1986-06-02 - Resolution 1986-40 - INDICATING AN INTENT TO USE TAX INCREMENT FINANCING FOR REDEVELOPMENT OF THE BG TOWN CENTER AND TO ISSUE REVENUE BONDS IN THE AMOUNT OF $7,000,000 PLUS 18 MONTHS CAPITALIZED INTEREST THEREON, IN RESPECT THERETOI
RESOLUTION NO. 86-40
RESOLUTION INDICATING AN INTENT TO USE TAX INCREI\,IENT
FINANCING FOR REDEVELOPMENT OF THE BUFFAIO GROVE TOWN
CENTER AND TO I SSUE REVENUE BONDS IN THE AI\,IOUNT OF
$7,000,000, pLUs 18 MoNTHS cAPr"ArrzED TNTEREST
THEREON, IN RESPECT THERETO.
WHEREAS, under Chaptet 24, Section II-74.4-1 , et seq.,
I1l. Rev. Stats., which sections are known as the I'Rea1 Property
Tax Increment Allocation Redevelopment Act'r (hereinafter referred
to undertake the redevelopment of blighted or conservation
areas through tax increment financingi and pursuant to the
Act, the Village is empowered to incur redevelopment project
costs; and,
WIIEREAS, pursuant to the Act, to implement tax increment
financing it is necessary for the corporate authorities to
adopt a redevelopment p1an, redevelopment project, designate
a redevelopment area on the basis of findings that the area
qualifies as a blighted area or a conservation area, and make
a finding that the redevelopment project area on the whole
has not been subject to growth and development through investment
by private enterprise and would not reasonably be anticipated
to be developed without the adoption of a redevelopment pIan,
which plan contains a commitment to use public funds; and
WIIEREAS, prior to the adoption of a redevelopment p1an,
redevelopment project and designation of a redevelopment area,
it is necessary and desirable for the corporate authorities
I
to determine the feasj-bility of tax increment financing and
determj.ne vrhether conditions exist from which the corporate
authorities may make a finding as to the existence of a
blighted area or the existence of a conservation area; and
WHEREAS, the corporate authorities have conmenced
preliminary consideration to determine whether the necessary
findings may be made in respect to the village Town Center
to designate such area as a redevelopment project area, and.
have incurred and will incur costs relating thereto; and,
$IHEREAS, it is deemed to be necessary, essential and
in the best interests of the inhabitants of the Village of
Buffalo Grove to employ tax increment financing and use
proceeds of obligations issued or receipts thereunder to
refund or to pay the principal and j_nterest on obligations
issued to pay certain public redevelopment costsi and
WHEREAS, preliminary consideration shotrs that the area
i.s characterized and influenced by a combination of factors
by which the area may be eligible for tax increment financing;
and
WHEREAS, preliminary consideration shows that the proposed
redevelopment project area on the nhole has not been subject
to grovrth and development through investment by private
enterprise and would not reasonably be anticipated to be
developed for its desj.gnated purpose without the adoption
of a redevelopment plan, commj.tting public funds to improvements i
and
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-3-
WIIEREAS, such consideration also shows that redevelopment
is feasible if tax increment financing is util-ized pursuant
to the Act as one of the redevelopment tools and the tax base
of all taxing districts in the redevelopment area will be
benefitted by redevelopment i and
!fi{EREAS, one private developer, Town Center Associates,
an Illinois general partnership, has expressed j-nterest i.n
participating in the redevelopment project, provided that
the Town Center is made a tax increment district and certain
public improvements relating to the redevelopment project
are paid for from the revenue bond issue described hereinbelow;
and
WHEREAS, this resolution is being adopted, in part, to
induce such private developer to continue to work with the
Vi1lage, and expend monies relating thereto, to develop the
proposed project area as the Villagers Town Center consistent
wj.th previous master plans and ordinances of the Vi11age.
NOW, THEREFORE, be it resolved by the president and Board
of Trustees of the Village of Buffalo crove, Cook and Lake
Counties, 11linois, as follows:
1. That redevelopment of the Town Center area, pursuant
to tax j-ncrement financing in accordance with the provisions
of the Act, is feasibte and the Village intends that the Act
be utilized as one of the redevelopment tools for redeveropment
thereof or such portion or additional contiguous area as may
be appropriate.
