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1989-016O a ORDINANCE NO. 89- 16 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 and reimbursement of funds for eligible project costs, and; WHEREAS, said Exhibit B should now be further amended to facilitate the reimbursement process for eligible project costs through either the developer of the project area, eligible third party developers or its refinancing lender upon an event of foreclosure or other accelerated maturity of project indebtedness. 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 Revised 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 and to clarify the rights of the First National Band of Louisville to seek reimbursement of eligible project costs in an event of foreclosure. SECTION 2. That Exhibit "A" to Ordinance No. 88 -123, dated December 19, 1988, that being the First Amendment to Tax Increment Cooperation Agreement, is hereby declared null and void. SECTION 3. 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. O O AYES:— 5 - Marieathal, Reid, Shields, Shifrin, Mathais NAYES: 0 - None ABSENT: 1 - Glover PASSED: February 6 , 1989. APPROVED: February 6 , 1989. Village President ATTEST: 2!��A Villa Clerk 'Ivy o e REVISED FIRST AMENDMENT TO TAX INCREMENT COOPERATION AGREEMENT This Revised 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, as amended. 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; WHEREAS, the parties hereto desire to have Developer continue to submit all reimbursement claims and receive all reimbursement of public redevelopment costs with respect to any part of the Town Center site developed by any third party; WHEREAS, the Developer is also refinancing the Town Center project; and WHEREAS, the parties hereto desire to facilitate such refinancing by granting certain express rights to Developer's lender; 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 and who incurred such public redevelopment costs at such site. 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. o e 3. Right of Lender to Seek Reimbursement Upon Foreclosure. In the event First National Bank of Louisville ( "Bank "), as Lender to Developer, or as lender to the owner of that portion of the Town Center site as legally described in Exhibit "A" attached hereto and made a part hereof (the "Successor "), accelerates the maturity of the indebtedness of Developer or the Successor to Bank, the Village agrees that it shall, upon the written request of Bank, accompanied by (i) the TIF Reimbursement Affidavit and (ii) the certificate of Bank to the effect that it has accelerated such indebtedness, deliver to Bank any portion of public redevelopment costs theretofore incurred by Developer or the Successor and not previously reimbursed, and, thereafter, reimburse Bank for any public redevelopment costs incurred by Bank after such acceleration, all in accordance with the terms and provisions of the Agreement, as amended, and this Amendment, as if Bank were the Developer or the Successor under the Agreement, as amended, and this Amendment. The Village shall be entitled to rely absolutely upon the certificate of Bank provided for above. 4. Right of Developer to Assign. Developer shall have the absolute right to assign its interest in the Agreement, as amended from time to time; provided, however, that its obligations to the Village thereunder, incurred prior to any such assignment, shall not terminate without the express written agreement of the Village. IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the day and year first hereinabove written. THE VILLAGE OF BUFFALO GROVE, ILLINOIS BY: Verna Clayton Village President ATTEST: �� . Village ClerkClerk -2- ATTEST: (002.doc) 0 0 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: -3- 0 0 LOTS 1, 2 AN 3 IN BUFFALO GROVE TOWN CENTER UNIT ONE, BEING A SUBDIVISION OF PART OF THE SOUTH WEST 1/4 OF SECTION 33, TOWNSHP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED NOVEMBER 4, 1988 AS DOCUMENT 2737813, IN LAKE COUNTY, ILLINOIS. Exhibit "A"