r Lime CF 6uFF_lo Gr04e R rem, tG i)'— s -e te31nning of the P:-c?ert• n ;: ,•f -' ., P ir_ ,� F _E Jescri ?•:: thEr,ce _3 /� �5 ^28�, th2rC- �•r''vt�', j vej a �� min IJt ��•: _� d =r.. =�5 r_2t t0 th? :Vorthea -i �r c: or0Pe^4v ^�-cn ^ran` g� Kahn by c ad reCC ^�!^^ �� Gcc Mme. t No -. =IOEI t2ythpn.0 _Ou. degre -s ._� 11ruteS .33 5 a'rr.,i u?•3t� a1Jny' t�,; �iCrt - t �? CF °.3Id firCPsrtY CO• yed t" =r `+ e a '� = u sn _ 1 . � uf,n , ��7. C� '2e t t 0 t h; nt`r Ltn2 OF 3uFFalo Gr0. :`'.2:.c? `! ^rt; •degraes �% rnir.•..2S ..$ Seconds West. 3 urg :5i :ant -r 1 i�E, t'c.76 2 mint of � i - ► � to t t� re `h t F) 2g not g i` .._E: :�., t' .�r•,Fram th_ 'jai erly e < < e C . n Land :Ouri. y . i ' u , • a 7 ZZ SBdIM `_ min = 2.11197 a�3E5 Property commonly known as the Santoro parcel consist i-4 Con ;iS.in�; ;. approximately 2.0397 acres iccated wit'�in `,he boundari'' c: Illinals Route 83, Lake Cool; Road and SuFFalo Grove Road, SuF:al,; Grove, Lake County, Illinois and legally described as Follows: That part of the South West Quarter of Section 33, Township 43 North, Range 11, East Of the 3rd P.M., bounded by a line described as Follows: Commencing at the intersection . of the East lane OF Old School Lot with the. North line OF the South i08 OF said South West Quarter (said North Line having a bearing North 89 degrees 12 minutes 30 seconds WeSt); thence North 1 degree 31 minutes 20 seconds East on the East Line OF the said Old School Lot for a distance of 11.40 Feet to the Northerly right OF way line of proposed Lake—Cook Road (the distance OF this paint from the paint OF commencement b --tng described in legal description of Tract 15 -029 OF proposed Lake —Cook Road as 10.81 feet) For a paint of beginning; thence North 66 degrees 03 minutes.53 seconds East an said Northerly right of way lying Far a distance of 44.07 feet (said distance being shown in legal description of aforesaid Tract 15 -029 as 45.33 Feet) to a paint OF curvature; thence North Easterly along a :]'rve line, convex Northerly, having a radius of 2346.33 feet (chord bearing 58 degrees 53 minutes 53 second; East) on the arc distance Feet; thence North 28 degrees i0 minutes 11 :Ac — Onds �ast �; a ::Stance Of 2$.17 feet t0 3 pOlnt Cn a line JJ Feet Westerly and parallel with the center line OF State Route center line i i 83 as sa:_ i e as descr�,,ed n 3ccument 366:.70 r1ec- 1931 said Parallel line being the Westerly r1y``�OFw heron of way line c� the Proposed widening aF State Route 83, as appears in legal descr:PtiOn of aforesaid Tract 15 -029; thence Nor,�.westerly alcn; said Parallel line to the North Line OF the Following described Premises; (that part of the South West Quarter of Section be, I ownship 43 North, Range 11, East of the 3rd P.M., bounded by a lane described as follows: Commencing at the intersection Of the Center Line of State Route 83 and the South Lin, of the ;aid South West Quarter OF Section 33, syid point being _J est OF the South East corner of +�,? ;:1d Sout:_, � juar Section 33; thence Northerly along�t,e .:inter line OF State ?� •� °3, being a curved line convex Westerly and having a rad:u 1432.70 Feet. a distance OF lI0.50 =eet, more or less, t0 a t which is 108 feet North of the Scut,, line cF said South West Quarter of Section 33, being t!-e South _3it corner and point _r beginning OF this description; thence North .39 digr ?e5 30 seconds West parallel with tl- a ^Guth !_ine OF t;,a South Quarter of Section '23, 377.01 Feet WaSt, 3 ,8 Feet) t1 Z35t2r1y line Of 'he Old School Lat 146 .e North 01 �e;ree3 n' m:nute5 20 Seconds East. = he 01 d S ..choOl L (deed = ^lart',. C., 1a,re_5 3^ minut_- •J :e--ands East, +5• +J .a 2t: - e(ry` 1; I .e -green �G ji. 5eCancs West a Jn; the war'.�e i y l th;a �MIM 2_422? i ES page -2- West, 183.90 feet): thence North 11 degrees 33 minutes 16 saccnd; West 248.97 feet (daed = North, 13 degrees 55 minutes CO seconcs West); thence East, 518.75 Feet to a wont on the center sine c= State Route 83, thence South 08 degrees 4a rr,inutes CO seconds East along the center line of said road, 13.26 Feet to a Point of curve; thence South Easterly along the cente r line of said read, being a curved line conveox to the West and 'having a radius of 14326 ,70 feet, 38.04 feet, arc measure, to the Place of beginning): ning) : thence West on said North Lane and continuing South Easterly, Easterly and Southerly along the boundaries of said Premises to the place of beginning, excepting from above described Tract that part Falling in Lot 1 of 'dun Center Subdivision, recorded October 17, 1972 as Occument 1953929, in Lake County, Illinois. °:w: 15- 33 -3C0 -028 15- 33- 30C -04, t Zl=:E3Cay E?3SE;. _ 2_Z BEBEE Property commonly known as the Zimmerman parcel cans is* :,g o approximately 2.7 acres located within the boundaries Route 83, Lake Cook Road and Suffalo Grove Road, Buffalo Crave, Lake County, jllincis and legally described as follows: That part of the South West 1/4 of Section 33, 7ownsh -j; 43 wcrt,,' Range 11, East of the Third Principal tleridian, described as Follows: CommencinG at the intersection of the canter lane c: Suffalo Crave Road and the North Line of said South West thence South 6 degrees 57 minutes 28 seconds East along said Center Line, 722.40 feet to the point of beginning of the Property intended to be Described; thence East 1153.1 6.3 feet to a Point in the center line of McHenry Road, said point being 730 Feet South of the North Line of said South West 1/4 (as measured along the center line of McHenry Road); thence 'South 9 degrees 36 minutes 19 seconds East along said Center Line, 209.75 feet; thence South 89 degrees 39 minutes West. 463.36 feet; thence North 3 degrees 20 minutes 9 seconds West, 176.94 feet; thence West 710.45 feet to the center line of Suffalo '-rove Road; thence North 6 degrees 57 ,minutes 21 Seconds West along said Center Line, 33.24 Feet to the point zf beginning, (except the Westerly `0.4 feet as measured along the Northerly line thereof), ;n La<a County, Illinois. :� -33- 300 -046 i QQEIEC.d °?3CE:. _ :5_4163 acaEs Property commonly known as the Ccetsch parcel consisting approximately 15.4863 acres located within the boundar;es I111nOis Route 83, Lake Cook Road and Suffala Grave Read, 3ufr310 Grove. Lake County, Illinois and legally described as foilaws: ?hat part Of Section 33, 7Ownship 43 North, Range 11, cast Of the Third Principal Meridian; to —wit: Commencing 2 chains cast cf the Quarter Section corner, on the West Line of Section 33 in center of Chicago and '`�cHenry Road; thence South 7 e_ 10 chains and 94 links; thence North 89 degrees t 17__ s =a3� and 73 links; thence North 9 degrees West 10 ch cns6 17 chat/ links; thence West 17 chains to the paint Of beginning,9�1yin2 West of the center line of State Aid Route 16 (I11 Route 83) a; Per document 374979 (excepting from the above described premises the West 249.32 feet, as measured an the Nort -h and South Lines thereof, of the Morth 2^8.35 feet Of the South 454.11 feet• as measured at right angles to the South Line thereof, and also except that part conveyed by the Ceed to the Village of Buffalo Grove retarded February 27, 1984, ai Cocument 22691e3), in Lake County, Illinois. L ' °roaerty commonly known as the Gershefke parcel consisting O; aacroximat.ely 2.9 acres 1OCated within the boundaries Of Route 83, Lake Cook Road and 3ufraiC Grcve Road, 3u:ralo Grave, Lake County, Illinois and lega l/ desc,--ibed as follOw'. Parcel "hat part of the South West Quarter Of Section 33, TOUnship 43 North, Range 11, East of t o 3rd ?..