1984-10-01 - Resolution 1984-62 - IN SUPPORT OF THE INDUSTRIAL REVENUE BOND FINANCING BY THE IL DEVELOPMENT FINANCE AUTHORITY OF THE PURCHASING AND RENOVATION OF THE 1111 LAKE-COOK RD PROPERTYRESOLUTION NO. 84 -62
A RESOLUTION IN SUPPORT OF THE INDUSTRIAL REVENUE BOND FINANCING
BY TIIE ILLINOIS DEVELOPMENT FINANCE AUTHORITY OF THE PIJRCITASING AND
RENOVATION OF THE 1111 LAKE-COOK ROAD PROPERTY
WHEREAS, the Executive Office Conplex I (EoCI), an Illinols Limited
Partnership desires to purchase and renovate the off j-ce property at 1111 Lake-
Cook Road in the Village of Buffalo Grovel and
WHEREAS, EocI has received the approval fron the Illinols Development
Finance Authority on a Memorandun of Agreernent to issue industrial revenue
bonds on behalf of EocI for the purchase and renovatioo of the property in
an anount noE to exceed $1,250,000; and
WITEREAS, the Illlnois Development Finance Authority requires as an
issuance conditlon a 45 day waiting perlod during which the corporate
authorlties of the village can disapprove Ehe lssuance of the lndustrial
revenue bonds for the projecti and
miEREAS, it is the EOCI desire to expedlte the closing on the
financlal arrangements for the industrial revenue bonds as soon as possible;
and
SIHXREAS, by the adoption of a resolution by the corporate authorities
of the Village of Buffalo Grove in suPPort of the issue, the 45 day rraiting
period can be reduced slgnificantly.
NOW, TITEREFORE, BE IT RESOLVED BY THE PRESIDEM AND BOARD OT TRUSTEES
OF TIIE VIILAGE OI' BUFFALO GROVE, COOK AND IAKE COUNTIES, ILI,INOIS thAt:
SECTION 1. The corporate authoritles of the village hereby endorse
the issuance of $1'250'000 ln lndustrial revenue bonds
for the Executive Office Complex I' an Illinois LLmited
Partnership, by the lllinois Development Finance
Authority based on the aPProved Memorandum of Agreement '
SECTION 2.The Village Clerk is hereby directed to subnit a
certified executed copy of this Resolution to:
ILLINOIS DEVELOPMENT FINANCE AUTIiORITY
ATTENTIoN: Lee Ray Brandon
P. O. Box 397
Marion, Illinois 62959
AYES: 6 - Marienthal, Stone, 0'Reilly, Hartstein, Glover, Reid
NAyES: 0 - None
ABSEM: 0 - None
PASSED:October 1 1984,
1984.AppROVED: October I
ATTEST I
illage President
8-"F."*
il1age Clerk --
(7
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