1984-10-01 - Resolution 1984-63 - AUTHORIZING THE EXECUTION OF AN AMENDMENT TO THE ZALE CONSTRUCTION COMPANY INDUSTRIAL BOND MEMORANDUM OF INTENT FOR MULTI-FAMILY RENTAL CONSTRUCTION PURPOSESRESOLUTIoN NO. 84 - 63
A RESOLUTION AUTITORIZING THE EXECUTION OF AN AMENDMENT
TO THE ZAIE CONSTRUCTION COMPAM INDUSTRIAL BOND MEMORANDW
OF INTENT FOR MIJITI-FA},IILY REMAT CONSTRUCTION PTiRPOSES
WIIEREAS, the Corporate Authorities of the Village of Buffalo crove
approved the original Inducenent Resolutlon and MeEorandum of Intent pro-
vlding for the lssuance of industrial revenue bonds for a 232 unit nulti-
fanily rental- residentlal project to be developed by Zale Construction
Company on August 20, 1984, that being Resolutlon No. 84-55; and
WIiEREAS, the origlnal aEount of the industrial revenue bond to
provide project funding was esrabllshed ar 911,500,000; and
WHEREAS, the developer has agreed to provide certain enhancements to
the project of a physical value that w111 require additional project fundlng
ln the amount of $300,000; and
WITEREAS, the original Memorandum of Intent must be anended to reflect
the funding request, now established at $11,800,000.
NOW, TITEREFORE, BE IT RESOLVED BY TIIE PRESIDEM AND BOARD OT TRUSTEES
OF THE VILLAGE OT BUFFAIO GROVE, COOK AND I-AKE COI]NTIES, IILINOIS thAt:
SECTION 1. The Village President and Village Clerk are hereby
authorized and directed to execute and attest and affix
the seal of the Village to the amended paragraph A. 2 to
the original Memorandum of Intent attached to this Resolution
as Exhiblt A. Said anended Meoorandum of Intent sha11 be
delivered to, accePted and executed by Zale Construction
Coffpany, Inc.
SECTION 2.Said amended paragraph A. 2 is in substantlally the same
forrn as the original paragraph, only the principal aEount
of the aggregate bond issue increased to 911,800,000.
AyES: 6 - Marienthal, Stone, 0rReilly, Hartstein, Glover, Reid
0 - NoneNAYES:
0 - NoneABSENT:
lstADOPTED this
ATTEST:
day of 0ctober, 1984,
Village PresidenE
..
N+,*.fyt -&*)'.-*
l1[%ge clerk
-2-
EXHIBIT A
I1EHORANDUH OF INTENT
A. The Vi llage represents and intends:
2. That 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 owner, to use its best efforts to authorize, issue, sell and
deliver its revenue bonds, to be issued in one or more series in an aggregate
principal amount of not r:ore than $'l I,8O0,OoO (the exact principal amount to be
fixed by ordinance of the Village at a later 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 tinre of
issuance of said revenue bonds), and apply the proceeds therefrom to the payment
of the cost of acquiring, improving, constructing and installing the Project,
provided that prior to the issuance and del ivery of such revenue bonds there
shall have been entered into between the Owner (or Land Trust to be designated
by owner acting on behalf of the 0lvner, or any other entity acceptable to the
Village) and the Village mutually acceptable contracts whereby the O^,ner will
agree to enter into financing agreements with the Village upon terms which will
comply with the provisions of the Enabling ordinance and which will provide for
the payment of amounts which will be sufficient to enable the Village to pay
the principal of and interest on such revenue bonds.
VILLAGE OF BUFFALO GROVE, ILLINOIS
By
i I lage Pres ident
(s EAL )
ATTEST:
,d"g^dva*"
vil ge Clerk
ZALE CONSTRUCTION COHPANY, INC. ,
an lllinois corporation
By
ATTEST:
Sec re ta ry
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