1993-0880 0
ORDINANCE NO. 93- 88
AN ORDINANCE of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, amending Ordinance Number 86 -62 and
approving the Amended Tax Increment Redevelopment Plan and
Redevelopment Pfbject for the "Town Center District Tax
Increment Redevelopment Project Area.
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the
"Village"), has heretofore implemented tax increment allocation financing pursuant to the
Tax Increment Allocation Redevelopment Act of the State of Illinois, as supplemented and
amended (the "Act"), by approving on the 3rd day of November, 1986, a redevelopment
plan and redevelopment project (the "Plan" and "Project"), designating a redevelopment
project area within the municipal boundaries of the Village, as described in Exhibits A, B
and C to this ordinance, which area constitutes in the aggregate more than 1 and 1/2 acres
(the "Area"), adopting tax increment allocation financing for the Area, and authorizing the
State of Illinois to allocate incremental sales taxes to the Village for the Area; and
WHEREAS, the Plan and Project as approved set forth the factors which caused the
Area to be blighted, and the President and Board of Trustees of the Village (the "Corporate
Authorities ") have reviewed the information concerning such factors and have reviewed
other studies and are generally informed of the conditions in the Area which caused the area
to be a "blighted area" as defined in the Act; and
WHEREAS, the Corporate Authorities have reviewed the conditions pertaining to lack
of private investment and excessive vacancies in the Area and have heretofore and it hereby
is determined that private development will not take place in the Area as a whole without the
implementation by the Village of tax increment allocation financing; and
WHEREAS, the Corporate Authorities have reviewed the Plan and Project as
heretofore approved and also the existing comprehensive plan for development of the
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Village as a whole and have heretofore and it hereby is determined that the Plan and Project
as approved conform to the comprehensive plan of the Village; and
WHEREAS, the Corporate Authorities deem it necessary and desirable to amend the
Plan and Project to add additional project costs for acquisition of land, rehabilitation,
demolition, reconstruction, repair or remodeling of existing public or private buildings and
fixtures to increase private investment and alleviate excessive vacancies in the Area; and .
WHEREAS, the estimated date of completion of the Project and retirement of the bonds
issued to finance eligible Project costs, as set forth in Ordinance Number 86 -62 and in the
Plan as approved, was not later than December 1, 1989 and December 1, 1996, respectively,
being dates within 23 years of the date of adoption of the ordinance approving the Plan and
Project; and
WHEREAS, the Village has issued its Tax Increment Allocation Revenue Bonds,
Series A, Tax Exempt (Buffalo Grove Town Center District Tax Increment Redevelopment
Project) and its Tax Increment Allocation Revenue Bonds, Series B, Taxable (Buffalo
Grove Town Center District Tax Increment Redevelopment Project) in the aggregate
principal amount of $8,500,000 and maturing on March 1, 1997 (collectively, the "Bonds");
and
WHEREAS, the Village has determined that it is unlikely that the Bonds can be retired
on or before March 1, 1997, given the projected incremental revenues to be derived from
the Area; and
WHEREAS, the Corporate Authorities have heretofore and it hereby is determined that
it is advisable and necessary and in the best interest of the Village that the Village amend
Ordinance Number 86 -62 and the Plan and Project to restate the estimated date of
completion of the Project to December 30, 2005, and retirement of bonds to December 31,
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O O
2005, being dates not more than 23 years from the date the Plan was approved, in order to
be able successfully to issue bonds in order to finance Project costs; and
WHEREAS, pursuant to Section 11- 74.4 -5 of the Act, the Corporate Authorities called
a public hearing (the "Hearing ") to consider amending the Plan and Project by adding
additional project costs, changing the estimated date of completion of the Project and
retirement of the Bonds, for August 16, 1993, at Chippers Restaurant located at Buffalo
Grove Golf Course, 48 Raupp Boulevard, Buffalo Grove, Illinois; and
WHEREAS, due notice in respect to the Hearing was given pursuant to Section 11-
74.4 -5 of the Act, said notice being given to taxing districts and to the Department of
Commerce and Community Affairs of the State of Illinois by certified mail on June 29,
1993, by publication on July 19, 1993, and July 26, 1993, and by certified mail to taxpayers
within the Area on July 30, 1993; and
WHEREAS, the Village has heretofore convened a joint review board as required by
and in all respects in compliance with the provisions of the Act:
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. Findings. The Corporate Authorities hereby make the following
findings:
(a) The Area as heretofore approved is described in Exhibit A attached
hereto and incorporated herein as if set out in full by this reference. The street
location (as near as practicable) for the Area is described in Exhibit B attached hereto
and incorporated herein as if set out in full by this reference. The map of the Area is
depicted on Exhibit C attached hereto and incorporated herein as if set out in full by
this reference.