`1., described as fhilCw4: 3eginning on the South line OF said South West Quarter of Section 33 at a Paint 952.6 feet West from the South East corner therecF; thence North 9 degrees 37 1/2 minutes West along the Center Line tangent and center tine of State Route No. 83, 508 feet to ttie South cast corner and point of beginning of this descrptlon; thence West Parallel to the South line Of said South !hest Quarter of Section 33, 280 feet; thence North 9 degrees 37 1/2 minutes West Parallel to the center line of State Route No. 83, 200 feet; thence East 280 feet to the center Of State Route No. 83; thence South 9 degrees 37 1/2 minutes East 200 feet to the place ce beginning, in Lake County, Illinois. Parcel 2: That part Of the South West Quarter Of Section 33, Township 43 North, Range 1'1, East Of the 3r! as beginning an the South Line of said South Uest Quarter, Section 33 at a POi.n; 952.6 feet West from the South cast corner Of sai,j Sou ", �ye5t Quarter of Section 33; thence North 9 di rees 37 g 1/� minute; 'west along the center line tangent and cem•.zr line Cf State Rouse 13, 708 ieet to the South cast corner and Place of beg inn .,Ig u this descr.p*iOn: 4hence West Parallel to the Zo!lth h. sine -1; ��e SOU1,h WESt Quarter Of Se•:ti:,n 33, 220 feet; tence {1Cr,,� ; degrees 37 1/2 minutes West parallel to the center line Of State ROute No. 83, 212 feet; thence East 220 feet to the center C State Route No. 83; thence South 9 degrees 37 1/2 minutes cast along the center line of State Route No• 33, 212 feet tO the place of beginning, in Lake County, Illinois. Parcel 3: hat Part OF the South West Ouarter Of Section 33, 7Own5 h� North, Range 11, East Of the 3rd ?.."1., describ v as f :ci•c�5 eegir,ning CM the South line Of a+ 5. sail SOu`.h '.;est Cuar, =r o= Sect:zn 33 at a point 952.6 feet West rrcm the South cast corner the;�ea ; thence North 9 degrees 37 1/2 minutes West along the Center Line taryent and center line of State Route t ;n. • 8., 7C8 fo,a... , ^ence rest parallel to the South line Of said South West Ouar,er C: Section 33, 220 feet to the South East corner and pain teginni;ng cr this descript ion; thence 'y3st 60 re-?, , • " •', , 9 degrees 37 1/2 minutes Wast 212 Fee t , t h en; _as. 60 thence South 9 degrees 37 1/2 minutes =ast , 2 feet tO t=-e 1: =ce Of beginning, in Lake County, Illinois. :5- 33- 3C0 -C2- EaELL QIL E8EQEL = _463 aCaE$ Property commonly k ^oun 3; tha cc.,� r. 1 1 Parcel ��nSisting aPoroximately .663 acres locates ili e 83 Bari ; loon � i no i s RJu t tea;; e Cook Road 3 �d ?u; r3 1 o Gr o•�fl ?o3d Gro w , Lake Courty, Illinois an„ legally descr: " as J W 7 Lot I in the Toun Center Sub�i�is.,�� art 'North c3 a t. Ran iI �ounsh;� :? S �'� 1 � � S ML CCEIBCy E_2CE:. _ :_2 ecaEs PrOperty commonly known as the Paul OOetsCh parcel consisting :F approximately 1.9 acres located within the boundaries of Il)inoj; Route 83, Lake Cook Road and Surfalo Grove Road, Buffalo Grave. Lake County, I'linois and legally described as follows: The West 249.32 feet, as measured on the North and South s linee thereat, of the North 203.35 feet of the South 454.11 feet, as measured at right angles to the South line thereof, OF �o Following described tract of land, to wit: That Part of Sectier, 33, Township 43 North, Range 11 East of the 3rd Principal Meridian, to -wit: Commencing 2 chains East of the 4uarter section corner an the West line of Section 33 in the center of Chicago & McHenry Road; thence South 7 degrees East 10 chains and 94 links; thence North 89 degrees East 17 chains and 73 links; thence North 9 degrees West 10 chains and 95 1/" links; thence West 17 chains to the place of beginning, lying West OF ' he Center Line of State Aid Route 16 (Illinois Route 33) as per Occument Number 374979, in Lake County, Illinois. PIN: 15- 33 -3C0 -060 • F 516U08K QIL S8GQQQ1 eBRQ%L = _QQZ aaeE l ) Property commonly known as the Standard Oil (Amoco) parce, consisting of approximately .937 acres located within t�� boundaries of Illinois ROutc 33, Lake Cook Road and 8,jffalo Grove Road. 9uffalc Grove, Lake County, as Illinois and legally described fullpws; That cart of thN Southues' 1 "-4 of the Mort hues t 0 -+ 33, TpunShlD 43 North, Ra - fie ;. East of the '.;ry Se_�ion eridian, described as folio•.;s P"inc; pal Nate: The South Line of aforesiid Northwest 1/4 r,; section 33 ; considered as bearing East - West for the following courses: Commencing at the southwest corr,cr of aforesaid Northwest 1 thence due East in the South 1 ir,e of .3f�resai3 'Jar thuest 1/4, a distance of 193.0 feet to a pcir,`. in the East line of Buffalo Grove Road as Shown an the plat of �edic3tion For part F Buffalo Grave Road and Illinois Route 33 record-?,j on fan,jary `Q, 1969 in Plat Bock 47 on Page 30 as Ooc�iment No. 1Kr,'3030• thence North � degrees 39 minutes lest it of `, cresaid East 11n4, Easterly cf the center 't,ne :,,f a� r g 50 f2e� measured at right an 1,.;, o esa :,1 buffalo Jro-4e Road as g g as Fer Oacum - n, No. 5; a d s`ar• of 446.54 feet to a acint that i5 375.07 feet Southerl Point of cure abase rajLus .i " f ?et. ��= Sho.,n on P!at of dedication. for th point f ba. � described e o nn MI a� th -' e f vibe tract of and th ?n +L,rth 1 J in aforesaid mast line. ,,, , degrees �Q ,rinutes z• a di;1ante of 27.0` feet to a DO-- '.~ante �`lorth 2- degrees 31 minutes. 25 secon,js Jest :n the uic_r ?d East line of Buffalo Grove Road a distance of 2 ^,6.5i feet t_ a Point of tangency with a curved lire: thence Northeasterly and Southeasterly in said -:urved line, tangent to last descr -lbed sine. having a radius cf 25 feet, an arc distance of 56•C1 fee+ to a Point 1n the West?rl, right -of -way lane of afar ?sail described Route 33: thence South 54 degrees 06 minutes East it 3foresaid Westeriy right -of —way 1i--,? a distaric? of 211.44 fee' a Point; thence South 64 de r, ?e 3 S y7 min' 40 s? -:ands West 1r a line a distance of 230..31 feet to �h, r 'Y, Il 1 inois - po1r.