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1988-123_ O o ORDINANCE NO. 88- 123 AN ORDINANCE AUTHORIZING THE AMENDMENT TO EXHIBIT "B" OF VILLAGE OF BUFFALO GROVE ORDINANCE NO. 87 -25, SUCH EXHIBIT BEING THE TAX INCREMENT COOPERATION AGREEMENT TO THE TOWN CENTER TAX INCREMENT REVENUE BOND ISSUANCE ORDINANCE WHEREAS, Ordinance No. 87 -25 was adopted on March 16, 1987, such ordinance authorizing the issuance of $8,500,000 in tax increment allocation revenue bonds for the Town Center District Tax Increment Redevelopment Project, and; WHEREAS, Exhibit B of Ordinance No. 87 -25, Tax Increment Cooperation Agreement, contains language that sets forth procedures for the disbursement of funds for eligible project costs, and; WHEREAS, said Exhibit B should now be amended to facilitate the reimbursement process for eligible project costs through the developer of the project area after conveyance of parts of the project area to other developers for residential or other type development. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, the following: SECTION 1. That Exhibit "A" to this Ordinance, that being the First Amendment to Tax Increment Cooperation Agreement be adopted to permit the continued payment of eligible project costs to be reimbursed to developer with respect to any part of the Town Center site developed by any third party. SECTION 2. This ordinance shall be in full force and effect from and after its passage and approval in the manner as provided by law. This ordinance shall not be codified. AYES: 6 - Marienthal. Glover.Reid. Shields, Shifrin, Mathias NAYES: 0 - None ABSENT: 0 - None PASSED: December 19. 1988 , 1988. APPROVED: December 19 , 1988. Village President ATTEST: Villdg6 Clerk 0 0 EXHIBIT "A" FIRST AMENDMENT TO TAX INCREMENT COOPERATION AGREEMENT This First Amendment to Tax Increment Cooperation Agreement ( "Amendment ") is made and entered into as of the 19th day of December, 1988, by and between the Village of Buffalo Grove, Cook and Lake Counties Illinois, a municipal corporation (the "Village ") and Buffalo Grove Town Center Partnership, an Illinois Limited Partnership (the "Developer "), and amends the Tax Increment Cooperation Agreement ( "Agreement"), entered into by the parties hereto as of March 16, 1987. W I T N E S S E T H THAT, WHEREAS, the Developer desires to sell parts of the Town Center site to one and more third parties; and WHEREAS, the parties hereto desire to have Developer continue to submit all reimbursement claims and receive all reimbursement of public redevelop- ment costs with respect to any part of the Town Center site developed by any third party; NOW, THEREFORE, the parties hereby covenant and agree as follows: 1. TIF /Public Redevelopment Costs Reimbursement. The parties hereby agree that all TIF /public redevelopment costs, incurred with respect to the Town Center project, shall be paid or reimbursed only pursuant to the Agreement and only to Developer, irrespective of ownership of the actual site within the Town Center project area as to which any such public redevelopment costs are incurred. 2. Tax Increment Allocation Fund Disbursement Procedures. All reimbursements to Developer shall be made pursuant to and as required by the Agreement. Developer shall be solely responsible for compliance with paragraph 3 of the Agreement, including obtaining and presenting to the Village any necessary documentation, from third parties or elsewhere, in connection with any reimbursement claim submitted pursuant to the Agreement and this Amendment. IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first hereinabove written. 0 0 THE VILLA P "OF BUFFALO GROVE, ILLINOIS Verna L. Clayr6n j Village President' ATTEST: N'14 Tfi , as Vill e Clerk BUFFALO GROVE TOWN CENTER PARTNERSHIP, an Illinois Limited Partnership, by BUFFALO GROVE ASSOCIATES, an Illinois Limited Partnership, its General Partner, by BGI, INC., its General Partner BY: ITS: ATTEST: t A VILLAGE OF BUFFALO GROVE ORDINANCE NO. ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE BUFFALO GR E THIS DAY OF , 19� Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buff a1 Grove, Coo Lake Counties, Illinois, this day of 19 VILLAGE OF BUFFALO GROVE ORDINANCE NO. ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE BUFFALO GR E THIS DAY OF , 19� Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buff a1 Grove, Coo Lake Counties, Illinois, this day of 19 ORDINANCE NO. 88- 123 AN ORDINANCE AUTHORIZING THE AMENDMENT TO EXHIBIT "B" OF VILLAGE OF BUFFALO GROVE ORDINANCE NO. 87 -25, SUCH EXHIBIT BEING THE TAX INCREMENT COOPERATION AGREEMENT TO THE TOWN CENTER TAX INCREMENT .REVENUE BOND ISSUANCE ORDINANCE WHEREAS, Ordinance No. 87 -25 was adopted on March 16, 1987, such ordinance authorizing the issuance of $8,500,000 in tax increment allocation revenue bonds for the Town Center District Tax Increment Redevelopment Project, and; WHEREAS, Exhibit B of Ordinance No. 87 -25, Tax Increment Cooperation Agreement, contains language that sets forth procedures for the disbursement of funds for eligible project costs, and; WHEREAS, said Exhibit B should now be amended to facilitate the reimbursement process for eligible project costs through the developer of the project area after conveyance of parts of the project area to other developers for residential or other type development. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, the following: SECTION 1. That Exhibit "A" to this Ordinance, that being the First Amendment to Tax Increment Cooperation Agreement be adopted to permit the continued payment of eligible project costs to be reimbursed to developer with respect to any part of the Town Center site developed by any third party. SECTION 2. This ordinance shall be in full force and effect from and after its passage and approval in the manner as provided by law. This ordinance shall not be codified. AYES: - Marienthal Glover Reid Shields Shifrin Mathias NAYES: - None ABSENT: 0 - None PASSED: December 19 1988 1988. APPROVED: December 19 , 1988. � "'� 1.�P2,.�- `vcSE.�- •.,.rte ;:? —� Village President ATTEST: Villiiz Clerk EXHIBIT "A" FIRST AMENDMENT TO TAX INCREMENT COOPERATION AGREEMENT This First Amendment to Tax Increment Cooperation Agreement ( "Amendment ") is made and entered into as of the 19th day of December, 1988, by and between the Village of Buffalo Grove, Cook and Lake Counties Illinois, a municipal corporation (the "Village ") and Buffalo Grove Town Center Partnership, an Illinois Limited Partnership (the "Developer "), and amends the Tax Increment Cooperation Agreement ( "Agreement"), entered into by the parties hereto as of March 16, 1987. W I T N E S S E T H THAT, WHEREAS, the Developer desires to sell parts of the Town Center site to one and more third parties; and WHEREAS, the parties hereto desire to have Developer continue to submit all reimbursement claims and receive all reimbursement of public redevelop- ment costs with respect to any part of the Town Center site developed by any third party; NOW, THEREFORE, the parties hereby covenant and agree as follows: 1. TIF /Public Redevelopment Costs Reimbursement. The parties hereby agree that all TIF /public redevelopment costs, incurred with respect to the Town Center project, shall be paid or reimbursed only pursuant to the Agreement and only to Developer, irrespective of ownership of the actual site within the Town Center project area as to which any such public redevelopment costs are incurred. 2. Tax Increment Allocation Fund Disbursement Procedures. All reimbursements to Developer shall be made pursuant to and as required by the Agreement. Developer shall be solely responsible for compliance with paragraph 3 of the Agreement, including obtaining and presenting to the Village any necessary documentation, from third parties or elsewhere, in connection with any reimbursement claim submitted pursuant to the Agreement and this Amendment. IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first hereinabove written. J f 1" a ATTEST: �� ��� C.� -� `►xs -t� Wit:: Vill,a�e Clerk ATTEST: THE VILLAGE OF BUFFALO GROVE, ILLINOIS BY: Verna L. Clayton Village President BUFFALO GROVE TOWN CENTER PARTNERSHIP, an Illinois Limited Partnership, by BUFFALO GROVE ASSOCIATES, an Illinois Limited Partnership, its General Partner, by BGI, INC., its General Partner BY: ITS: