1984-08-20 - Resolution 1984-55 - AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF INTENT BTWN VBG, IL AND ZALE CONSTRUCTION COMPANY, INC., PROVIDING FOR THE ISSUANCE BY SAID VILLAGE OF HOUSING REVENUE BONDSv RESoLUTToN No. 84 - 55
RESOLUTION authorizing the execution and delivery
of a Memorandum of Intent betlreen the Village ofBuffalo Grove, IIlinois and ZaIe Construction Company,Inc., providing for the issuance by said Village of
Housinq Revenue Bonds.
WHEREAS, the Village of Buffalo Grove (hereinafter
called the "ViIIage" ) recognizes that it is necessary for the
general rdelfare and economy of the public that the Village
endeavor to provide permanent opportunities for employmenti and
WHEREAS, the Village, in order to implement the public
purposes enumerated in the Enabling Ordinance and in furtherance
thereof to induce zale Construction Company, Inc., an Illinois
corporation ( hereinafter called the "o!rner'), to locate a
232 unit apartment housing project (hereinafter called the
nProject"), within the corporate linits of the Village, has
indicated its intent to issue its housing revenue bonds under
and pursuant to the provisions of the Enabling ordinance and to
apply the proceeds therefrom to the palrment of the costs of
acquj.ring and installing land, buildings and equipment for the
Project and to lease, sell or finance said land, buildings and
equipment to or for the owner; and
WHEREAS, the VilLage is a Home Rule Unit of covernment
and is authorized under the provisions of ordinance No. 80-I9
adopted on April 7, 1980 (the "Enabling ordinance" ), to acquire,
construct and finance housing projects, to lease, selI or
finance the same to or for any person, and to provide for the
issuance of revenue bonds in conjunction therewitht and
WHEREAS, the owner, after considering a number of pos-
sibLe locations within and outside the Village and in reliance
upon the intent of the Village to finance the acquisition and
installation of buildings and equipment for the Project through
the issuance of housing revenue bonds under the provisions of
the Enabling Ordinance, has determined to locate the Project
within the corporate limits of the Village; and
WHEREAS, it is now deemed advisable to authorize the
execution and delivery by the Village of a Memorandum of Intent
expressing formally and in writing the understanding heretofore
informally agreed upon by the Village and th Orrneri
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND
BOARD OF TRUSTEES OF' THE VILLAGE OF' BUFF'ALO GROVE, COOK AND LAKE
CoUNTIES, ILLINOIS, as follows:
SECTION ONE: The Village President is hereby author-
ized and directed to execute a Memorandum of Intent by and
between the Village and the Owner and the Village Clerk is here-
by authorized and directed to affix the seal of the Village
thereto and to attest the samei and said President and Village
Cl.erk are hereby authorized and directed to cause said
Memorandum of Intent to be delivered to, accepted and executed
by the Owner, said Memorandum of Intent, which is hereby ap-
proved and incorporated by reference and made a part of this
authorizing resolution, to be in substantially the form attached
hereto as Exhibit A.
-2-
SECTION TWO: A11 resolutions and orders, or parts
thereof, in conflict with the provisions of this resolution are,
to the extent of such conflict, hereby repealed and this
resolution shaLl be in immediate effect from and after its
adopt ion .
ADOPTED AND APPROVED this 20th day of August, 1984.
