1985-02-04 - Resolution 1985-06 - IN SUPPORT OF AN INDUSTRIAL REVENUE BOND TO BE ISSUED BY THE IL DEVELOPMENT FINANCE AUTHORITY FOR MID-WEST AUTOMATION SYSTEMS, INC6RESOLUTION NO. 85-
A RESOLUTION IN SUPPORT OF AN INDUSTRIAL REVENUE BOND TO
BE ISSUED BY THE ILLINOIS DEVELOPMENT FINANCE AUTHORIfi
FOR MID-WEST AUTOMATION SYSTEMS , rNc.
I{IIEREAS, Mid-West. Automatlon Sysfens, Inc. ls proposlng to locate a
slgniflcant amount of lts manufacturing capacity ln The Corporate Grove
planned subdlvlsLon in the Vlllage of Buffalo Grove; and,
WIIERXAS, the project conlemplated wll1 conslst of the acqulsltion of
approxlmately nlne (9) acres ln The Corporate Grove along with the subse-
quent constructlon of a 100,000 square foot faclllty and acqulsltlon of
sophistLcated deslgn and assembly equlpnent; and,
WIIEP.EAS, the appllcant has estimated that benefits that w111 accrue
localIy Lnclude not only a signlflcant addition to the tax base of the Village
by lncreased direct enpl"ol'ment opportunltles of 150 over the next 24 months
along rrlth an estlmated number of lndirect jobs created of. 22; atd,
llllEREAS, based on the type of e ploynent to be created, opportunltles
such as lncreased resldency and retal1 sales wlthin the VlILage could devel--
op whlch w111 have a dlrect benefit not ooly to the Vlllage but other taxlng
agencles wlthin the areal and,
$IHXREAS, the project ls estlmated ro cosr 96,500,000 in its entirety
and Mld-West Autonation SysEems, Inc. has received tentatlve approval from
the Il11nols Development Fioance Authorlty that thaE agency w111 support the
planned expaD.sion wlth the lssuance of industrlal develop[ent revenue bonds in
that amount; and ,
WIIEREAS, Mld-West Automatlon Systems, Inc. has requested the prellnlnary
approval of the V111age of Buffalo Grove so that the IlLlnois Development
Flnance Authorlty can move ahead rdth the Lssuance of sald bonds ln order for
the project to move ahead according co planned lmplementation schedules.
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NOW, TIIEREFORE, BE IT RESOLVED BY T,IIE PRXSIDSNT AND BOARD OT TRUSTEES
OF IHE VILLAGE OT BUFFALO GROVE, COOK AND LAKE COI'NTIES, ILLINOIS thAI:
SECTION 1. The Vll1age of Buffalo Grove supports the applicatlon for
lndustrlal developnent revenue bonds ln the suo of $6,500,000 for isstrance to
l,lld-West Automatlon Systens, Ioc. for constructlon and equlpplog of a facl1-
lty wl-Ehin The Corporate crove.
SECTION 2. Ihe VIJ-1age presldent and Vlllage Clerk are authorlzed to
execute thls Resolutlon afflrmLng the support of the vlllage for the flnanclal
backlng of the project.
SECTION 3. The Vlllage Clerk ts authorized and dtrected ro forward a
certlfled copy of thls Resolutlon to: Mr. Robert Coe, Attorney at Larr;
Robbins, coe, Rublnsteln & shafran, Lrd.; suite 1000; 25 E. washlogton streer;
ChLcago, Illlnols 60602
AYES: 5 - Marienthal, Stooe, OrReilly, Ilartsteln, Reid
NAYES :0 - None
ABSENT:1- Glover
pASSED: February 4 198 5
133Xgy3p, Febrrary 4 ,1935
APPROVED:
Ve L. Clayton
Vlllage Presldent
ATTEST :
vil Clerk
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