1985-08-05 - Resolution 1985-37 - IN SUPPORT OF AN INDUSTRIAL REVENUE BOND TO BE ISSUED BY THE IL DEVELOPMENT FINANCE AUTHORITY FOR YANMAR DIESEL AMERICAN CORP.RESOLUTION NO. 85- 37
A RESOLUTION IN SUPPORT OI'AN INDUSTRIAI REVENUE BOND TO BE ISSUED BY
TIIE II,LINOIS DEVELO?MEX,IT FINANCE AUTBORITY FOR YANMAR DIESEL AMERICAN
CORPORATION
WIiEREAS, Yanmar Diesel Anerlca CorporaEion is proposing to locate its
natlonal headquarters, lrarehousing, and asse[bly operations in The
Corporate Grove planned subdivlsion in the Village of Buffalo Grove; and
WI{EREAS, the project contemplated w111 consist of the acqulsltlon of
land 1n The Corporate Grove, along r,rlth the subsequent constructlon of a
35,000 square foot faclllty and acqulsition of nachlnery and equlpment; and
WHEREAS, the appllcant has estimated that benefits that w-111 accrue
locally lnclude not only a signlflcant additlon to the tax base of the
Vlllage, but lncreased dlrect employment opportunitles for 1ocal resldents; and
WIIEREAS, based on the type of employment to be created, opportunitles
such as lncreased residency and retail sales within the VllLage could
develop whlch wtll have a direct beneflt not only to the Vlllage but to
other taxlng agencles within the area; and
I,IHEREAS, the project is estimated to cost $2,500,000 in its entirety
and Yanmar Diesel Amerlca Corporation is requesting $1,500,000 ln lndustrlal
development revenue bonds from the Illlnois DevelopEent Flnance Authority; and
IIEEREAS, Yanmar Dlesel America Corporation has requested the Prellmlnary
approval of the Vlllage of Buffalo Grove so that the IlLinots DeveloPment
Finance Authority can move ahead wlth the issuance of said bonds ln older for
the project to move ahead accordlng to Planned lmPlementatlon schedules.
NO},' TTIERET'ORE, BE IT RESOLVED BY TIIE PRESIDENT AND BOARD OF TRUSTEES OF
TIIE VILLAGE 0I' BUT'rALO GROVE ' COOK AND LAKE CoITNTIES ' II,LINOIS that:
SECTION l. The Vlllage of Buffalo Grove suPports the apPlication for
lndustrial development revenue bonds 1n the sum of $1,500,000 for Lsguance
to Yanmar Diesel Amerlca Corporation for construction and equipPing of a
facllity wlthin The Corporate Grove.
SECTION 2. The Vlllage walve and does hereby wai.ve any further notices
from the Illlnols Development I'lnance Authority as issuer wlth respect to
the fundlng to an amount not to exceed $1,500,000,
SECTION 3. The Vil lage President and Village C1erk are authorized to
execute thls Resolutlon affirnl-ng the support of the Village for the
flnanclal backlng of the project.
AYES 4 - Marlenthal, Glover, Reid, Shields
0 - NoneNAYES :
ABSENT: 2 - 0rRei1ly, Shlelds
PASSED: August 5', 1985.
, 1985.APPROVED :
ATTEST:
AugusE 5,
APPROVED
erna L. Clayton
Village President
-a
Village Clerk Pr Tem
2
Wl11iam R, Balliog
Wll-llam H. Br firm
July 15, 1985
Industrial Development Revenue Bond
Yanrnar Diesel America Corporatlon
rTEM XII.. (E)
TO:
FROM:
DATE:
SUBJECT:
Attached, please flnd aResolution prepared for conslderation by the Presldent
and Board of Trustees on August 5, 1985, that supports the issuaoce of
$1,500,000 in industrial developnent revenue bonds by the I111nois DevelopDent
Flnance Authorlty for Yamnar Diesel Amerlca Corporation. The proceeds,
along wlth an equity contribution of $1,000,000, will be used to acquire
Land, construct, and equip the appllcantis facility, and cover issuance costs
of same, wlthin The Corporate Grove. A copy of the applicantrs submittal is
on file with the Vlllage Clerk which describes the project and the applicant
ln greater detall.
?he intent of the Resolution is to shor{, local support of the project that rdll
be financed by IDFA. Under the language of the Act that established the
Authority, a jurlsdiction where the project is to be located is permltted
to approve the issuance, or if opposed, adopt a Resolution dlsapproving
the project. Wlthout approval or endorsement in one forn or another (resolutlon
of support or non-action or disapproval resolution), the Authority sha11 not
lssue any bonds reLatlng to the groject. Usua1ly, notice wlll be transmitted
from the Authority. However, the Authority does not again convene until
August 2I, 1985 and by the time the Village receives final notices, complicatlons
relative to project execution could threaten Ehe project. Hence, the section
in the Resolutlon regarding the rraiver of further notlces fron the Authority.
This Resolution w1ll be considered final loca1 approval.
If approved by the President and Board of Trustees on August 5, 1985, copies
of the Resolutlon will be forwarded Eo counsel for the applicant along with
the llllnols Development Flnance Authority for use ln their deliberatLons
of August 21, 1985.
irl
Ililliam H. Brimn