age dent
ATTEST :
Vi l{age Clerk
AyES: 4 - 0rRei11y, HarEstein, Reid, President Clayton
3 - Marienthal, Stone, GloverNAYES :
AB5ENT: 0 - None
-3-
EXHIBIT A
MEMORANDUM OF INTENT
THIS MEUORANDUM OF INTENT, made and entered into this
20th day of August, 1984, by and between the VILLAGE OF BUFFAIO
GROVE, a home rule municipality in Cook and Lake Counties,
Illinois (hereinafter called the 'Vil1age'), and ZALE
CONSTRUCTION COMPANY, INC., an Illinois corporation (hereinafter
ca11ed the 'Owner'):
WHEREAS, the Village is authorized under the pro-
visions of ordinance No. 80-19 adopted on April 7, 1980 (the
'Enabling Ordinance') to acquire, construct and finance housing
projects, to lease, sell or finance the same to or for any
person, and to provide for the issuance of revenue bonds in
conjunction therewithi and
WHEREAS, the Village, in order to implement the public
purposes enumerated in the Enabling ordinance and in furtherance
thereof to induce the Owner to locate a multi-family housing
project of approximately 232 units known as Windbrooke
Apartmentsi located on the N.E. corner of Busch and weiland
Roads, including 1and, site improvements and aII necessary
buildings and equipment (hereinafter collectively called the
'Project'), within Ehe corporate Iimits of the ViIlage, has
indicated its intenE to issue its revenue bonds under and pur-
suant to the provisons of the Enabling Ordinance and to apply
the proceeds therefrom to the payment of all or a portion of the
cost of the Project; and
W I I N E S S E T H:
WHEREAS, the Owner, after considering a number of
possible locations within and outside of the State of IIlinois,
and in reliance upon the intent of the Village to finance the
cost of the Project through the issuance of its revenue bonds
under the provisions of the Enabling ordinance, has determined
to locate the Project within the corporate Limits of the
ViIlage; and
WHEREAS, it is now deemed advisable to express for-
mally and in writing the understanding heretofore informally
discussed by the parties hereto:
NOW, THEREFORE, in consideration of the premises and
of the mutual undertakings herein expressed, the parties hereto
recognize and intend as follows:
A. The Village represents and intends:
1. That the Village is authorized by the provisions
of the Enabling ordinance to finance the acquisition, improve-
ment, construciton and installation of the Project and for the
purpose of paying all or a portion of the cost of such acquisi-
tion, improvement, construction and installation including
expenses incidental thereto, is authorized as aforesaid to issue
its revenue bonds payable from the revenues and income derived
by the Village from the Project.
-2-
' 2. Y6at the Village intends, subject in all respects
to the provisions and requirements of the Enabling Ordinance and
to a sale of its revenue bonds on terms satisfactory to the
Olrner, to use its best efforts to authorize, issue, seII and
deliver its revenue bonds, to be issued in one or more series in
an aggregate principal amount of not more than $11,500,000 ( the
exact principal amount to be fixed by ordinance of the Village
at a Iater date and agreed by the Owner, but not to exceed the
cost of acquisition, improvement, construction and installation
of the Project and expenses incidental thereto as estimated at
the time of issuance of said revenue bonds), and apply the
proceeds therefrom to the palrment of the cost of acquiring,
improving, constructing and installing the Project, provided
that prior to the issuance and delivery of such revenue bonds
there shall have been entered into between the O$rner (or Land
Trust to be designated by Owner acting on behalf of the Owner,
or any other entity acceptable to the Village) and the Village
mutually acceptable contracts whereby the Owner wiIl agree to
enter into financing agreements with the Village upon terms
which will comply vrith the provisions of the Enabling ordinance
and which will provide for the payment of amounts which wiII be
sufficient to enable the Village to pay the principal of and
interest on such revenue bonds.
3. That the financing of the acquisition, improve-
ment, construction and installation of the Project by the
Village is a proper public corporate purpose and that the
financing thereof for the owner is necessary to implement the
public purposes set forth in the Enabling Ordinance.
-3-
B. The Owner represents and intends:
I. That the
decent, safe
Project wiIl
and san i tary
result in an
housing units
increase in
i n t.he
the
number of
ViIlage.
2. That if the proposed revenue bonds ( including the
rate of interest thereon) of the Village are satisfactory, the
Owner will enter into financing agreements with the VilIage upon
terms which will be sufficient to pay the cost of acquiring, irr
proving, constructing and installing the Project as evidenced by
such revenue bonds to be issued for the account of the Project,
and will enter into such appropriate contracts with the VilIage
with regard to the foregoing prior to the issuance and delivery
of any such revenue bonds by the ViIIage.
3. That the Owner intends to cause during the term of
any such financing agreements to maintain and operate the Pro-
ject as a multi-family residential housing.
C. It is further recognized and intended between the parties
hereto as follows:
1. That the revenue bonds to be issued by the Village
shall never constitute an indebtedness of the Village or a loan
of the credit thereof within the meaning of any constitutional
or statutory provision, and such fact shall be plainly stated on
the face of each of said bonds. No holder of any of said bonds
shal1 ever have the right to compel any exercise of the taxing
power of the ViIIage to pay said bonds or the interest thereon.