� of b�.3 �ning in I .cunt y, 15 -03 - i . —0011 KM &C 3/10/87 Exhibit B TAX INCREMENT COOPERATION AGREEMENT This Agreement is made and entered into as of the day of March, 1987, by and between the Village of Buffalo Grove, a municipal corporation (the "Village "), and Buffalo Grove Town Center Partnership, an Illinois Limited Partnership (the "Developer"). WITNESSETH: THAT, WHEREAS, the Village designated its Town Center, as described in the attached "Village of Buffalo Grove Town Center District Tax Increment Redevelopment Plan and Project," (the "Redevelopment Plan "), Exhibit A hereto, for tax increment financing ( "TIF ") redevelopment by ordinances adopted on November 3, 1986; and WHEREAS, by Bond Ordinance adopted on March 16, 1987, the Village authorized the issuance of an $8,500,000 tax incre- ment allocation revenue bond issue in two series, Series A to consist of $6,490,000 of ten year, ten percent (10 %), tax exempt, tax increment allocation revenue bonds, and Series B to consist of $2,010,000 of ten year, thirteen percent (13%), taxable, tax increment allocation revenue bonds. From the total $8,500,000 issue, $7,000,000 is for public redevelopment costs, as described in the Redevelopment Plan and herein, and the remaining $1,500,000 is approximately 24 months of capitalized interest thereon; and WHEREAS, the parties desire to describe the uses to which the $7,000,000 in public redevelopment cost proceeds shall be put and to provide a method for their disbursement by the Village to comply with the provisions of this Agreement; NOW, THEREFORE, the parties hereby covenant and agree as follows: 1. TIF /Public Redevelopment Costs. The parties hereby agree that $7,000,000 of public redevelopment costs shall be paid out of the Tax Increment Allocation Fund by the Village as provided herein and as permitted by state law. Such public redevelopment costs include the following: A. All site preparation work, including structure demolition, excavation, grading, regrading, and any other work necessary to solve the water and drainage problem on the site and /or otherwise prepare the site for development; -38- B. The installation and /or relocation of all utilities relating to the project whether on or off site, including acquisition of land or rights in land relating thereto; C. The construction of and /or improvements to all public streets, roads and rights of way (including curbs, gutters, lighting, signage, landscaping, etc.), relating to the project whether on or off site, plus the cost of acquiring land or rights in land relating thereto; D. The construction of public parks, parkways and other rights of way (including all facilities and related landscaping), plus the cost of acquiring land or rights in land relating thereto; E. The acquisition and /or construction of all other public facilities or property relating to the project, including related landscaping, and the cost of acquiring property or rights in property relating thereto; and F. The acquisition of real property, including by condemnation or threat of condemnation, and the conveyance of such property to the Developer, pursuant to this Agreement. Any payments by Developer to the Village, relating directly or indirectly to any such property, shall secure and /or repay only Series B Bonds, and in any event shall not exceed 5% of the net proceeds of the Series A Bonds. G. Such other costs as permitted by Illinois TIE law and the Redevelopment Plan. 2. Public Project Cost Estimates. The parties agree that the preliminary estimates of public redevelopment project costs, set forth on Exhibit B hereto, all qualify for payment out of the Tax Increment Allocation Fund. Provided, however, that these preliminary cost estimates are in no way a limitation on the type or amount of public redevelopment costs described in paragraph 1 hereof, or the Village's obligation hereunder to authorize expenditures of $7,000,000 of public redevelopment costs for this project. The cost estimates on Exhibit B are illustrative of the type and amount of public redevelopment costs which may be required for this project, but the actual redevelop- ment construction project may require other types of public rede- velopment costs, permitted under Illinois TIE law, and different cost amounts than those set forth on Exhibit B. Except as other- wise agreed in writing by the parties hereto, land acquired for public uses (publicly owned land, including parks and dedicated roads, streets and public ways, but not including utility or other easements) from the Developer hereunder, pursuant to item 3 of Priority #2 in Exhibit B hereto, shall be purchased by the -39- Village at a price equal to the Developer's average cost per acre to assemble the entire Town Center property, not to exceed a total of $890,000 for all such property. 3. Tax Increment Allocation Fund Disbursement Procedures. The Village shall withdraw funds promptly to pay public redevelopment costs, as defined herein, directly incurred by the Village, or to reimburse the Developer for public redevelopment costs incurred by the Developer; provided that, with respect to claims for reim- bursement by the Developer, such claims are accompanied by a TIF Reimbursement Affidavit, in the form set forth in Exhibit C hereto. All such claims shall include invoices or other evidence of the nature and amount of the expenditure for which reimbursement is sought. The Village Manager has the right to verify all claims submitted. The Village has the right to pay any such claim in reliance on the claim as submitted with the TIE Reimbursement Affidavit. 4. Miscellaneous Provisions. A. The Village shall not be responsible for obtaining lien waivers with respect to the construction project. B. Developer hereby agrees to indemnify and hold the Village harmless from and against any claims by any third party arising out of the activities contemplated by and to be undertaken pursuant to this Agreement. C. The dollar figures on Exhibit B hereto are merely preliminary cost estimates, not budgeted expendi- tures, and are not intended to limit in any way the amount which may be expended on any kind of public redevelopment cost as defined herein, or to require any particular type or amount of expenditure, or to limit in any way the ability of the Developer to be reimbursed for $7,000,000 of public redevelopment costs. D. The proceeds use priorities, set forth in Exhibit B, are designed to require that all Priority #1 public redevelopment costs be fully reimbursed, or budgeted and approved for reimbursement by the Village Manager, before Developer may submit Priority #2 reim- bursement claims. Priority #3 shall bear the same relationship to Priority #2 as Priority #2 bears to Priority #1. No reimbursement priorities are intended or should be implied within general Priority categories #1 and #2. As for the Priority #3 item (the legal descrip- tion of which property was recorded on March 4, 1986, and is on file with the Recorder, Lake County, Illinois, as document number 2424244), to the extent of Series B Bond proceeds then remaining in the Series B, Taxable Bond Proceeds Project Fund, and solely from such Fund, the Village shall either: (i) acquire or participate -40- EXHIBIT A to Tax Increment Cooperation Agreement Village o= Buffalo Grave Town Center :)J 5-:'i Tax Increment Redevelopment P'_an and Projec AucJust, '.986 TA3.: OF CO�iTZ`i:S �• INTRODUCTION r 'L GENERAL GOALS TAX I i 1CR EEN :.',rAtvC 7 i rG =� s_L_Gr: =�� ARZA COrm_ITlorrs sX_sT arc :�r T-== �y- :Z ELOPMENT ?ROB :.� 1 AREA -._r V REDEVELOPMENT ?*A,v AND ?ROJECT OBJEc�'iVEs ��= • ' STI:�.AT =D REDcVELOPMr.NT PROJECT COSTS ��r i • SOURCES OF -"J:lDS TO ?AY FOR REDEVELOPMENT PROJECT COSTS VIII• ISSUANCE OF OBLIGATIONS TO ?AY FOR R,:DEVELOP- M N7 IX. r.AST CLR_R :NT ASSESSED VALUATION OF REAL ?RCPERTY IN THE REDE'IELO ?MENT ?ROJ?CT AREA X• k,NTIC: ?ATED ZQUALIZED ASS7-SSED VALUATION A_VD SALES TA.X I�iCREMLNl X- • TERMINATICN OF THE R DE'IDLOP" ?ENT ?LTV XII. AMENDMENT CF T'Ij=- RE1:)EV = ,0p"rt°NT pL�1�1 MA? 1 MA? 2 MA2 3 AP ?E21MIX A - ?UBLIC IM�ROVE;�L'NT SLAV APPEINDIX B - LZGAL DESCRIPTIONS OF ?ROPERTY IN REDEVELO ?MINT ?RCJECT AREA 2 3 3 7 S N 9 9 , 1 V :, 10 The Village of Buffalo Grove is Located 29 miles nor_:: - west of downtown Chicago with 7.3 scuara miles�of square miles in Cook COL'_^.ty and -he -email -,g �. .s total 6.9 =a L sear° m_�es i- :sake cot-, nty. -, a ViLlage' s adjacent �.00k County .neiq:.bCrS %, CLude the Villa es of arli: -- , S .gton gh is and Wheeling. The Vil.