1985-05-06 - Resolution 1985-27 - AUTHORIZING THE EXECUTION OF AN AMENDMENT TO THE ZALE CONSTRUCTION CO. INDUSTRIAL BOND MEMORANDUM OF INTENT FOR MULTI-FAMILY RENTAL CONSTRUCTION PURPOSESWHEREAS, the Corporate Authorities of the Village of Buffalo Grove
approved the original lnducernent Resolution and i,lemorandum of lntent pro-
viding for the issuance of industrial revenue bonds for a 235 unit multi-
fami ly rental residential project to be developed by Zale Construction
Company on August 20, 1984, that being Resol ution No. 84-55; and
WHEREAS, the original aryDunt of the industrial revenue bond to
provide project funding was establ ished at S11,500,000; and
WHEREAS, on October l, 1994 the Corporate Authorities aDended the original
inducement resolution and authorized the funding to be increased to $ll,80O,O0O
to provide for certain physical enhancements to the project; and
WHEREAS, the developer must provide for his projectrs credit enhancement
fees as an up front cost rather than provide for same on an annual basis, in the
amount of $800 ,000; and
WHEREAS, the l'lemorandum of lntent of october I, 1984 must be amended to
reflect the funding request, now establ ished at Sl2,500,OOO,
NOI.' THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES
OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS thAt:
SECT ION 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 october t, 1984 revised Hennrandum of lntent attached to this
Resolution as Exhibit A. Said amended l.lenDrandum of lntent shall
be del ivered to, accepted and executed by Zale Construction
Company, lnc.
SECTlOil 2. Said amended paragraph A. 2 is in substantially the same
form as the origina'l and revised paragraph, only the principal
amount of the aggregate bond issue increased to S12,600,000.
RESOLUTTON NO. 85 - 27
A RESOLUTION AUTHORIZING THE EXECUTION OF AN AMENDMENT
TO THE ZALE CONSTRUCTION CO},IPANY INDUSTRIAL BOND HEMORANDUM
OF INTENT FOR MULTI-FAMILY RENTAL CONSTRUCTION PURPOSES
6 - Marienthal , OrReilly, Glover, Reid, Shields, KowalskiAYES:
NAYES:0 - None
ABSENT: 0 - None
AD0PTED this 6th day of May, 1985.
ATTEST:
a9e res nt
/>
Ao"..t T),l 8"""!r."^"villEE cTa;a
-2-
EXH IB IT A
A. The Vil lage represents and intends:
2, That the Village intends, subject to all respects to the provis ions and
requirernents of the Enab'l ing 0rdinance and to a sale of its revenue bonds on termssatisfactory to the owner, to use its best efforts to authorize, issue, sell anddeliver its revenue bonds, to be issued in one or nrcre series in an aggregateprincipal anount of not more than 512,500,000 (the exact principal arnount to be
fixed by ordinance of the Village at a later date and agreed by the Owner, butnot to exceed the cost of acquisition, improvement, construction and installationof the Project and expenses incidental thereto as estimated at the time of
issuance of said revenue bonds), and apply the proceeds therefrom to the paymentof the cost of acquiring, improving, constructing and installing the project,
provided that prior to the issuance and del ivery of such revenue bonds thereshall have been entered into between the Owner (or Land Trust to be des ignated
by Owner acting on behalf of the Owner, or any other entity acceptable to theVillage) and the Vi'l lage mutual ly acceptable contracts whereby tire 0wner wil I
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 forthe payment of amounts which will be sufficient to enable the Village to pay
the principal of and interest of such revenue bonds.
V ILLAGE OF BUFFALO GROVE I LL tN0lS
By
Vi lage Pres ident
(SEAL)
ATTEST:
as"*-7v1 . &,*!;,*
Villbjle Clerk
ZALE CoNSTRUCT t0N CoflPANY, tNC. ,
an lllino s corpo rat i on
By
ATTEST:
Secretar
a
MEHORANDUM OF INTENT
/-r-
rrEM xrI. (D)
Wi I liam R. Bal I ing
Wi I I iam H. Brimm
April 19, 1985
Zale Construct ion Company
lndustrial Revenue Bond Amendment
TO:
FROH:
OATE :
SUBJECT:
u ts')1Attached, please find an enabling Resolution and amended paragraph A,2.to the Zale Construction Conpany lnducernent Resolution, Hemorandum oflntent, which was Exhibit A to the original Resolution No.84-!l and
amendatory Resolution No.84-63. The amended paragraph provides for the
upward adjustrnent in the arnount of funding requested by Zale from S'l 1,80C,000to S12,500,000. The additional funding is necessary to provide the levelof funding required due to fees owed the financial institution that has
provided the credit enhancement for Mr. Zale. A copy of his menro requesting
the change is attached. This paragraph is the only revision that needs to
be made to the previously executed Resol ution and Menprandum of lntent,
vOuA-uvt
William H. Brirnml