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H
E
(b) There continue to exist conditions which cause the Area to be subject to
designation as a redevelopment project area under the Act.
(c) The Area on the whole has not been subject to continued growth and
development through investment by private enterprise and would not be reasonably
anticipated to continue to be developed without the implementation of tax increment
allocation financing, the issuance of bonds and the amendment of the heretofore
approved Plan.
(d) The Plan and the Project, as proposed to be amended, conform to the
comprehensive plan for the development of the Village as a whole.
(e) As set forth in the amended Plan and Project and in the testimony at the
public hearing, the estimated date of completion of the Project now is December 31,
1996 and the estimated date of the retirement of all obligations incurred to finance
redevelopment project costs as defined in the amended Plan and Project now is
December 31, 2005.
(f) The parcels of real property in the Area are contiguous, and only those
contiguous parcels of real property and improvements thereon which will be
substantially benefited by the proposed Project improvements are included in the
Area.
Section 2. Amendment of Ordinance Number 86 -62. Ordinance Number 86 -62 is
hereby amended to provide that the estimated date for completion of the Redevelopment
Project is December 30, 2005 and the estimated date for retirement of obligations incurred
to finance redevelopment Project costs is not later than December 30, 2005.
Section 3. Exhibits Incorporated by Reference. The amendments to the Plan and
Project which were the subject matter of the public hearing held August 16, 1993, are
10
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hereby adopted and approved. A copy of the Plan and Project as amended is set forth in
Exhibit D attached hereto and incorporated herein as if set out in full by this reference.
Section 4. Invalidity of Any Section. If any section, paragraph or provision of this
ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the
remaining provisions of this ordinance.
Section S. Superseder and Effective Date. All ordinances, resolutions, motions or
orders in conflict herewith be, and the same hereby are, repealed to the extent of such
conflict, and this ordinance shall be in full force and effect immediately upon its passage by
the Corporate Authorities and approval as provided by law.
Passed this 1st day of November, 1993.
Approved: November 1, 1993.
Village President
AYES: 5 - Reid, Kahn, Rubin, Braiman, Hendricks
NAYS: 0 - None
ABSENT: 1 - Marienthal
Attest:
Recorded in Village Records: November 1, 1993.
Village Clerk
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EXHIBIT A - LEGAL DESCRIPTION
Lots 1 through 18 inclusive in Buffalo Grove Town Center Unit 2, being a Subdivision of
part of the Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third
Principal Meridian, according to the Plat thereof recorded December 1, 1989, as Document
No. 2855919 in Lake County, Illinois; and
Lots 4 and 5 in Buffalo Grove Town Center Unit 3, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded April 20, 1990, as Document
No. 2898129 in Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Unit 4, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded February 7, 1991, as Document
No. 2988362 in Lake County, Illinois; and
Lots 1, 2, 3 and 4 in Buffalo Grove Town Center Unit 5, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded March 8, 1991, as Document No. 2997160
in Lake County, Illinois; and
That part of the following described Parcel, lying Northwesterly of Lot 1 in Buffalo Grove
Town Center Unit 4; commencing at the Northwest corner of the Southwest quarter of
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian; thence
North 89° 58' 47" East along the North line of the Southwest quarter of said Section 33, a
distance of 193.02 feet to the Easterly line of Buffalo Grove Road per Document
No. 1408038, said point being the point of beginning; thence South 6° 30' 17" East along the
Easterly line of Buffalo Grove Road, a distance of 87.66 feet; thence Northeasterly along a
curve concave to the Northwest, having a radius of 105.00 feet, an arc distance of 153.36
feet to a point of reverse curvature, the chord of said arc having a length of 140.09 feet and
a bearing of North 41° 39' 08" East; thence Northeasterly along a curve concave to the
Southeast, having a radius of 95.00 feet, an arc distance of 111.06 feet to a point of
compound curvature, the chord of said arc having a length of 104.84 feet and a bearing of
North 33° 18' 03" East; thence Easterly along a curve concave to the South, having a radius