- Lage of Long Grove shares a corm bou.dary with 3u °--6Za' -o Grove to the west and northwest. Significant unincorporated, undeveioced Land area semarates the Village from the Village of LinCOL :Shire to the :fort: east and River -woods to the east. Buffalo Grove became ore of the fastest growing com:ru- niti es in the North west suburbs = ollowi, ^,g its incorporation is 1958• The Village has grown from its original size of 57.4 acres and poouiatior. of 154 in 1958 to its present size of ?, ?10 ac=es (6.9 square miles) and population of 25,108. Durinq the decade of the '70's, Buffalo Grove's population increased by more than 80 percent, a rat_ of growth exceeded by only two other northwest suburban communities. Continued planned development of the Vil- Lage is expected to result in an ultimate inCOrpOr3ted area of 7,104 acres (11.1 square miles) and a population of approximately 52,000. The Village has ,met the challenges associated with sac!: rapid growth through sound management and plaa^n ing. L'ri -m :many other suburban communities whit. ^. eXtl =bit the P-Obl -.ms and charac- t_ri sties of rapid urbanization, Buf =alp Grove has retained th e qualities that attracted its early residents. T? B . Develop �.e Crowd drawing PotentialOr entire Town Center,y MphasJ0.z4 .q ocen spaces, rec 3:` and leisure 3ctivitieS; C. Create an attraCti'!e bleP_d of "° =C'ie. ^.Li31 re t L: "3: - 3 r � Via- - reS- S a - =-s, _ ^.d o___Ce Spaces, Jnt°_gra :ed _ nto 3 Single, eccnom =cal l Y viable Town Center ; D. Develop attractive architeC`ural and i3nd- scape designs, compatible With the envirOP.IAent, «hlle maintaining- the traditional aesthetics Of the CORL'AUn' - ty. :.. Provide adequate and accessible parking wi ' good trafffic =low; and c. Provide public utilities to insure adequate capacity for the entire Town Center development. I=I. T ?.X 7NCR ME:E .l ,rNANCING RcD =77r0 ?mz,N , ( T.r -) After a blighted area is designated as a Redevelopment Pr0]eCt Area, and Tax Increment 'financing is adopted, pursuant to 'the R° -al Property `'ax I_ ^.c:`.eiAen _ locarjor Redevelopment A � e "ACT.") as amended, all --ax-Jr.- Ca.�St :iCtS Ali? l CO ^t1nL'e t0 r?CeiV? the real estate tax revenue they received prior to redevel ^P'ient. The :: °eW real estate I- reVenu1e generated by the apmli -at�on O tax rates due t0 the increase _^ 3SSeSSed Val',- es is described 35 tax =. ^_C: emen t revenue. New state legJ.sLa On enaDble5 -1--le i l ?age to obtain 5tat_- sale t fin^ e. ^. Redeve_opment ? � s �a° `. °� t generated by business in t::e roj'ect 3. As soon as r°_dev°_lo^.Rie. ^.t project costs are paid, the Surplus revenue will be disr.rijuized to ts, . e r 5 � ate and taring districts WhiG:. have real proper t Project A11 ? ope_ in Redevel--pnen Area taxing districts are, therefor. e r - Ci3ries of the redevelopment. The iilC_ re dSe is the TO:rT. Censer tax base also helps to �tin4mjze the real property tax burden an t: e homeowners in the Village. As a preliminary step, the ?resident and 3oard o: T'~lste °_s adopted a resolutior. St1p�Or.. -ng Tax �.iGr?;11e. ^.r, n3nCi:'^ on rune 2, 1986. A Redevelopment ?roiec- Area i -e -� s to be estab- lfiShed which designates the area to be included. The boundari es encompass areas previously d °_sfigrdted for Town Center C °V °?Op- nent , and are shown on Mac 1 . -2- BCUNDARY The Redevelopment ?ro j ect Area is par - of - he tae _e a �~e l^t °r3eGG:OP5 Of Lake Cook road, s _1 O S. r63 and Buffalo Grove Road. The project area lies enz eT y ^pr- of Lake Cook Road and total'y is Lake Cour-y 1 - -- Redevelooment ?--0 ject Area is shown. on Mao : ' and - the -_e 1 � ga descriptions of the included property will be attached co Appendix B. BL�vr__D AREA CCNL__ -ONS .XISTTNG iii -: R3D i�LC ?"?EN': ?*� - \ „ C-77 A ew e�, A Based on surveys, inspections, and analyses of the Redevelopment ?roject area, she ?roject Area would qualify as a ghted area" as def -Jned by the Act, as amended. The area is not less than SO nor more than 1-00 acres and 75% of which is vacant, notwithstanding the fact that such area has been used for commercial agricultural purposes within 5 _ years prior to the dsigr ration Of the redevelopment project area, and which. area meets one or more of the f011Owl. ^.g 3dd�tiO;Za1 bl_ghti.ng character,-sties: I. Obsolete platting of -he vacant Lard; 2. Diversity of ownership of such Land; 3. Tax and special assessment deli.nc�ttencies on such land; 4. Deterioration of str+CtlreS or Sjte 'mDroVe- ments _n re_grbOr�rg areas adjacent to _ e vacant land; and -he area has been designated as a town Or village center by Ordinances or comprehensive plan adopted prior to January I, 1982, and the area has not been developed for that designated purpose. Mae designation of the Buffalo Grove Town Center =o- t3x Increment financing redevelopment is et,ressl y auth Or_Zed :rV Sec. 11- 74.4- 3(a)(7) of t:-.e act as amended. V. R_DEVELOPMEN'?' PLV A1vD PRCJ.CT CBJC ^^"'r _S The Village of Buffalo Grave proposes to accomplish -he redeveLonment goals and objectives t :rough puSLlc = _nancing OGS, i L but not li Tax .nc. m n V-4-1-1 -age Uding, .T.ited to, "? e. ^_t =i anC :ny ^. age may accomplish these goals and objec -Ives bV - OdS i- ^-- Chiding: I. Assisting the developer i:: acquiring add= - tiOnal proper -:y for CO : :tiy ^ ^,:OUS -3 d deveLo^vm_nt -; - 2. 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ID /1 N 0 <: 1t Ih 1 - lu Art w O for to of to IU 1� ;u t l to to (r C, ;r IU to 1 -• u IL'O ID a <: (D do ,J 1 - fl 0 •Yt 1u a 1t N 0 :J L_. rt to n rr w IL It (U N (u .0 .0 s 0 ►- lu b' U' t- N IU ut !i u1 O •U 'u G �1 b" N r rl O 0 r- tit .d u' it N O 0 i3 ► to 1D :J I t 'U lit W for :1• i; W (r 'C :f In 1 1, a r: (1 1 J :; N N rt lD 2: ,J N 1t fit 0 U" N .0 W r. fr 0 1'r N to IU 1 = St3. ra IL and . = Lerg a : Winer` u Scs Restaurant and _:.ter t3_^.-^_nt '_;ssee (; T ;� e == eaze =) are pe_,mjzted t::-o - - g a mov: Sever -e - L'y^ h. l- - e R_G�eVelO -men= ?r0 eCt A-ea. al _ St3L ants, LJ�t ; ^C53 :�1e _ empY:aS_ze places where peop_e can` :ile° -..oOr __ __e_s, Si OL'_d Res_den' a' Residential uses are enCouraged in _ e Redevelo pmen- ?roject Area. all res- dental deve? Opment SlOUld emplaSi ze 3 nd- ScaDe g` -eener and OD2n : °C :?a '�OPal spaces, _ n present c.:araczer of the Vil_age. ?arking uses -ull realization of the economic development potential Oi the 'LOWT1 Center is direC�l'y related to the prOvi Sian OL auto- mobile Ca:'. {ink that 15 GOn'I?I11ef; =l :J located close to t."1e To Centers act_Vity centers. T „e - s infant is nor parking uses to be o� - stre_e it t• is iztportar_t, however, to provide the pedestria�-i il;. : {3�jes and ameili t.'