-4-
Palzment of the principal of, premium, if any, and interest on
such revenue bonds to be issued to finance the cost of the
Project shall be secured by a pledge, either to the purchasers
and holders of said bonds or to a trustee acting under an in-
denture of trust for the benefit of the holders of said bonds,
of the revenues and income derived by the Village from the
Project or other security given therefor. Title to the Project
shall be in the orrner.
2. That a prinary inducement to the Or,vner in locating
the Project within the Village is the intent of the ViIIage to
finance the acquisition, improvement, construction and instal-
Iation of the Project through the issuance of its revenue bonds
pursuant to the provisions of the Enabling Ordinance.
3. That it is desirable that the Orrner, rather than
the Village, arrange for the acquisition, improvement, construc-
tion and installation of the Project in order to insure that the
Project wiIl conform to the requirements of the Orrner.
4. That this Agreement shall inure to the benefit of
the parties hereto and their respective successors and assigns;
provided, however, that in the event the bonds are not issued or
sold as contemplated herein there shall be no liability on the
part of the ViIIage or of the Olrner or of any of their officers
or employees for such nonissuance or nondelivery.
-5-
v\/5. That the ViIIage shall be paid the amount of
one-tenth of one percent (1,/10t) of the original principal
amount of such revenue bonds as an issuance and service charge.
Said palrment shall be made solely from the proceeds of such
revenue bonds. That all other costs incidental to the issuance
of such revenue bonds including the Villagers attorneyrs fees,
printing fees and aII other similar expenses shal1 be paid from
the proceeds of said bond issue. That in no event sha11 the
Village be Iiable for any costs or expenses arising from the
issuance of said bonds.
6 That this Agreement may be executed in separate
be deemed a single instrument.counterparts, all of which shall
IN WITNESS WHEREOF, THE VILLAGE OE BUFFALO GROVE,
acting by and through its corporate authorities, has caused its
corporate name to be hereunder subscribed by Verna CIayton, its
duly authorized President, and attested under its official seal
by Janet Sirabian, its ViIIage C1erk, and ZALE CONSTRUCTION
CoMPANY, INc. has caused its name to be hereunto subscribed by
its duly authorized representative, aII being done as of the
year and date first above vrritten.
VILLAGE OF BUFFALO GROVE, ILLINOIS
B ;?<\vil age Pres ident
( SEAL )
ATTEST :
^d.j'Ygeer
8r'tpdG;
-6-
v
ZALE CONSTRUCTION COMPANY, INC. ,an IIIinois corporation
n /^+sv €;ern*.! -&--TieEfaent
J-,t4il, -Secre w
-7-
ATTEST:
,I
i,..-,'l
.,':-'i.,r!
,.:,tilr
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.:."-r
flA BoDENstErra
JA}IDS S. GOB,NON, LTD.
ArroRNEYs AT LAw
ilune 11, 1984
Ur. VIillian Balling, VillageVillage of BuffaLo crove
50 Raupp Boulevard
Buffalo crove, .Illinois 60090
RE:Proposed zale Construction CompanyInalustri al Developnent Bond
Dear Mr. Balling:
THE MaReuEtrE BurLorNG
l4O SouTH OE^F6ctRN STREET
CHrc.Aco, lLUNots 6o603
'f E!EP,rox. (3r2) 3.16-rOero
l,lanager
. At. the request of Edlrard Za1e, I am writing you
_c-oncerning the proposal of Zale Construction Company t-hat theVillage of Buffalo Grove consider the issuance oi ai industrialdevelopment bond of approximately lt.5 nlllion dollars for theconstruction of a raulti-faruily apartnent project. :.
bond begins rvith the issuance of whaE ts ca1led a letter oi
-inducenent.by the Village Board of Trustees. The purpose of theletter of inducement ls to lnform the underwriter thal the.Vi1lage,-haF approved the issuance of the industrial developmentbond. With the letter of inducernent in hand, the developeiengages an underwriter to underwrite the bond issue. Once thedeveloper secures sufficient backing so that the bonds aredouble or triple A rated, the bond lssue will be underwritten.