of 423.50 feet, an arc distance of 655.76 feet to a point of compound curvature, the chord of
said arc having a length of 592.18 feet and a bearing of south 68° 50' 54" East; thence
Southeasterly along a curve, concave to the Northeast, having a radius of 300.00 feet, an arc
distance of 96.14 feet to a point of tangency, the chord of said arc having a length of 95.73
feet and a bearing of South 33° 40' 12" East; thence South 42° 58' 03" East, a distance of
70.54 feet to a point on the North line of Lot 2 in Buffalo Grove Town Center Unit 1;
thence North 50° 12' 54" East along the North line of Lot 2, a distance of 198.31 feet to the
Northeast corner of said Lot 2, said point being also on the Westerly line of Illinois
Route 83; thence Northwesterly along said Westerly line of Illinois Route 83, said line
being a curve, concave to the Southwest, having a radius of 1,096.00 feet, an arc distance of
473.45 feet to a point of tangency, the chord of said arc having a length of 469.77 feet and a
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bearing of North 41° 44' 41" West; thence North 54° 07' 12" West along said Westerly line
of Illinois Route 83, a distance of 555.55 feet to the Easterly corner of Lot 1 in Amoco
addition to Buffalo Grove, according to Document No. 2317012; thence South 64° 48' 23"
West along the Southerly line of said Lot 1, a distance of 280.69 feet to the Southwest
corner of said Lot l; said point being also on the Easterly line of Buffalo Grove Road,
dedicated by Document No. 1408038; thence South 6° 30' 17" East along said Easterly line,
a distance of 446.54 feet to the place of beginning, in Lake County, Illinois; and
Lot 1 in Amoco addition in Buffalo Grove, being a Subdivision of part of the Southwest 1/4
of Section 33, Township 43 North, Range 11, East of the Third Principal Meridian,
according to the Plat thereof recorded October 18, 1984, as Document No. 2317012 in
Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Subdivision, being a part of the Southwest 1/4
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian, according
to the plat thereof recorded October 17, 1978, as Document No. 1953929 in Lake County,
Illinois.
A -2
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EXHIBIT B - STREET LOCATION
All properties are within the area bounded by Lake -Cook Road, Illinois State Route 83 and
Buffalo Grove Road, lying entirely within Lake County Illinois.
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VILLAGE OF BUFFALO GROVE
TOWN CENTER TAX INCREMENT FINANCING DISTRICT.
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Exhibit D - Plan and Project
Amendment to August, 1986 Plan and Project
The following are amendments to the August, 1986 Buffalo Grove Town Center District Tax
Increment Redevelopment Plan and Project.
Section VI Estimated Redevelopment Project Costs is amended by adding another
development activity for the Redevelopment Project, for which public costs may be
incurred as follows:
(8) Costs of rehabilitation, reconstruction or repair or remodeling of existing public or
private buildings and fixtures.
Section VI is further amended by deleting the word "and" after development activity (6)
and deleting the period after development activity (7) and replacing the period with a
semicolon and the word "and".
Section VI is further amended under the subsection titled Redevelopment Project Costs
to increase Site Work to $1,800,000, increase utilities to $1,500,000, increase
Streetscape /Other public facilities to $1,100,000, include Land Acquisition of
$2,000,000, and include Reconstruction of $500,000 and will then read as follows:
REDEVELOPMENT PROJECT COSTS
The Village of Buffalo Grove's Redevelopment Project. Costs include the sum total of
all reasonable and necessary costs incurred, or estimated to be included, and any such
costs incidental to the Redevelopment Plan, including the following:
ITEM
Land Acquisition
Site Work
Utilities
Streets
Reconstruction
Parks /Landscaping
Lighting
Streetscape /Other public
facilities
PROJECTED COSTS
� I, 111
11 111
11 111
11 111
II oft
II off
II off
Total Projected Costs $ 11,200,000
2. Section XI Termination of the Redevelopment Plan Js amended to end December 31,
2005 and will read as follows:
The estimated date for completion of the Redevelopment Plan is no later than
December 31, 2005, and may be completed sooner, depending on the incremental tax
yield. Actual development and redevelopment activities are anticipated to be completed
within 5 years.
VILLAGE OF BUFFALO GROVE
ORDINANCE NO. ' I
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GR V
THIS _DAY OF 19_D
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffalo Grove, Cook & Lake Counties, Illinois,
this Z— day of a e-z,) , 19 9�3.