_es t a` allow and encourage patrons to GOm.7ine t`:ei” downtown trig tO 3 OP. ° -stOD, mulzi=uzpose tr =p L an a_ thev 'would 3 3. re lust as 3 S.1CDp1ny GeP.ter. _X= St_ n.0 and 7- _ended ... USE'S Xlst ng •Land uses are show, on `lac 2. Z1 tand_d =inure TOWTI Center land uses are _ ndiGated on Man 3". C. SCeG1__c Lr0 eCc ?:'-used _ RedeVelczmer' re - �- 3 (1) 'Xi St' ^,q l,'Ses At present. the RedeVelOCmen' ?rOject Area consists pri.;carily o= unimproved l3P.d, Used most recen -ly LOr GOntj;,e.G 3l agricultural Purposes *lit.'1 Some aging Single =2.�'Ililo :. ^.comr and =elated Str::GtureS in the ?roject Area and ad aC °n` thereto. J - to. (2) New Development ?aramete_s .011oWS Development use para_,eters are approX:,:larely as Total open space: ,0 acres. Total green space: 15.3 acres. Retail uses: 230,000 sc_. .t. ?ar {'' - ^g ( r e ta? l) . _7250 SCaces vi:ice L'ses: 1:0, vOv SC. .t ?a_king (O=- =ce) �'_D spaces Res �cenc_aI .:ses. ''?uL _= _am__y. 300 !-,nit S Seno u s i n g ISV zs -, soa s -o- The antiGipa_ed starting dace Aor construction. .Redeve'_opment Project -%r ea is M3rc;^i The Village o° 3u':aLo Grove's Redevejopmen_ �_szs mean: and i ,.I,de the sun-total O' 3_� ,.ea sary posts inc,_ redyor e 1 - sorabLe or :eces- stima_ d �o be in,..,.._ed �d any 1`14r red, 3�_ d SL;G:: GoSt3 iZlCide::td1 t0 -he -Own Center =ro j ect and the RedeveLopen Lan. m - -C, "A List of deve'_ovC*ie. ^.0 `�? V= S _Or the edeveLO =men.. ect, .or which public costs ntay be incurred, may include, without limitation., the =or _owi,-iq: (1) cost Of studies and surveys, Mans and speci- iicat ions , pro::essioval services including, but not limited to, architectural, engineering, Legal, mar. <et_ - -n9, Linancial, pL ar.ninq, rend special services; (2) Property assembly costs, icLudinq, but net Limited to, acre =s—ion O�: Land and other property, Heal or persor_a', or rights or int =rests therein, demo- lition Of tJ'Li1Ld4n-gs, and the cL ear= ng and grading Of Land to the extent the Vi L I age de _gr-nines -"at costs shall be paid by -h e Village in accordance wit:: Stare and _ederaL Laws; (3) Reiocatior. costs to the extent that -the Vi' !age de-ermines that relocacior. costs shall be paid o-- t' 3t t. ^.e ViL .ace 1j r °_C",ilred -a make pavnent � e' L OL _o- Cation CoStS by`_ederal or State Laws; . _ nanGing ca stD, �r.G 1''= ''i ='-g o� w t i i ut 1 meted -o all necessary and _rc�der_tal expenses related to t:.e issuance of obLi..^yations and ' «hi Ch Qmay i Mclude pa' meat Of interest on any obligation issued Ender tr.e Ct accruing during the estimated per:ad o� cor_str.:c Dior_ a any redevelopment project nor which such oblgat_ons are issued and not excee. -4i ,g is Mort.--s `,::er?azt °" and including reasonable reserves related -hereto; (S) In addition to capitalized interest, shall also-be i.n_CLuded in the cost or "inancinq�-ne ordinary and acc::scomed reasonable charges and out o - pocket disburserrt obligations; en -s associated with the issuance of (6) All ar a portion o� a taxing di =- -' tal costs resulting from the "Redeve_o =m '` roinC-C = =-- ent necessarily inG:._ red or -O be : n^ reC -J _ o ....- fur eranCo ec a CD] Cleves O. -_ ^.° Redevel cant ? n . [L. a.. and - ecc, the e tent t J_: q - -- - ..o x e _3 e, ;^. �! ',Jr -e. ^, =green o.. accepts and =c=raves suc.. Costs, and r ' (7) Construction costs for public works ap streetscape _mprovements. `ev_'_oeed w ;�e = not reaso :ably 'oe i Olit �. use Of ° 1::C: °'! °n'... ^eVen�'e by J2CC_On �(3) ttie Act, S 33 pr7i�;°d �, °TAT_ _ as t :na- be amendad. C_ .a_ revenue .� e� S C J8d by tae ` %: l -a v - -�. . rom . °- S �a`8 «iL 1 .^,e eXC_1.1 \5:.�'?1 y '1 �1 -Zed for redeveloQ:me_nt of C. °_ �eC�Ve� J7- ment ?ro j ev _ .area. - _ --Zst Year 7u.' 1 -c i m ovement Costs are esZ :�3- °_d Appendix udget :or the over a7 1 -1e i _ - _r a. � v..lopment �S set be low. Costs are esZi:lated and amounts snawll in t ne items may be moved from Line item to iine item. - - R=EVE7LOar,ZNL T ?RC.;�CT CCS'2S The Village of 3u_f310 Grove's Redeve'_opment ?rojec- Costs include tae Sun total of all reasonable and ^ecessar.l Costs 1ncU =red, or est_ mated to be incurred, and any suC. Costs 4nci- cen_al to the Redevelopment ?Ian, lnci'1d_, ^_g t..e following: Si*__ work S 700,000 Utilities ' , ,= 00,000 Streets 2,= 00,000 ?arks /La- n_dscami.?g i'500,000 Lig: ^.ty ^q =00, 000 s tree tscape /Cta er ptzb_ic 3C�litie5 Total ?rojected Costs S7,10 00,000 FTnTCS TO ?AY =OR Funds necessary to pay for Redevelopment ?roject Costs are to be derived prince pally from tax _nCremenz revenues a- proceeds from municipal oblicat_or.s, 1' d- _ - _ to a recur °_d b�, _ == :a_t_}'1 and Cr °_ t OI _ ^ °_' %l1 1 age /:?.0 have 33 their . °D a _i - ,len*_ Source tax increment revenue. TO secure t— he or --.-.--se obligations the Vi_lage may pern_t tae . g e ' ut il = z at -' On O. yUa == n to °S C -JOSi t5 and other ;Or i S o= secur-y by, pr J a -e sec tor, ncl udn made dVa -: atet ' = project developers. .`:e tax ?::Cre ^ent - eV-3nu,e - t3x i - _ � ' «, _.. «::1 be used to rend the o�1_y3__on5 a:iC R?Cevel ^pment ?ro'°Ct 'Costs saa Ce _ ? - ::Cre^ =::tar taxes att_ _:ruta]o n °_ :nc - °_ _ -- Curren.t e^_13l -Zed assessed Vaiue of each taxable e 1 S i.-1 _ ,, _-_C_ OL Marcel Or ^- _ _ 0 ., r o"e vrr.Ve_ 7+-.'1 jC o'ier a.-.c azaT;e - :C grope -t:/ _^ tie ^�ede7iel0� ^9, ?_C' °CC Are a,, . Sales anz; -8- Use Tax increments, as permitted by e Ac- or t,, be amended from time to time . c = as i t '-"ay be ner sources of iun ds wr..c:_ may used to pay for Redevelopment �rOleCt v'OStS and C6Ligat'On5 issued, the proceeds Of Wh-ch are used to pay Suc' costs, are Land dISpOSltiOP. proceeds, : .CL15:r:31 Development Bands, COI:nCy State and : ederal over: -Lment g - y_3llts, and Other _..veszMent V. �z1z C- 0 CBLICa='.CNL[S TO ?AY _0R Village '::tends to issue obligations secured tax increment smec al tax a , 0Cat10r. pL'rSUa:1: to SeCC' On e and i - ,,'�'lOn -% of ctn Act, 3 � _S Ome Rule ?OGierS under t� °_ COnsti- to Of State OL I�1 inoiS. Anv such obliy ^atiOP.S sh all be retired not more than twent zee years :r T Y-= 1- z om the adopticn.oz -he o _ al ^ce a0Provir9 the Redev =_loam Pro' t ` ent ,ec urea, sL'cn ulti.;�ate retirement date occurring not Later than October L, 2009. In anv event, file =i na]. 'maturity date Of any such Obligations may riot be Later than twenty (20) _years zrom - ei- - eszect :ve dates. One or more series 0- obligations may be sold at one or more times in Order t0 implement this RedeVelODment ?Ian. The 3.R10Lint3 Daya:71 e in anV Ve3r 35 principal - and in -erest on all obi y^a_ +ons is- sued by t =e ViLLage, pursuant t0 the RedeveloDme. ^.' ?L3^ and t:1e Act, s ;all nOt exceed the amoun is 3V3i � aJl° Or pro j eCted t0 be availa.bje, _rom tax increment reve.'ll:e5 and zrom suc:l :,or_d si-:kir^^ zunds, capitalized inters � s� - ^ds, .:ebt service reserve nds a.-.- Other sources O_ =ands as may be provided by o=-'• �y ars e Revenues shall be used i0. -he scheduled and /or ea-? retirement of Obligations, and _or reserves, sin: {lag yu.^_ds and redeveLopmen- project CoS:.s, a^'", C.0 t. ^_e eX'.?n�. i�01' L:SeC �C: .. su—, purposes, may 'e declared SL'r�iuS and shall =hen become 3va _3 ^'' for d_StribL'tiOn annually to rile Stale and taxing di. str_Cts i ^� the Redevelopment Project area in the manner e ?� proVid d by t e Act. I SAS C''RR =NT ASSESSED The Last current prOperty in the Redeveloom to be $1-23,350.00. V I'"UAT :ON CS REAL PROPERTY N _.