After the bond lssue Is underwritten, the proceedsthereof are either delivered to the Village for placirnent in atrust account or are delivered dlrectly to the trustee bank.NomalIy, the developer will appoint the trustee bank. Thetrustee bank should be a najor money center bank which is fanil-
1ar. with the cornplexities of industrial development bonds. Theduties performed by the trustee bank include! (a) lnvesting theproceeds of the issue and paying same to the developer as
,' ':J
rJe.-..rrns S. Go-. ,oN. LTD.\/ArroRNEys ar Law
2 person
$20,550
3 person
$23,150
June 11, 1984
Page Two
4 person
$25 r 700
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Pursuant to the nost recent incone rimits'dlstributedb1, the u. s. Department of .Eousing and urban t&;i;d;;a;-t;"maximum income limits qualifying under the appriciuie-a"ii"iti"nof 1ow or moderate income are ai follows:
}{r. Wl11iam BaIlinoViIlage of Buffalo-Grove
t person
$18.000
.'i
needed, making sure that the investments do not viorate thearbitrage rules and regulationi ona.i--itr" rns codei--(b) receiving payments on the bonds from the developer anddistributins sane to the bondholdersi-ina 1"1 ,"nil'oiin!"tt.project and providing an oversite funciron to assure compliancewith the rules and r6gulations n""."=iry for the bonds tomaintain their tax exenpt status. The trustee bank nust perform. these functions during -tne ruri i...-"r-lt"-;;";-il";;:' t"
Recently, legislation relating to the use of indus_tri-ar deveropment bonds has been approv6a uy uott - ir,!-c"r*itt".on ways and Means of the u.s- Eouse-of nepreserrtatives ana thesenate Finance committee. rncluded in uoitr p.opo=i:."-.re-anena-ments which would resrricr the a.ouni or inaisiiiii-i""-"ioir"ntbond financing availabl" t9 a single user ln . giu.n-V".r.- fnlts.present forn, neither bill wiii i.pose any signiflcantrestrictions on rhe doltar amounr "r-l'"auitii'.r-al""i"iiii"tbonds available for the construction oi rnulti-farniry housing.
Final1y, I have been asked by Ur. ZaIe to discuss therules and regulations that exempt the interest on this bondlssue fron Federal incone tax. Under Sectlon tO:fUiin) tai-"nathe applicable regulations issued thereunder, the'inteiesi wiLlbe exeurpt from Federal income tax as long as 2Ot of the totalnunber of units in the project are either rented or availablefor rental to individuals and fanilies of low or noaeriie-irr.or"on a continuous basis. durlng the term of the bonds. . -
1.-
't .:.''
I
i . ,It i.". important to emphasize that the ZaIe projectrrllL not be subject to any subsidy by the federal govirnfrent.
',,'
:
i !f, willian BallingI Village of Buffalo- crove
lJa..rrns S. Gon:<>rv
Arronx evs ar L,rw
IB:ln
, LTD.
June 11, 1984
Page Three
Eowever, in order to continuously cornply with the requirenentthat 20r of the units be either ientei-ar avairiure-i"i-iJii.rto persons ln the above income range, Zale Constrr.ti", --"-
anticipates that it will be requir6d'to both retain a certainnumber of vacant units and adop-t a lorer rental scale for in'additional number of uni ts.
. _ f! i! ny opinion, subject to further review and advlceof outside bond counset, that this procedrfS-;ili,pi.:S;iilAplr _tii dniure"that^tte boniG nafntiin eidii.tax exenpt status.
bMfu:Very truly yours,
IRA BODENSTEIN
1il':
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TO:
FROM:
DATE :
SIDJ :
WILLIAU R. BALLING
JAMES E. TRI'ESDELL
Auguat 3, 1984
INDUSTRIAL REVENI'E BOND APPLICATION - ZALE CONSTRUCTION CO.
E. TRUESDELL,CP
i1lage Planner
I have revlewed the subject appLlcation and development planpursuant to SecEion 3.20.030.C of the Buffalo Grove Municlpal Code.The proposal ls for 236 rental apartnents near the intersectioD ofBusch Road and Weiland Road in Buffal-o Grove, Although shown asindustrial on our Conprehensive plan, thls vas amended earlier thlsyear when the Vl1lage Board, after recelving an affiruratlve recom_oendatlon fron the Plan Comisslon, annexed alrd zoned the propertylnto the R-9 zoning dlstrict wlth a speclal use for a planned- unil
developDent .
Based upon this, the project ls ln eonpliance w-ith our ordlnaneesand will be an asset to the Vlllage by provldlng rental houslng whichis currently laeking in the V11lage.