ORDINANCE NO. 93- 88
AN ORDINANCE of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, amending Ordinance Number 86 -62 and
approving the Amended Tax Increment Redevelopment Plan and
Redevelopment Project for the Town Center District Tax
Increment Redevelopment Project Area.
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the
"Village"), has heretofore implemented tax increment allocation financing pursuant to the
Tax Increment Allocation Redevelopment Act of the State of Illinois, as supplemented and
amended (the "Act"), by approving on the 3rd day of November, 1986, a redevelopment
plan and redevelopment project (the "Plan" and "Project"), designating a redevelopment
project area within the municipal boundaries of the Village, as described in Exhibits A, B
and C to this ordinance, which area constitutes in the aggregate more than 1 and 1/2 acres
(the "Area"), adopting tax increment allocation financing for the Area, and authorizing the
State of Illinois to allocate incremental sales taxes to the Village for the Area; and
WHEREAS, the Plan and Project as approved set forth the factors which caused the
Area to be blighted, and the President and Board of Trustees of the Village (the "Corporate
Authorities ") have reviewed the information concerning such factors and have reviewed
other studies and are generally informed of the conditions in the Area which caused the area
to be a "blighted area" as defined in the Act; and
WHEREAS, the Corporate Authorities have reviewed the conditions pertaining to lack
of private investment and excessive vacancies in the Area and have heretofore and it hereby
is determined that private development will not take place in the Area as a whole without the
implementation by the Village of tax increment allocation financing; and
WHEREAS, the Corporate Authorities have reviewed the Plan and Project as
heretofore approved and also the existing comprehensive plan for development of the
Village as a whole and have heretofore and it hereby is determined that the Plan and Project
as approved conform to the comprehensive plan of the Village; and
WHEREAS, the Corporate Authorities deem it necessary and desirable to amend the
Plan and Project to add additional project costs for acquisition of land, rehabilitation,
demolition, reconstruction, repair or remodeling of existing public or private buildings and
fixtures to increase private investment and alleviate excessive vacancies in the Area; and
WHEREAS, the estimated date of completion of the Project and retirement of the bonds
issued to finance eligible Project costs, as set forth in Ordinance Number 86 -62 and in the
Plan as approved, was not later than December 1, 1989 and December 1, 1996, respectively,
being dates within 23 years of the date of adoption of the ordinance approving the Plan and
Project; and
WHEREAS, the Village has issued its Tax Increment Allocation Revenue Bonds,
Series A, Tax Exempt (Buffalo Grove Town Center District Tax Increment Redevelopment
Project) and its Tax Increment Allocation Revenue Bonds, Series B, Taxable (Buffalo
Grove Town Center District Tax Increment Redevelopment Project) in the aggregate
principal amount of $8,500,000 and maturing on March 1, 1997 (collectively, the "Bonds");
and
WHEREAS, the Village has determined that it is unlikely that the Bonds can be retired
on or before March 1, 1997, given -the projected incremental revenues to be derived from
the Area; and
WHEREAS, the Corporate Authorities have heretofore and it hereby is determined that
it is advisable and necessary and in the best interest of the Village that the Village amend
Ordinance Number 86 -62 and the Plan and Project to restate the estimated date of
completion of the Project to December 30, 2005, and retirement of bonds to December 31,
-2-
2005, being dates not more than 23 years from the date the Plan was approved, in order to
be able successfully to issue bonds in order to finance Project costs; and
WHEREAS, pursuant to Section 11- 74.4 -5 of the Act, the Corporate Authorities called
a public hearing (the "Hearing ") to consider amending the Plan and Project by adding
additional project costs, changing the estimated date of completion of the Project and
retirement of the Bonds, for August 16, 1993, at Chippers Restaurant located at Buffalo
Grove Golf Course, 48 Raupp Boulevard, Buffalo Grove, Illinois; and
WHEREAS, due notice in respect to the Hearing was given pursuant to Section 11-
74.4 -5 of the Act, said notice being given to taxing districts and to the Department of
Commerce and Community Affairs of the State of Illinois by certified mail on June 29,
1993, by publication on July 19, 1993, and July 26, 1993, and by certified mail to taxpayers
within the Area on July 30, 1993; and
WHEREAS, the Village has heretofore convened a joint review board as required by
and in all respects in compliance with the provisions of the Act:
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. Findings. The Corporate Authorities hereby make the following
findings:
(a) The Area as heretofore approved is described in Exhibit A attached
hereto and incorporated herein as if set out in full by this reference. The street
location (as near as practicable) for the Area is described in Exhibit B attached hereto
and incorporated herein as if set out in full by this reference. The map of the Area is
depicted on Exhibit C attached hereto and incorporated herein as if set out in full by
this reference.
