1993-0131 :
2/12/93
D - 0
ORDINANCE NO. 93-13
AN ORDINANCE AUTHORIZING A REDUCTION IN THE
MARCH 1, 1993 PAYMENT DUE ON THE TAX INCREMENT
ALLOCATION REVENUE BONDS
WHEREAS, the Village of Buffalo Grove is a home rule unit pursuant to
the Illinois Constitution of 1970; and,
WHEREAS, MSA Realty Corp. the holder and owner of all of the Series
A and Series B Tax Increment Allocation Revenue Bonds (Buffalo Grove
Town Center District Tax Increment Redevelopment Project); and,
WHEREAS, MSA has authorized a reduction in the March 1, 1993
interest payment due under said Bonds pursuant to a letter attached hereto
as Exhibit A.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE
COUNTIES, ILLINOIS:
Section 1 . That the letter from MSA Realty Corp., attached hereto as
Exhibit A, authorizing a reduction in the interest payment due March 1, 1993
under Series A and Series B Tax Increment Allocation Revenue Bonds, is
hereby accepted.
Section 2. Interest payment due under said Bonds is hereby directed
to be made in accordance with Exhibit A hereto.
Section 3. This ordinance shall be effective from and after its passage
and approval. This ordinance shall not be codified.
AYES: 5 - Marienthal, Reid, Kahn, Braiman, Hendricks
NAYES : 0 - None
ABSENT: 1 - Rubin
PASSED: February 16, 1993 APPROVED: February 16, 1993
APPRO
SIDNEY H. MATHIAS
Village President
ATTEST:
Vill Clerk
R E A L T Y
Q 9 !x XII (A) AAWY
February 15, 1993
President and Board of Trustees
Village of Buffalo Grove
50 Raupp Boulevard
Buffalo Grove, Illinois 60089
The undersigned, NSA Realty Corporation, an Indiana
corporation ( "NSA ") is the sole holder and owner of all of the
$6,490,000.00 Tax Increment Allocation Revenue Bonds, Series A, Tax
Exempt and all of the $2,010,000.00 Tax Increment Allocation
Revenue Bonds, Series B, Taxable (Buffalo Grove Towne Center
District Tax Increment. Redevelopment Project) of the Village of
Buffalo Grove, Illinois ( "Village ").
That pursuant to the terms of said Bonds, a Series A Bond
interest payment of $324,500.00 and a Series B Bond interest
payment of $130,600.00 are due NSA on March 1, 1993. NSA hereby
acknowledges the Village's ongoing negotiations of a possible
restructuring of the Series A and Series B Bonds. NSA hereby does
further acknowledge that it will accept payments of $260,000.00 on
the Series A Bonds and $100,000.00 on the Series B Bonds toward
payment of such payments due it on March 1, 1993; provided that
neither such acceptance, nor any continuing negotiations shall
constitute a waiver of the undersigned's rights to receive the
remaining interest amounts due it on March 1, 1993.
NSA REALTY CORPORATION, an Indiana
Corporat on
By:
David Simon, President
MA Realty Corporation
Merchants Plaza. 1IS west Washington street
Ini"upolis, IN 46204
Phone: (317) 263 -7030