2. That a proposed redevelopment plan and project
should be developed for the above-described area and said
area should be considered for designation as a ,'redevelopment
project area" as defined in the Act.
3. That the above-described area contains factors which
$ri1I support a finding that the area qualifies as a blighted
area within the meaning of the Act.
4. That the redevelopment project area on the whole
has not been subject to grovrth and development through
investment by private enterprise since being originally
designated by the Village for Tovrn Center development in
1972, and j.s not reasonably anticipated to be so developed
without the adoption of a redevelopment p1an.
5. That at such time as Totrrn Center is designated as
a redevelopment project, pursuant to the Act, it is the intent
of the Village to issue revenue bonds, secured by the tax
increment fund, but not by the full faith and credit of the
Village, j-n the principal amount of 97,000,000 ptus 1g months
capitalized interest thereon, to pay for certain pubtic
improvements relating to the redevelopment project.
6. A1l intentions of the Village herein are subject
to the approval by the Village of acceptable terms and conditions
of any and all instrtments or proceedings relating to said
revenue bonds.
7. That this Resolution shall be in fuII force and
effect irunediately upon its passage and approval as provided
by Iaw.
-4-
8. That all ordinances, resolutions and orders, and
parts thereof, j.n conflict herewith are hereby superseded
to the extent of such conflict.
Adopted this 2nd day of June, 1986.
App
t
( sEAr )
Attest:
Tn &.$^"*
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Trustee Reid made a motion that said
Resolution be adopted by said President and Board of Trustees,
which motion was duly seconded by Trustee Glover
After ful1 discussion and consideration of the matter,
the ro11 was ca11ed as follows:
AYE: 4 - Marienthal' Glover, Reid' Shields
NAY: 2 - 0rRei11y, Kowalski
ABSENT OR NOT VOTING: 0 - None
Verna L. Clayton, President, announced the motion carried
and the Resolution duly adopted.
(Other Business )
There being no further business to come before the president
and Board of Trustees, upon motion duly seconded and unanimously
adopted, the meeting was adjoulned.
Ve a L. C ayton - Presi t
(sEAr)
Attest:
Vi
8,r"!;^-
CI
RESOLUTION NO. 86-40
RESOLUTION INDICATING AN INTENT TO USE TAX INCREMENT
FINANCING FOR REDEVELOP!4ENT OF THE BUFFAIO GROVE TOWN
cEr\trFErD ^rrh .n.\ r'ccrlE! DEiarFrrtrF h^r'\s IN THE AMoUNT oF
$7 .AIIZED INTEREST
TII
N\
WH
I11. Re
Tax Inc
to unde
f,e t,a}'
gi?"^!)
on 11-74.4-1, et seq. ,
known as the "Rea1 Property
t Act" (hereinafter referred
alo Grove is empowered
ghted or conservation
tto as
areas t. ; and pursuant to the
Act, thu - -- -..-sr redevelopment project
costsi and,
WHEREAS, pursuant to the Act, to implement tax increment
financing it is necessary for the corporate authorities to
adopt a redevelopment p1an, redevelopment project, designate
a redevelopment area on the basis of findings that the area
qualifies as a blighted area or a conservation area, and make
a finding that the redevelopment project area on the whole
has not been subject to growth and development through investment
by private enterprise and would not reasonably be anticipated
to be developed without the adoption of a redevelopment p1an,
which plan contains a commj.tment to use public funds; and
WHEREAS, prior to the adoption of a redevelopment plan,
redevelopment project and desigmation of a redevelopment area,
it is necessary and desirable for the corporate authorities
b
to determine the feasibility of tax increment financing and
determine whether conditj.ons exist from which the corporate
authorities may make a finding as to the existence of a
blighted area or the existence of a conservation areai and
WHEREAS, the corporate authorities have commenced
prelirninary consideratj.on to detertnine whether the necessary
findings may be made in respect to the Village Tor^rn Center
to designate such area as a redevelopment project area, and
have incurred and will incur costs relating thereto; and,
WIIEREAS, it is deemed to be necessary, essential and
j"n the best interests of the inhabitants of the Village of
Buffalo crove to enploy tax increment financing and use
proceeds of obligations issued or receipts thereunder to