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(b) There continue to exist conditions which cause the Area to be subject to
designation as a redevelopment project area under the Act.
(c) The Area on the whole has not been subject to continued growth and
development through investment by private enterprise and would not be reasonably
anticipated to continue to be developed without the implementation of tax increment
allocation financing, the issuance of bonds and the amendment of the heretofore
approved Plan.
(d) The Plan and the Project, as proposed to be amended, conform to the
comprehensive plan for the development of the Village as a whole.
(e) As set forth in the amended Plan and Project and in the testimony at the
public hearing, the estimated date of completion of the Project now is December 31,
1996 and the estimated date of the retirement of all obligations incurred to finance
redevelopment project costs as defined in the amended Plan and Project now is
December 31, 2005.
(f) The parcels of real property in the Area are contiguous, and only those
contiguous parcels of real property and improvements thereon which will be
substantially benefited by the proposed Project improvements are included in the
Area.
Section 2. Amendment of Ordinance Number 86 -62. Ordinance Number 86 -62 is
hereby amended to provide that the estimated date for completion of the Redevelopment
Project is December 30, 2005 and the estimated date for retirement of obligations incurred
to finance redevelopment Project costs is not later than December 30, 2005.
Section 3. Exhibits Incorporated by Reference. The amendments to the Plan and
Project which were the subject matter of the public hearing held August 16, 1993, are
M
hereby adopted and approved. A copy of the Plan and Project as amended is set forth in
Exhibit D attached hereto and incorporated herein as if set out in full by this reference.
Section 4. Invalidity of Any Section. If any section, paragraph or provision of this
ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or
unenforceability of such section, paragraph or provision shall not affect any of the
remaining provisions of this ordinance.
Section 5. Superseder and Effective Date. All ordinances, resolutions, motions or
orders in conflict herewith be, and the same hereby are, repealed to the extent of such
conflict, and this ordinance shall be in full force and effect immediately upon its passage by
the Corporate Authorities and approval as provided by law.
Passed this 1st day of November, 1993.
Approved: November 1, 1993.
Village President
AYES: 5 - Reid Kahn Rubin Braiman Hendricks
NAYS: 0 - None
ABSENT: 1 - Marienthal
Attest:
Recorded in Village Records: November 1, 1993.
Village Clerk
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EXHIBIT A - LEGAL DESCRIPTION
Lots 1 through 18 inclusive in Buffalo Grove Town Center Unit 2, being a Subdivision of
part of the Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third
Principal Meridian, according to the Plat thereof recorded December 1, 1989, as Document
No. 2855919 in Lake County, Illinois; and
Lots 4 and 5 in Buffalo Grove Town Center Unit 3, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded April 20, 1990, as Document
No. 2898129 in Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Unit 4, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded February 7, 1991, as Document
No. 2988362 in Lake County, Illinois; and
Lots 1, 2, 3 and 4 in Buffalo Grove Town Center Unit 5, being a Subdivision of part of the
Southwest 1/4 of Section 33, Township 43 North, Range 11, East of the Third Principal
Meridian, according to the Plat thereof recorded March 8, 1991, as Document No. 2997160
in Lake County, Illinois; and
That part of the following described Parcel, lying Northwesterly of Lot 1 in Buffalo Grove
Town Center Unit 4; commencing at the Northwest corner of the Southwest quarter of
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian; thence
North 89° 58' 47" East along the North line of the Southwest quarter of said Section 33, a
distance of 193.02 feet to the Easterly line of Buffalo Grove Road per Document
No. 1408038, said point being the point of beginning; thence South 6° 30' 17" East along the
Easterly line of Buffalo Grove Road, a distance of 87.66 feet; thence Northeasterly along a
curve concave to the Northwest, having a radius of 105.00 feet, an arc distance of 153.36
feet to a point of reverse curvature, the chord of said arc having a length of 140.09 feet and
a bearing of North 41° 39' 08" East; thence Northeasterly along a curve concave to the
