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
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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.
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(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,
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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
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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
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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
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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
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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
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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
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(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
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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,
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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,
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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,
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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
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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 -; -
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= 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
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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
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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
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or
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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-