__ ARIA e� Zed assessed vai1-1a=_on o` real ant Area for L9ds -is e s- ^ated X. ?��1TICIPAT_D - 9UAL :Z =D ASS:.SS_D VALUATION .ND .SAlr" .S TAX i e i fed -:at 311 antiC'pat_d OL T 1 S S.. :*ia - _ redeV_ O:,,ment wl' be c---' _V -ed and assessed ° «I - ^_.. 5 ve3_ ^' - __ - '-s _� e estimated :;-,. -e e�13.iZed assessed va- L'3t_An Cf real prOper'y _il the Redc_VeIOD- ment ?rojecc Area _s approxi. ^,ate_y 5LC OCO 000. ?'he _ ' com�_e-ed pro j ec _ «_-- cont3i.. apprOxi:-ately 230, CCC square fee-c= -_ spac9. `.- an esz_:.ma':ed.average saes es :er sC'L:3r - 52CO3 _= e a-..,:al increnent_L saes tax would be S2, 300 CCCa = - -/ o_ _ ti - ta -e 5 and S= oC,CCO =rom the Vill =Se's 1 `or a tc -dl c: �2,�oC,CCO per year. he s == ;tac_d dac_ =o r C-.MM I -_or. o = _ =° Redeve' opr „er ?Lan .s ^o ? ata_ -'pan November i, 1?90, and may be cImple-ad Sooner, Cede. ^.G��. ^.C1 O, ^. -..:e 1:?CCemen aL =ax icv a� teT7?? CD- men- dC _,V= _ ==5 are ant: C_pdtad to be Completed w—'-­ =' n - Ve3r3'. i::e Redevelopment a lan 3rd �: o j ec” may be amended pur- suart to --`== provisicrs o= t: a Act, as amended. I TOWN CENTER - flu A TAX INCREMENT FINANCING DISTRICT FFALO GROVE 4-- r butf-4, — �W- C4.# A. ft-OUP A. a As"t too& A TAX INCREMENT FINANCING DISTRICT i r L 11 ._�• � ��1 � A '� ` 4Tf I� •_ �� f (l �j\ � �� i._�I'� - �-r'r" —; =ice_ - - ,;�- �{���•..� --7 Q:J� kL mum Uhf 1 t s Ir IA TOWN CENTER = BUFFALO GROVE ' � Jo.•WJ MI+ /.....• ♦....'IwN •,NM.N i wrR IN. —_ b fN EXISTING { ju U w RETAIL / OFFICE RETAIL t 1V UP 3V - 614 Va ---------- (JI ML 19 Ilk OFFICE RESIDENTIAL , FOWNCiENTER - HUFFALOGROVE -(,t- P114*0 A. PROPOSED DISTRICTS Y K' A I .A, 7 •,r and a_es t�?rCL:yhCI:L L;:e sit_. --- -at year g CoP_str'.iCtiOP_ is sChedL'led :' nc_ude approx- 4ma-ely 3C -35% o= t e tots_ - -- -ent, al.ZOSt al O_ - COR:T"ehea e i t 7elop- -. Q` , _ ° .,_ si 7 _^.eras =_cz,.:r°_ and i- iMroveme. ^_S are planned to �:e i ccmp-leted s that 700/ 9O a t ° publiC i:MP"Vement expend - t-ures will �'-e :made dUrinq this ;6** 1rst Year p1135E` P':bliC imozovemen_s are Contemplated to include the follow - 1. lei 3C'a .- +� ati on and de- accelerat_on lanes and roadway barriers, traff si 4; alizatior, _ : reT-` zed lJ _ - . :ni `ed and _ .1 improve - ments for all 1-:y^ressy and egress 1_ ^_sta1 latlons; 7u:, L c i prcvenenL =, _ ^cL.:d�. ^.q�!sIt-a or -e Ma r a- n streets, curs, L _ghting, Sig —nage _ _._cje La`n systems, landscape i-provemen moving, - mov ng, stor -i Slater and CL er ut_1_ty _ ^prOV_me nLS , 3. :)ediGated right -O= -way immroveflents inc!'-ding aGC- t_Cn Costs as necessary :or _.._ernal _n=-as_cLu -_ Systems, in ^'uding roadways, sidew - --v ^ - Lighzing, sj age, iandscapinq and ea_th aovi ng p _. COnstr'Ctior. o° ut_l_-_es including ' ` _.., WdLer 'Ines a^ .:c service, szonn, and san; Lary sewers, water re'-_n-i or and detention systems, f4re protecL_on systems, irrigation_ Systems, gas, electr_Cai, and utility cajle sVSt_Sis; and S. Ac�sis_tion and ITT en- = eer. and par'{ areas, includi. ^_g oa_'.Hay, b_ le pa_.: , i n g ' " s _ar_dsca� `'?ons_Z , street Cher si:ilii3r _nstaly3- Ap2��`\ 3 l£SA£ 2E2C232222§S QE 2202£22 Iy 2�2E73E223£y2 ?#OJI23 AREA The Legai descr -p=oSS o£ 1 as --.he Redevelopment Pr-ect Area 2e3e?e£o§ment ?Ia, and ?rOject at $ =o= ±=e Of --he public hearing Ee=eo= dist =± =ts. =5e P == i ±it Be =c5 = ±=e t= the Pe ==2 oQti±=e\ _= man attached t= t3±3 as ±= is Sent, ¥! a33ect■d taki=q M ` r L' E B E 3 Ll _ = - ^CDer:Y CammCn'y <n0un as r a +, C,n51st1ng C: aPPr- x _''a. ?ly 7 � ?5 lacata .?I 33, _.x? Car C3' :';Cad 3U� �� � J .i ^Cve , Like C.c Vn y, . ( � x:1015 a ey'%s; 1 y dr; ^`•� ,p a5 ^at _cart al t;,e Sou, ;/� ci .,,e plc thu . 1P e5, /1 ar S C y oun5h =3 North, zdny' .' �e5t a' the r 2- I'er +didn, d?SCI ^ib8d 35 'a iCtrS: �3;1mdnCinS dt t;1? tnt?r58C:i::'1 C' she Center ine at State aid Rout' `,'a. 33 +' ? t and :n SCU a3sa53 d +:�Ua ^ter CyUart2r SaCtiOnr isaid Paint j'?;ny^ 7 =?gt r the Southwest earner C. 5alj Cuarter _�ti Northwesterly along the Cen'.?r i nn ^ �+ ? an)' then Ca I 0' said ?cute va. 33 rcr a distant c= 907.' 'yet tJ its inter5act ^n + t center 'ine OF Stara =1d RR:U e• %a ?5, Cairo C^awn.ds State Bond .slue Rcu,e Nc. 33) as Shown c11 th? Plat recorded de�i `tavemoar j �I, a5 uacument 374979 ,n 30ak ',j' c. Plats, Pace , '' 20 2 22: thence Southeasterly alarlg the - ent_r•I ne - ant �0ut-3 va ;J, to 1tS 1n.er5eCt,,n + I Or said State -.ld • . with t, h SC e a Said Cuarter Cuarter Sec+i� • 3 �n, henca y2st iarg uitlh e South line C- said Quarter Guar;er Sec.. ^n + �r +� P131.3 a' be" lnning 2X�ePt.l1 all � a a� oradescr deJ `; - c , t y + 3'.t iQn,, 311 na Pdr1, �. ?,•3. n er e l 0 T ar ? ve•r I c3, ? icr su 3 0 r^^ 0 e . 1 : ^.A. a• I �, ^,^' " aid and isl . ln0 s 33 �cUta S �. V �, by 3, at 0ediC3ti0n -ecard`d .anuary = ^, 969 as 3CCUmen ^Jumo2^ iaCov3L', :tee �a n+ :' ' i e X•: e .1� there �r Cm `+ Y r I I 11'a r all .'"d 3i 70 �h3. Pal the :Cu�11.�25t ial` "'1we5 i/� a Sec iCn 33 at 0r -a5,.i Je5Cr•] ?d �.s No he =as iine c 8u= = -1 = "ar` s t - a �r,�•� '0ad is considered ''mil •Cuing ccur5is 3,,i�n t , s I Ins d the said l i e 3U= = - ;0a - �as n a alu vrave d 5ein', �0 =aey - a the Center line Cherea.= and 1e i _es� t. SOU.huZSterl . l .lne c, eau'? 33 ]ein OUthw•35terIy Partia:n C. :aid road, acCordi�c to t.,e Plat ano�ej iC31 szraich, r + u n 0, Gads 3ocumen11 Number, 08003!, '='cicrded n 2^ '.969; '.lance s South 47 degrees 37 _ 1d ua; .,, r da5r :711nUte3 `35: a'�ng Sa'd S`jterly , 51O.00 ?et t t'1e Pa.lnt a tar, ?rlCy :2 � 3 .rv.d -±e ° -r Pctnt or ^degi'IniMc 7. th.s ac. and ,GjdI:J ;:_ v i5 L� est dnu i5 a ?7 --n n t•J h? 3''�. ?;a.d _s` 1V OF 3ut ala Grave pond); -Cn iIU1 3aUth 4 7 des; ^3d5 3y } ` ^ m,n c5 =a5. aIang the ..C:t ^we5ter.y i;l? qr Pa�ta L�3 ^ rte;: '.hence South 71 d = c, ^?es i3 •.a a ?air In litC`7C'v `�5l 3u ' C ^ ence due var.h, an 5a.,; 276.37 th? ^ tangan,::i u. Seal Nor ' leas t =r:y 0 5a.d `�.,�e n'ii t tJ vn? ��1± ^t a,C.S`.3'Cs^`_ i Q ? ° . t 0 ..1 n t r t' r l ^ •J Y ♦ -- .,C-010 4 1 'roperty commonly known as the eberman /Taxman ;? CCnSisting a pry !,m ! >> un ° �' x .a. .y y,, acre,. locate, i b� i e 1' t incIs R Ut a - der s �; c e 3 �_k �.Cck goad and a�th n yr- 3 cad, SU 'a a Grave, Lake County, _ 11 i as F0 'ou Y :n0 S and iega1 deSCr:be;, That part of the Southwest cuarter of Sec,; earth ,an �, = - �, _ 1. .on �3, Cwnship ge � Zas� 0r" t, e !nird principal "eri:ia,n, describe: as Follows: mmenc,6ng at a ?0;.t in he cente !, e.0 Dad said r n c�enry PO nt being 73a ee� South c. the Ncrth'•OF Southwest te 7 °• CUar,_r, as measured along "h a center line of i"C''a. enry Road; thence South 9 degrees 36 minutes 1a seconds , C Cast n said center line, 209.75 Feet to the point OF beginning of the Property intended t0 be described; thence South 39 degrees 39 minutes �1e5t, 463.36 'eft; thence South 3 d ?^Tees 20 minutes 9 seconds East, 488.63 Feet to the 'Northeast corner OF property Conveyed to rranCis Kuhn by reed recorded as ,o t 2 -:C 1; t o ce South 5 d e number ^' 8 h n ey-oe5 �� minutes 23 SeCJ',4s E n ,,. � s east, 333.