Bill:
JET/ps
cc WlLllan H. Brim /
C-
TO:
FROM:
DATE:
SUBJECT:
Wi lliam R. Balling
Wi ll iam H. Brimm
July 24, 1984
lndustrial Revenue Bond Appl ication
Zale Construct ion Company
Attached, please find a copy of the application from the Zale Construction
Company requesting Village sponsorship of a S13,500,000 industrial revenue
bond for their proposed multi-fami ly rental residential project. ln additionto the application, we have received a copy of a draft inducement resolution
and menprandum of agreement that was utilized by Zale in conjunction with a
$9,500,000 I ike project in Schaumburg. Their counsel, lra Bodenstein,
has been contracted and has been requested to prepare the docurnents as they
would desire to have considered by the President and Board of Trustees.
Copies have been sent to Bill Raysa, Jim Truesde'l l, and Ron Norene for their
comments. Zale has submi tted the required 53,000 application fee. ldeally,
consideration will be sought for August 20 due to the lack of a clear direction
on this proposed issue. Hopefully, this would prevent too much work effort to
be expended as occurred with the ARA Services issue.
lwi ll keep you advised as to the progress of this application.
am H. Brimm
ZALE C( TRUCTION COI'IPANY \r\7
2302 Er,rI Bond Rood / Arlirrgton Hciot., llllnoir 600(!l / Phono 394'9191
Aprrlicrrnt
Zale Interprises (
2502 C. Rarrd Road
ArlingLon lieights,(3tZ) )9tt-9191
a 1.lartnership )
I1 6000t;
Prorrosed I'ro jccL
Approximatelyof 6usch Road
1caa1)
21.5 acre s of vacant land 'and Wcst of lieiland Avenue
l ocate d Nor t.h
( scc at tachcd
LeqaI and Bene fi ci a I 0wnors of l)roocntv
First. State [Jank of Park Ridqe, Trustce Under Trust- Ntr. 1269
Anp I i cant's liolationship to Ploncrl.y
App Ii cant is thc holder
abovc p ropc r Ly (cor',y of
of an option to
option contract
nor
in
purchase the
attachcd)
Barrk 1up lsy Pro coeclinqs
Neithcr Zalc ConstrucLion
cver be fore been invol.veC
Zale En tc rp ri scs h rrs
any bankrupLcY ProcccdinEs.
Dclault
I,loithcr Zale Construction nor' Zale
cvo r b ocn in del'luIt or allcAedlY
paynrcrrt oF any dcb l- irrsLrunto'nL on
siqnatory.
Enterprisesin clefaulL in
vrhi ch we werc
has
t irr:
it
ZALE C, .;TRUCTION COMPANY
2302 Eln Rend Rold / A.llnoton Holghte, llllnoil 60@4 / Phont 394.9t91
Proposed Program
Thc l{indbrooko duvelopment, loca te d in the Village
of 6uflalo Grovc Illinoi s, is si tuated on the
North East corner of tsush and Weiland Roads
contiguous and Eas t of the Commonwealth Edison
high power I incs. Adjaccnt resj.dential land uses
inclucle aporln: 'nl- conrplexos locatcd both west and
sou th ol the p roposod projecL.
Thc Windbrooke dr:velopmcnt vrill consist of appPox-
imatcly 256 onc and L',o ltedrootn rcntal residcnccs
to be Ioccted in two story, buildings. Each
rcsidencc will feature "Llrrough" uni.ts, providing
both front and rear views. 0n1y four units will
havc access via building en try points r thus eliminat-
ing the need lor common corridors. Four individual
modcl types will 5e oFl"ercd, ranging irom a one
bedroom residence wi th dcn at 750 square feet'
to a two-bedroom mocjel rviLh 1048 square fect
of Iiving space. As proposed, individual uni ts
are dc tai le d as follows:
Plan
Stylc
Bcdrooms
Baths
Squarc Fect
Garden
i'.,,1-.
I+Den
750
Garden
Apt.
Garden
Apt.
CtiA D
1 2
Gardcn
Apt.
2
( D o ub I e M a s t e r )
2It 1
l.l ,rrthly renLals will ronge
[']an A to $ 700.00 month IY
850 96q 1.048
fronr $550.00 per mon th
for the "tanr-1,-'m" Plan D
for
motlel,
Each inrlivirlual unit wi I l. have carpeting in al1
living arcas, vi ny1 in ki tchens and baths, central
air c6ndj. tioning, dishwasher, disposal, reFrigcrator 'oven, ancl ranrJc.
