1979-12-17 - Resolution 1979-73 - Resolution of Intent Regarding Commercial and Industrial Revenue Bond financing RESOLUTION NO. 79 - �l3
A RESOLUTION OF INTENT REGARDING COMMERCIAL AND
INDUSTRIAL REVENUE BOND FINANCING
WHEREAS, the Village of Buffalo Grove in the development of its long
range planning objectives encourages commerce and industry within the corporate
limits of the Village now, and as expanded in the future; and
WHEREAS, the local encouragement of this development will both broaden
the tax base and employment opportunities within the Village; and
WHEREAS, to achieve these objectives the Village intends to make
available to new and existing commercial and industrial entities the benefits
of low-cost tax exempt financing through the issuance of Industrial Development
Revenue Bonds and Commercial Development Revenue Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS, THAT:
1 . The Village of Buffalo Grove will adopt the provisions of the
Industrial Project Revenue Bond Act , Illinois Revised Statutes, Chapter 24,
Sections 11-74-1 through 11-74-13 to the extent allowable by non-home rule
communities.
2. The Village of Buffalo Grove will adopt the provisions of the
Commercial Renewal and Redevelopment Area Act, Illinois Revised Statutes,
Chapter 24, Sections 11-74.2-1 through 11-74.2- 19 to the extent allowable by
non-home rule communities.
3. The President and Board of Trustees of the Village of Buffalo
Grove are hereby authorized to and encouraged to do all acts reasonably required
to assist qualified existing and prospective commerce and industry by carrying
out all steps needed to facilitate the issuance of bonds under these Acts.
4. Existing and prospective commercial and industrial companies
are encouraged to contact the President of the Village of Buffalo Grove at
50 Raupp Boulevard, Buffalo Grove, Illinois for further information as to
the Village's Commercial and Industrial Revenue Bond program.
AYES: 6 - Marienthal . Stone, O'llti_11y- ,Hartstritl, Kavitt, GPrcrhpfckP
NAPES: 0 - None
ABSENT: 0 - None
PASSED this _ 17th day of December „ , 1979.
V age President
ATTEST
Vi 1hag Terk {t
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