Southeast, having a radius of 95.00 feet, an arc distance of 111.06 feet to a point of
compound curvature, the chord of said arc having a length of 104.84 feet and a bearing of
North 33° 18' 03" East; thence Easterly along a curve concave to the South, having a radius
of 423.50 feet, an arc distance of 655.76 feet to a point of compound curvature, the chord of
said arc having a length of 592.18 feet and a bearing of south 68° 50' 54" East; thence
Southeasterly along a curve, concave to the Northeast, having a radius of 300.00 feet, an arc
distance of 96.14 feet to a point of tangency, the chord of said arc having a length of 95.73
feet and a bearing of South 33° 40' 12" East; thence South 42° 58' 03" East, a distance of
70.54 feet to a point on the North line of Lot 2 in Buffalo Grove Town Center Unit 1;
thence North 50° 12' 54" East along the North line of Lot 2, a distance of 198.31 feet to the
Northeast corner of said Lot 2, said point being also on the Westerly line of Illinois
Route 83; thence Northwesterly along said Westerly line of Illinois Route 83, said line
being a curve, concave to the Southwest, having a radius of 1,096.00 feet, an arc distance of
473.45 feet to a point of tangency, the chord of said arc having a length of 469.77 feet and a
w
bearing of North 41° 44'41" West; thence North 54° 07' 12" West along said Westerly line
of Illinois Route 83, a distance of 555.55 feet to the Easterly corner of Lot 1 in Amoco
addition to Buffalo Grove, according to Document No. 2317012; thence South 64° 48' 23"
West along the Southerly line of said Lot 1, a distance of 280.69 feet to the Southwest
corner of said Lot 1; said point being also on the Easterly line of Buffalo Grove Road,
dedicated by Document No. 1408038; thence South 6° 30' 17" East along said Easterly line,
a distance of 446.54 feet to the place of beginning, in Lake County, Illinois; and
Lot 1 in Amoco addition in Buffalo Grove, being a Subdivision of part of the Southwest 1/4
of Section 33, Township 43 North, Range 11, East of the Third Principal Meridian,
according to the Plat thereof recorded October 18, 1984, as Document No. 2317012 in
Lake County, Illinois; and
Lot 1 in Buffalo Grove Town Center Subdivision, being a part of the Southwest 1/4
Section 33, Township 43 North, Range 11, East of the Third Principal Meridian, according
to the plat thereof recorded October 17, 1978, as Document No. 1953929 in Lake County,
Illinois.
A -2
EXHIBIT B - STREET LOCATION
All properties are within the area bounded by Lake -Cook Road, Illinois State Route 83 and
Buffalo Grove Road, lying entirely within Lake County Illinois.
A
VILLAGE OF BUFFALO GROVE
TOWN CENTER TAX INCREMENT FINANCING DISTRICT
North
r
4
Exhibit D - Plan and Project
Amendment to August, 1986 Plan and Project
The following are amendments to the August, 1986 Buffalo Grove Town Center District Tax
Increment Redevelopment Plan and Project.
1. Section VI Estimated Redevelopment Project Costs is amended by adding another
development activity for the Redevelopment Project, for which public costs may be
incurred as follows:
(8) Costs of rehabilitation, reconstruction or repair or remodeling of existing public or
private buildings and fixtures.
Section VI is further amended by deleting the word "and" after development activity (6)
and deleting the period after development activity (7) and replacing the period with a
semicolon and the word "and".
Section VI is further amended under the subsection titled Redevelopment Project Costs
to increase Site Work to $1,800,000, increase utilities to $1,500,000, increase
Streetscape /Other public facilities to $1,100,000, include Land Acquisition of
$2,000,000, and include Reconstruction of $500,000 and will then read as follows:
REDEVELOPMENT PROJECT COSTS
The Village of Buffalo Grove's Redevelopment Project Costs include the sum total of
all reasonable and necessary costs incurred, or estimated to be included, and any such
costs incidental to the Redevelopment Plan, including the following:
ITEM
Land Acquisition
Site Work
Utilities
Streets
Reconstruction
Parks /Landscaping
Lighting
Streetscape /Other public
facilities
PROJECTED COSTS
111 111
:11 111
11 111
11 111
11 111
11 111
11 111
1,100.000
Total Projected Costs $ 11,200,000
2. Section XI Termination of the Redevelopment Plan is amended to end December 31,
2005 and will read as follows:
The estimated date for completion of the Redevelopment Plan is no later than
December 31, 2005, and may be completed sooner, depending on the incremental tax
yield. Actual development and redevelopment activities are anticipated to be completed
within 5 years.