1983-06-06 - Resolution 1983-18 - AUTHORIZING THE EXECUTION OF A MEMORANDUM OF INTENT BY AND BETWEEN CVB AND ARA SERVICES REGARDING ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS RESOLUTION NO. 83-18
A RESOLUTION AUTHORIZING THE EXECUTION OF
A MEMORANDUM OF INTENT BY AND BETWEEN THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES,
ILLINOIS AND ARA SERVICES, INC. , REGARDING
THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS
WHEREAS, ARA Services, Inc . (hereinafter referred to as
the "Company" ) wishes to have the Village of Buffalo Grove,
Illinois, a home rule unit of government under the provisions of
Article VII of the 1970 Constitution of the State of Illinois
(the "Issuer" ) , issue its revenue bonds to finance the
acquisition, construction and installation of six (6) child day
care facilities (the "Project" ) - one (1 ) located within the
Issuer and five (5) located outside of the boundaries of the
Issuer but within ten ( 10) miles of the Issuer to be operated by
the Company as follows:
Buffalo Grove: near intersection of Dundee Road and
Old Arlington Heights Road
Palatine: near intersection of Baldwin Road
and Dundee Road
Vernon Hills: near intersection of Phillip and
Deerpath
Wheeling: Lake Cook Road east of Route 83
Elk Grove: near intersection of Nerge and Devon
Arlington Heights: to be determined
WHEREAS, the Company warrants that it will construct
one ( 1) child day care facility within the corporate limits of
the Issuer from the proceeds of the revenue bonds issued
hereunder; and
WHEREAS, a Memorandum of Intent has been presented to
the Issuer under the terms of which the Issuer indicates its
intent, subject to the provisions of such Memorandum of Intent
and the adoption of an appropriate Bond :ordinance, to issue its
revenue bonds to provide such facilities; and
WHEREAS, one purpose of this resolution is to assure
the Company of the availability of financing and thereby permit
commencement of acquisition, construction and installation of
such facilities prior to issuance of such 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, IN THE EXERCISE OF ITS HOME RULE POWERS, AS
FOLLOWS:
SECTION ONE. That in order to insure the location of
one unit of the Project within the boundaries of the Issuer, with
the increased employment and other resulting public benefits
which will flow therefrom, as well as the location of the other
five units of the Project within ten (10) miles of the Issuer, it
is deemed necessary and advisable that industrial development
revenue bonds be issued in an amount sufficient to finance the
cost of the Project in an amount not to exceed $3, 500, 000.
SECTION TWO. That the President of the Issuer is
hereby authorized and directed to execute a Memorandum of Intent
with the Company in substantially the form of such Memorandum of
Intent as was presented to this meeting with such changes therein
-2-
as shall be approved by the President which approval shall be
evidenced by the President' s execution of the same.
SECTION THREE. That the officers and employees of the
Issuer are hereby authorized to take such further action as is
necessary to carry out the intent and purpose of the Memorandum
of Intent as executed and to assure the Company that the proceeds
of one or more issues of industrial development revenue bonds of
the Issuer in aggregate amount sufficient to finance the cost of
the Project, will be made available upon satisfaction of the
terms and conditions stated in such Memorandum of Intent with
respect to such facilities, which Memorandum of Intent is hereby
made a part of this Resolution.
SECTION FOUR. That this Resolution shall be in full
force and effect from and after its passage and approval in the
manner provided by law and all orders and resolutions or parts
thereof conflicting herewith be and they are hereby repealed.
-3-
`1 f.
•
• PASSED by the President and Board of Trustees of the Village of
Buffalo Grove, Cook and Lake Counties, Illinois, this 6th day of
June, 1983 .
AYES: 6 - Marienthal , Stone, - Trustees
O' Reilly, Hartstein, Schwartz, Glover
NAYS: 0 - None -
ABSENT: 0 - None -
Approved this 6th day of June, 1983 .
Village President
ATTEST: - _
�thage��Cle�rk
-4-