�G o she South line CF property conveyed to Op as per document number ; a'43C; t=,ence 'North 89 degree; ?3 mi;Iutes ^� seconds East along said S-uth _�^ ;,,__, ���•52 Feet to the Cen`er _ine of I"C envy Road; thence iNo rth 9 > ?e d_gr s �o ,11 1 n as ' 3 seconds !west alcng said center line, 327.28 Fees t:o �.,, �. beginning (excepting thereFrom that part thar,0 �F - "C�!enry Road as Used and devicated, :nc�'�d:ny that•par+ _0 ^vey'_: - C to the ounty of !_eke i y nst'ument ^eCC i '9 document i56E534), in Lake C, r, ` una . >' as ��� tY, �� 1 ;nCis• 1 -1 .� r1 nI V �J �J +•J .r '• I• V - In I.. 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N -C b al ... f.- C C ttt V ` (� . -• ro tP rV .n r N 1_I V (') r- Ar O _E f0 n. ro •- t (') C ar (1, f- N rtl [_ to -• N fJ A) Ar (Y) J _C J fir O J ill - • I_ no fit m 1- 7 "t7 •.- O 7_ ,7 (`) t� IV T t1 7 •,11 m (J - ., -17 in n. 1- -- v (n .) in o) - I. _I C'1 r, r) «(if E 1 ! tit in . , — ;age -2 a ,ias :33.90 r 2e +; :ha,r y27 2—Z.97 a2 �vaed = �, \�C', r . aas 33 :linu -2 s se _ �, 13 -agrae5 :� - Wes. , - - m V.as �iC 5a �n_5 ^.c 3 �cint cn the -an tar ?.ne henca Sc ..h .2 z e5 d3 ,r,i,� C35t 3 �nc `he -ant2r 11ne c; ut 5 ^0 S ] 4 a : CQ, ,L� U 3 ; .hence JQUt�1 *er• i �j C urve = oo� L �e i 1 a CUrV2d i 12 CQnve'x o n er i'r2 Q' sai . "�a� , 3L %� •a ° -„ 32„+ :C .'1 y s� and haVinC a rad1U3 3rC neasura >eginning;; thence �ie5t �n 53i' c aca c= s'ar1Y 5352riY and SGUtheri�Qral n;n2 and Cont:nuing c g tn2 boon ias C' Premises tc the ?aca c.' deginnin •dar r de5crib2d ', y � + g, 2xc1 n3 �r ?m above r+ aC� tha �Or� 'aI i ing iri Lot 'ter T.. L; Canter �Ubd' +ViSi_nf raCCrdad vCt'Jba 9 ?? + Lake a5 County , 3ecumen� :95329, , lilnCiS• �_�•�: �- ^3_3...._7? Q?erty commonly �ncu,n a5 the ,r,erman Parcel a :eiY 2 3C ^35 i -Cate, .i::.�:n �h9 57Unddri�v,5.�� ^� 0: a �3, _ake CQQ� �cac and 3u, :a'Q �_3:< a rvi:n : Q •� r '^ -'^ V za( r .�iJ .a i 'Q '2 r -nat Adrt Q• the SOUth �iiP_g- 1 %^� ^?`: range :: - - or ? .:Qn 331 r0�.nshi� 43 ,�c,r -'� �- mast o' ine ;r�rd �rinciA3i `'er.�:dn, °_sCr;b,d W5. ^ Commencing 3- i'I tir5eC::On aiQ ::rove Road and he ;Agarth L,ne Q sa.d 50Uth` :hence South O degrees 5 MJnu :e5 23 s an 5 _ . `3s t d 1 Qtly Sa: Center Line, 722.aO =aat tQ the nt , DrQaerty intended t'Q be descr °t abeginning c, nce _asp 113 i3 =ee' ?pint in t'te center iine Q `'cHenry Road d , t eet S0Uth 0+ the V rth L. j Tai L Oin being '30. C ine c- Sai SOUS;, We,� '/4 ;as m ed along the :enter line i u - easur minutes 19 , y c eery �Q�d `hence �QU`h ? degrees 36 Seconds EaS4 a!Qny sa.� �en�er Line,, 209.75 root enC °- South 89 degrees 39 '�11 ^ute5 ly'est 46-3. ^ ,North 3 degrees ZC minutes JO �eeti then`e u 5 seconds •.1e5 t , 'o •94 Feet; t'1enCe �e5t 71Q.Cg Fee t tQ the center l,ne or 3u,raIo Jr'Qv? Road; t ^ens `e ^-'� 6 degrees 57 ,i11Iut?S 2v Seconds West aiQnC Sd? j �ent?r �nll'r 33 2= '?et t0 the : u' beg inn ,n y, exceP, tie I'e `fir rV tee: as meaS'v ad a ;;n .he Vii' tner l e y Y CQun y, _11.ncis• ; t,- ;- __ i ?:�j —_ ^, ^_ ^.�.. ^_,mac -• U L to 1 (,) W 1 l•) C) C) I c:) t11 LJ 1 C) t) PJ N it r• .. U E_ -- a r -- n r. - -1 -i (,-) ►- • 1U "U Cl 7 x to T T N to : O N _r J- J' -) - -- U ) C O C) to N N 7 to CL N. -. At A O C) < l0 1/1 -) rr )l . --) r. to LL U► n IU N _) 0 N � rr 7 A E o �• V :S � c o - A x -) - 7 to "•1 /o n 0 w a a a to A_ - 111 C -•1 . -. -) a a O T A' As o N 7 T N :3 ) L) /U A to n •-"• CL r. rr -•1 A • N n T a ID A [1 n W n to -• L.L N 'U (f) (A N O -441) n n a to c o tit YI ) T N A:3 .p M r -. n 11 t)o .- • IU .+ "I ID a rr C rr _ A al — rr r G) UI - `C 7 n rr i tp `U "7 111 to —• 3 N CJ - 1� N r- -- ID - A_ u LL W -- x' W �, `< — n to E- N N N N a N C► o n N 0 � C-) I1► _) r• r- J 7" 7 O [ Ul X ,U a `< C) (A) to , In to "7 rr U1 UI • - LA at al r. s '0 :3 c u ,n at r_ 11t a lb J 7 •, C •, r. .-• A_ ID U T ( r+ C1 a — :j- ib to to -1 ") /D C1 to O ,o L A_ O to - IU IU C) to Z a n C3 u) •'• Cl D•• 7 O /l E•• A to a s C-) N o T to - N W ,4 -3 ,• cl a N C O O .. CL IU IU . • t11 a A_ to tD U• CL rr -•, :) J" Ul T ..- G --• C1 . r T N :U -0 r. r) c) - CU Ut C -) •'" r•' r•' O O E.- (iJ 1' (- O -) < C.. c C1 O A I J 7 a C r... to ID •- El r. ., ,. J n ••. ID IU O- rr , at ) _) 3 :j- A- -•1 t- .T () ID r. rr Cl- n IU N - to /1l _7- _1 T N U) G< N N D s_ ,_.. N N O O N r -- C) •- W U n :U n cl :) a c -) tr, -r, -) u) -•, •- a , ) N N LA ► -. cr 1 U1 r.- N N N la to -1 C) Aa C) - N At Lrn N CL< G\ a ,U (A -) —,A . -.. 111 .. . - to to o A n.._. r -. :) p) -,j , - C) .- p) u" n IV -h 0- A) J tit U1 l) T - Ul A) O CJ a to -•, a D Ut - a •, • • (U .Q Cl- v -1 (.J u, to -- - Q) U, J 1D T "U - to .. .._ -► .- •'• Cll n. /o l QD E) ID . •. E ►) C) (1) • -- J C •-� N W lA Cl U1 D a l/ E C to J al a — -_3 tit --' U1 ill N N Its J ::) ui 7- C1 :)- .. .. l) 1.1 N I) O UI U1 U1 U1 "a N U1 . • N -•, Io CI •, -•, 1cw) IC7 m 1 -E K") Il I -U lD VU K7 /ll `L' ILA KAJI• IA IGu K)� Il> IC7 w rn Iff) o?erty c- 1ImCIIY <naun as L,e Gars a rCe1 C;,r a�araxim3tely 2 9 acres I�Cata.4 3 �aUn�ar:3 ' ?= uta ^ ^3, laka�Caok Road anc 3u`'a, ^av? Pa 3ur c_l_ 3r ^a;s 3 d _aka :.JUntYf _1 � inC_s alnd i.ga' Y daSC. "_4? , ' � d �ar ei l 'gat part a the Sauth West Guar; ?r o; Secti ^n 33 v L 'Rang L "aun,hip e3 �ar�hf 2 1 �as� a' ?� d5 =ail Ows �aginn;ng an ,he Sau'.h line or South 'y ; 33 a; a point•95 "� es_ quarter o: Sac'.ian 2.0 ee, �j L L 5� ^ate :,e �au.h cast corner :,area thence Nar�h 9 ;,agrees 37 1/2 m',, a t• e . ut 5 ya5 along the anter ,a tangent^ a +d Canter ?ine OF State 'Route va• SOU�h east corner and pain', aI ;,eci,Ini,ng Qr this d sc. ^i�; thence West parallel e -gin% a to th@ SCU.n lino a� said South W25t aUa, o� Se-c:ian 33, 230 reet; t�2nca ivarth 9 da ree '37 +lest Parallel to the centar line a t + g 5 1 -/2 minuts5 `� °n 2 280 S aI 2 Route Pda. 03 2 00 ;eat c =ast Peet to the Canter o= State Route `!Q. ,33� th =_n a South 9 degrees 37 1/2 ,minutes Cast 2vC 'let to th p 1dC2 G beginning, in lake County, 111inais. o� Par Ca 1 2 . part of the Saute W2 s' Guar ter Cj 33 I _ " 52 ..on mS'i =3 L , J V ange . East o- the 3r1 ?.;; de S L sCll� ?d as beg nn:n^ tie ouch line 0 sa_d Saul- L f 5 J25: .guar ?-' , Sac .' ^ : L _ Lan 33 y 2.5 "'' -' -� 1�25t 'rat she Saute .dst corner Or n t sa 4 Sout:, ��i25t IlUar' er Q! Section .;3; thence North 9 dj5rees 37 1/2 ?t:nu:e5 ,;? a.]ng �ha center line Langan: d can; r 1 e st 83, 708 _ `� in C= ��ate Rcu_e ,vc. e °� 'c the Sau�h .aSt corner End place a: >eg ,n this description; t,2nCe �+d5; parai i 1 > '� J. L it L _ 2 a ,ha 3au Sou h �as� Guar at Se. ^ 33 ^�� decrees 37 1/2 •Tinutas West �. 311,' '� - ar.n 9 t ar t;,e Center ine L.L, tQU+e ;vQ. a�f 212 t:,2nCe �d5t �'2C'i �??, `� he C ^LS Route No S3• ^ c; thence South 9 de3, ^2es 37 :/^ _ �i:nu� ; 3 a.ang the Center line OF State 3QUte �! a ^_ �_ L �� J3, ee� to �,,a place o^ 6eSinning, in lake County, iiiinais: 'arcel 3: part a^ the u : t W2 _ Sa , 7 r1.Yar l a o ��� J,n 33 .1 vQ r t n , Ran 1 — L .� g , cast a� :,� 31^ `?, , G v SC I^ 1 ee g.: nn ins on the South 1 ne s3' 4UarL. C_•",` ,n 33 at a Point 952.5 'eet.W25t rcmvt:,e 'L' thence Varth 9 degrees �7 1,/ �0U.h'CaS. Co. ?r ;,a� -ea: t a 2 minutes �+?5t a ang the �e"I er ne anent nd center 1 , Q, z, � , ,I it 2 = .,� .Ju�3 g.., 7�a =,.,L . .,.,' or W25t zeI ^c! ?I ;u �,e SaU.;, 1 .,.2 v sai� SauCh jlJ f ; C Sect._ 33 ==0 ___ _ ar, r ., ?e = ` s _ L �. _:,r � r 7t :'n ^:?: ^.C? j- '1 J_cree5 3 7 _ 2 m.,nu.as :+25. 