refund or to pay the principal and interest on obligations
issued to pay certain public redevelopment costsi and
WHEREAS, preliminary consideration shows that the area
is characterized and influenced by a combination of factors
by which the area may be eligible for tax increment financing;
and
WHEREAS, preliminary consideration shows that the proposed
redevelopment project area on the whole has not been subject
to grovrth and development through investment by private
enterprise and would not reasonably be anticipated to be
developed for its designated purpose without the adoption
of a redeveropment pran, commJ-tting public funds to improvements i
and
-2-
WHEREAS, such consideratj.on also shows that redevelopment
is feasible if tax increment financing is utilized pursuant
to the Act as one of the redevelopment tools and the tax base
of al1 taxing districts in the redevelopment area will be
benefitted by redevelopment i and
I{IIEREAS, one private developer, Town Center Associates,
an Illinois general partnership, has expressed interest in
participating in the redevelopment project, provided that
the Town Center is made a tax increment district and certain
public j.mprovements relating to the redevelopment project
are paid for from the revenue bond issue described hereinbelow;
and
hIHEREAS, this resolution is being adopted, in part, to
induce such private developer to continue to work with the
Vil1age, and expend monies relating thereto, to develop the
proposed project area as the Villagets Town Center consistent
with previous master plans and ordinances of the ViIIage.
NOVI, THEREFORE, be it resolved by the president and Board
of Trustees of the Village of Buffalo Grove, Cook and Lake
Counties, Illinois, as follows:
I. That redevelopment of the Town Center area, pursuant
to tax increment financing in accordance with the provisions
of the Act, is feasible and the Village intends that the Act
be utilized as one of the redevelopment tools for redevelopment
thereof or such portj.on or additional contiguous area as may
be appropriate.
2. That a proposed redevelopment plan and project
-3-
should be developed for the above-described area and said
area should be considered for designation as a "redevelopment
project area" as defined in the Act.
3. That the above-described area contains factors which
will support a finding that the area qualifies as a blighted
area within the meaning of the Act.
4. That the redevelopment project area on the whole
has not been subject to grordth and development through
j.nvestment by private enterprise since being originally
designated by the Village for Tosrn Center development in
1972, and is not reasonably anticipated to be so developed
without the adoption of a redevelopment p1an.
5. That at such time as Iown Center is designated as
a redevelopment project, pursuant to the Act, it is the intent
of the Village to issue revenue bonds, secured by the tax
increment fund, but not by the full faith and credit of the
Village, in the principal amount of 97,000,000 plus 1g months
capitalized interest thereon, to pay for certain public
improvements relating to the redevelopment project.
6. All intentions of the Village herein are subject
to the approval by the Village of acceptable terms and conditions
of any and all instruments or proceedings relating to said
revenue bonds.
7. That this Resolution shall be in fuIl force and
effect inunediately upon its passage and approval as provided
by 1aw.
-4-
8. That al1 ordinances, resolutions and orders, and
parts thereof, in conflict herewith are hereby superseded
to the extent of such conflict.
Adopted this 2nd day of June, 1986.
App
rna re en
(SEAI,)
Attest:
iS""1"Yn &"$,"^
VI1ftE--crerr
4..
-5-
Tru s tee Reid mad.e a motion that said
Resolution be adopted by said President and Board of Trustees,
which motion was duly seconded by Trustee Glover
After ful1 discussj,on and considelation of the matter,
the ro11 was ca11ed as follows:
AYE: 4 - Marienthal, Glover, Reid, Shields
NAY: 2 - 0rRei1-1y, Kowalski
ABSENT OR NOT VOTING: 0 - None
Verna L. Clayton, President, announced the motion carried
and the Resolution duly adopted.
(Other Business )
There being no further business to come before the president
and Board of Trustees, upon motion duly seconded and unanimously
adopted, the meeting was adjourned.
Ve A L. C ayton - Pres en t
(sEAr)
Attest:
Sr&!-^
v .l-11