I
ZALE \STBUCTIONCOUIPANY
2302 Eart'Hind Rood / Ailington Hoightr, lllinolr 60004 / Phonr 304-gtgl
I hc 0wner-Developer
Thc ownc r- dcve I opc r oF the p ropose d },iindbrooke
deve lopmen t is the Zalc Cons t rucLi on Company.
.'aIe ConstrucLion Conrpany is one of thc Chicago
arco's J.eoding produccrs of resiclential uniLs.
Companys products are designed to help fulfill
the nation's requircments for affordable ' high-
value housing.
The
Since I951, Edward Zalc,.principaI of the firm,
has been building l'or sale single flami 1y, town-
home, and co n domi ni uto developtnents throughout
Ch i cago's norLh and northwcstern suburbs. IJased in
A rI ing Lon Heights, llIinois, the Conrpany has
opcrated in e Ieven Chicagoland communiLies including
Higlrland Park, Glencoe, l,rlheeling, Skoklc, Northbrook 'Morton Grove, EvansLon, Bu ffalo Grove, Arlington
llcights, Rolling Meadows, and Schournburg.
During the mi ddle 1950's, t lrc Company built' and
owned, Brandcnberr'y Park East, a lr92-unit ap;rrt-
nrent lcntal p rogram in Arlington lleigh ts. I rre
acclaimed development, wtrich the Firm also manaqed
unLi l 1971, consi6tr:d oI two ond four-story huild-
ings containing bol-h one ancl two-[redroom trrlits. In
a survey conducted by [larl<et Facts, lnc. , for
0wens-Corninr.; Fiherglosc Corporation in 1970'
resiclents ol Brandctrbcrry rated Lhe development
in the uppcr' 96 th pe rccn ti I e in Le rms oF ovcrall
managente n t and unit design'
F rom a me agc r $ 100,000 sales vo l umc beginninq
over thi rt! ye ars ago , Tho Company's expectcd 19 84
sales wilI range t)eLween $I5 and $18 million'
Currcntly, the Firm is building two for salc
6svc'1r,;,mLnts in Schaurnburg, including Sunrnrit Place,
a-singlc f arnily deLacherl p"og"", in the $93'0C0
io $f00,000 range, and thc Carriage llomes of Sumnrit
P1ace, a iour piex conrlomtniu;n proqram ranqj n9
in oricc f t'om $6I,000 Lo $76,000' In aCdition,
tl,n'C.,rpl,',y lral; ac'tivc for sole rlovnlopmcnl's itr
tJuf t'alo Crove and in UartleLt'
ZALE CC TRUCTION COMPANY \-.
2302 E.tt Ro;trRoed / Arllngton Hoi0ht6, lllinoir 6000l / Phon! 394'9191
At t,he present t i.me, Zale Construction is currenLly
suitainb I96 apartrncnLs in Schautnbulg on Golf arrd
BarringIon RoatJs in a tlcvelopnient known as 'llindsong'
inu Wina=ong <Jcveloprment is bcing r .rnanecd through
an Industrial Rovcnue Bond,
A graduate of lhe Universi ty of Illinois, Edward
Zaie has served os Presidcnt of the Apartmant
Council of Illinois, t.he Hotne Bullders Association
oi Greuter Chic:r9o, and as Chairman Ior the
Corrn:.tt"o on MulIi-FamiIy Housing tor the Nationa]
Association of llo me Builders.
ZALE CON IUCTION COMPANY \r\/
2302 Eler nond Bood / Arlir)gton Hoitlrt!, llllnoii 60004 / Phorle 394'9101
Zonirrq C lassi f i ea L i on
Thc zoni ng classi fication for the proposed projecLir R,9. P.U.D'
Finan CINq
Thc p roje ct wiII
Revenue Bond to
on thl proposed
a $ I ),500,000,00 Industrial
lor Iand and improvements
reqr: i re
be use d
si te
P ub 1i c P u tp osc
ZoIe Fhterprisos hopes to benefit the public through
the issuatrce of the Indusl rial llevenue Bond by providing
atLractive housing for residen!r; of [Juf ia]o Grove.
t'li thout the Industrial Revenue Rondr the cost of the
land and imp rovemcnts would prohibi t a devclopment
of this nature.
IiltlIBXt "/t'
I
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ROSELLE, ILLINIOIS 6Oi72
(312) 894-94s9
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