2.. .,,e r, Sau.'I J egr ? a s 37 ./? :T:;1 = f 7. - s !Eke �Cun, Yf _ a C� I If 1 ri t') Ifl n1 f. Ir •� _1 _, ..-.. AI C►1 7 _C ._, rr TJ (7 to -v flu .. o c c r7 I_ in m -) (1) _ > -v rl �- t7 Q, h) A) AI L Ml v _r_ ('J -- c U.0 ILA 0- QI c m N - c._ -u 11 V'I rr/ I I A) c: •J, r7 nt Ar tip .. '•J t_A N m to Rl • 1 in 1-1 O -J c to Li/ a tt1. --1 N -U - t/A M - �`O in 'c 00 c v ll l lip v nl o N ._. tv tY x tr rp nJ r c > E to � _. to Cr C- is (1) O C N J_ V a C OL n- tn� -'c� C� I If 1 ri t') Ifl NIC iI ^ •sloul i `f,;un. , arP7 u' '6L6�Lc Jeawn� ;uaLL'nDD Jec 5P (i£ e�npC iiI) a,nc , s Dut c; � pIt a.F,s ap aut-I Je;ue� ey: ?D X52(*. bul�i `5utuut p e:)s eu; D SuiPyD Lj :Sad 5 , sou 1 UP LPyD �I ;Sari SeaJbep 6 L' aGu2t�'; Y "_i EL PuP SUIPI;� Li wSF� Sae-;",:P v£ y:Jnr\ e'DUo'u+ `Shut pue SUIPyD OI ;5F= saeeJ6o I . P L �„ a�uey, pPG� AJuarjD;r ebPDtL;., Je }uaD ey; uI EE uol;Des ;G suti ?se*; ay; uD JauJeD upt;Das ay { 40 TSF� SutPyD z 5u1DUaWWG� ;Ir, —D `uF`pTJa" t emu'• w, ;sF- I I e5Uee 'y *JDIY Er clysumo EE Jed :El ;In C p U e I ,c pacIJDSap SulnGi ipl 5e tT , y;nD ay; C: SeibuP ;461.' ;P peJnSe LL' r �y�npc�5v y�r.1C ay; �D feat 5E £�Z y +�'ph' ay+ 1G' 'GeJey: u paJnseaW se ` +a LE 6V, ,saT aL . SnCi(D se paCiJDSap i'lle5ei pus F.'.' nE Puet peck 1G UIy .� G ^ bu+IS eJerU DCvyT,r. pe;�DD! S6JDP 6' �,ie�PU1'xLJCde ` i UGD IcDJeC yDSt'eD[; inEd ey;`se L!noux, AIu'OWLL: A d 4� , r f .927 a��c �- - ��� rty commonly known t'e St a5 n 3ndar,a (.4m _�njj7lirg ar aporox:,mate _ .i acC) �arC2: .JUn ar;a5 C: j11 y 73 -�''-5 1JCdted within �? ^ .nai5 auto 33, La` <e C� load and 3 'r ?:ad , 3u f "a l o , Y u' �rav a''e County in and l 1, f�ll,vue: Cis =gal•y descri'aed `-�at Dart ar the Southwest I 33, +- ownshia �3 +North, ?an.;z described as fallow;: ar t'Se Northwest .i4 ar Sac ; T' -ird NOte: The South Line or afaresiad Nlorthuest 1/4 of Sec:i CCnSidered as bearing East - West r - "ol1 'C �;�;. t Caving COu: ^saS: Commencing at the SCuthuest corner of aforesaid Ngrthues, 1/- =henCe due _a5t i, the SCUth line Jr arirasa1� ^Jarthuest 1/4, a ^ist,n Cf Q2 feet tC a PCint in the East line of Surf a� Road as snoun Cn the " a C ��_� o. c3tiCn For part of 3uffaio Grove Road and i'' ino i; Routa 3; ; rec,:7di j on !anuary 20, 1959 i n a11 3oa^ a7 Cn Rage 30 a5 3Ccumen c. 140303' ` ;a�reo �9 m nu +,aS L; + �. �henCe .North 6 _e S Le .^ a -CreSa .. 0 �C 3S 1 ine S; n 5 _a5ter1Y a "oreSa 3Uff g o, d a+ 3.a vrCve ? d r l ang �a5 e mod . _Sure ght ies P r JCCUm -nt NO- 1630 a v 35 Cf -4p.5a "ear t7 3 ` + Ci �o n a� .� 276.07 feet Sou`_herl C. o n or c.rve =hCS2 ^a1:u5 :S 25 f ?? at of de�+i +•i n the r as shCwn an a -:ra .. ca. on , r'or Pont of bagi; ".n ng or t -e -, X73^^ �escr.�ed tract of land; thane_ vo t < j -o e d - + degrees _9 .minutes ae. a' r Sa _3s� line, a diStan Ce a 27.02 !� ence ^Iar�h 2- da;rees 31 m n +e �'5 ' a ; '.n i Ut S. c. seconds West in �'1e wi�Cn? ?C� `. Cfe +of ?uffaiC Grove Road a :istanc C. 236.5; 'aet a ` east rl )gancY uitr, a curved 1 i - ^e, thence Nor thea5terl 'a -c, SCu'n e Y n Said curved line'. } ry t ? �3ngent to last ;72scr:bed having a radius or 25 feet, an arc distance 7f �C a point in the Westerly ri7ht- of-uaY line a= a' c 3for es ibed Route 33, thence SCUth ;,�. 4zgreOs 06 m es +Sai3 in `d5� in -a' aresaid Weser l y r ight-af -uaY in�e a v': StdnC? Of jai; •G�. t > ? a point; thence SCUtr j de•;r?eS a, mina +e A - J + ' �=-Cnds ne a distance of 230 3' r ?? L n� _�un_y, Il l inais. .0 �a• � Cf be,; ? +5-33- .:. -00. T::_s ?Lan was prepared aSa of - i deck, `?an:n & Cate a d : erro l ' 3r ra e- =.�, special counsel -o and a_ci:_oecos and er.;_,.eers - _or _owe -anzer Assccia- -es, z_`'^_ °_ er RedeV v 1 D T - 1. Preliminary Estimates of Public Redevelopment Costs Priority #1 Costs Roads /Streets (Total) Paving, Curbs, Gutters $ 703,800 Special Roadway Construction (Acceleration /De- acceleration, Bus Lanes & Entrances) 224,250 Roadway Improvement Assessments 229,000 Bridge Construction 138,000 Additional Special Decorative Paving 86,250 2. Utilities (Total) Public Utility Improvements (Comm.Ed., IBT, NIG, Cable) 270,000 Water (Including Req. Oversizing) 411,130 Storm Retention Ponds 491,050 Pipe System 747,500 Sanitary 397,900 3. Mass Grading /Excavation (Total) 4. Bike Paths (Total) Concrete Paths 157,550 Asphalt Paths 24,150 Pedestrian Concourse 69,000 5. Lighting /Street Signs (Total) Signage /Pavement Markings 6,900 Street & Driveway Lighting 327,750 Bikepaths Lighting 23,000 Pedestrian Way Lighting 6,900 -42- EXHIBIT B $1,381,300 $2,317,580 $ 700,350 $ 250,700 $ 364,550 6. Architectural /Public Structures (Total) $ 184,000 Park Building 172,500 Bus Shelter 11,500 7. Landscape Construction (Total) $ 161,580 Fine Grading 69,000 Wet Retention 32,780 Dry Retention 59,800 8. Outdoor Furniture /Fixtures /Artwork (Total) $ 65,900 Furnishings Bus Stop 4,600 Pedestrian Mall 23,000 Bike Path 9,200 Public Park 29,100 9. Soft Landscapin (Total) $1,018,560 Sod 225,170 Major Trees 458,160 Ornamental Trees 72,340 Shrubs /Flowers 104,650 Irrigation 158,240 10. Traffic Signalization (Total) $ 327,750 Buffalo Grove Road $138,000 Grove Plaza Upgrade (Jewel) 28,750 Pauline Drive (Future) 149,500 Interconnect 11,500 11. TIF Planning /Consulting (Total) $ 100,000 12. Bond Issuance Costs (Total) $ 100,000 -43- Priority #2 Costs 1. Entry Pylons (Total) $ 207,000 2. Fountain Sculpture (Total) $ 92,000 3. Land (Public Use) (Total) $ 890,000 Priority #3 Costs 1. Land Acquisition /Reimbursement (Gerschefske Property) (Total) $ 700,000 TOTAL PRELIMINARY ESTIMATE OF PUBLIC REDEVELOPMENT COSTS: $8,861,270 (821/V ) -44- EXHIBIT C STATE OF ILLINOIS ) COUNTY OF ) SS TIE REIMBURSEMENT AFFIDAVIT I, the undersigned, do hereby certify under oath that I am of Buffalo Grove Town Center Partnership, Buffalo Grove, Illinois (the "Developer "), and as such I do further certify under oath as follows: 1. That since submission of the last TIE Reimbursement Affidavit, dated 1_, to the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village "), the Developer has expended or has caused to be expended the sum of $ (the "Expenditures ") on the following public redevelopment costs (the "Costs ") for the Town Center District Tax Increment Redevelopment Project Area of the Village (the "Area"). Particular Current Total Cost Item Expenditure to Date $ Total: $ $ 2. That all of the Expenditures have been made in strict compliance with (a) the ordinances of the Village (i) establishing the Town Center TIE District Area; and (ii) providing for the issue.of the Tax Increment Allocation Revenue Bonds of the Village (the "Bonds "); (b) the provisions of the Illinois Tax Increment Allocation Redevelopment Act," Ill. Rev. Stat., Ch. 24 §11- 74.4 -1 et seq., as amended, and (c) the Tax Increment Cooperation Agreement entered into as of 1987, between the Village and Developer. 3. That the Developer requests disbursement from the Tax Increment Allocation Fund to it in an amount equal to the Expenditures. Qt-15 IN WITNESS WHEREOF, I hereunto affix my signature, this day of lg Title: Subscribed and sworn to before me this day of 19 Notary Public My commission expires: (NOTARY SEAL) (821/V) -46-