2007-22* r
RESOLUTION NO. 2007- 22
A RESOLUTION TRANSFERRING $7,368,000 OF PRIVATE ACTIVITY BOND VOLUME CAP
TO LAKE COUNTY FOR SUPERIOR FELT, LLC, 28001 WEST CONCRETE DRIVE,
INGLESIDE, ILLINOIS.
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois (the "Village ")
is a municipality and a home rule unit of government duly organized and validly existing under
Section 6(a) of Article VII of the 1970 Constitution and laws of the State of Illinois; and
WHEREAS, in order to facilitate economic development both in the Village of Buffalo
Grove and in Lake County, Illinois, the Village has received Volume Cap from the Lake County
Home Rule Municipalities in the amounts identified in Schedule A to consolidate management
under control of a single Home Rule entity in cooperation with Lake County Partners Private
Activity Bond Clearinghouse (the "PABC "); and
WHEREAS, tax exempt private activity bonds, provide for opportunities to increase
business and commerce, and relieve conditions of unemployment; and
WHEREAS, Superior Felt LLC, located at 28001 West Concrete Drive in Ingleside,
Illinois will be operating a subsidiary operation called Nonwoven Solutions, LLC, located at
27981 West Concrete Drive in Ingleside, Illinois and desires to utilize $7,368,000 in Volume
Cap to acquire new equipment and improve the existing warehouse space; and
WHEREAS, Superior Felt LLC intends to expand their workforce by approximately forty
employees to serve the expanded business;
WHEREAS, it is in the best interest of the Village, Lake County Home Rule
Municipalities, and Lake County Partners to collect the anticipated 1.0% Volume Cap fee as
soon as possible; and
WHEREAS, the PABC aggregated approximately $24,134,688 of Volume Cap from
Lake County Home Rule Units in 2007 as identified in Schedule A (the "2007 Private Activity
Bond Community Volume Cap Collected "); and
WHEREAS, the PABC has recommended that it is in the best interest of the Village of
Buffalo Grove to transfer and reallocate a portion of PABC's available Volume Cap of
$7,368,000 to Lake County, Illinois and thereby permit the Lake County Board to issue tax -
exempt private activity bonds to Superior Felt LLC; and
WHEREAS, the Village will report this transfer of $7,368,000 of Volume Cap to Lake
County, Illinois to the State of Illinois Bureau of the Budget as soon as reasonably possible.
0 1 IV
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF THE VILLAGE OF
BUFFALO GROVE:
Section 1. That the Village of Buffalo Grove hereby transfers and reallocates a
portion of PABC's available Volume Cap not to exceed $7,368,000 to Lake
County, Illinois for Superior Felt LLC as set forth in the foregoing Whereas
clauses which are hereby made a part hereof.
Section 2. An amount equal to 1.0% of the $7,368,000 (i.e., $73,680) shall be paid
to Lake County Partners prior to the issuance of the bonds.
Section 3. The PABC and the Village shall both retain a copy of this Resolution in
their records for a minimum of 30 years. Notice of this Resolution
together with a copy of this Resolution shall be given in writing by the
Village after passage and approval hereof.
Section 4. That the officials of the Village are hereby authorized, empowered, and
directed to take all necessary or advisable actions concerning the
execution and implementation of this Resolution.
Section 5. That this Resolution shall be in full force and effect from and after its
passage and approval according to law.
Passed and approved this 16th day of July, 2007.
AYES: 5 - Braiman, Glover, Kahn, Trilling, Rubin
NAYES: 0 - None
ABSENT: 1 - Berman
ADOPTED: July 16 12007.
APPROVED: July 16 ,2007.
Village President
ATTEST:
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Villag Jerk
Schedule A
2007 PRIVATE ACTIVITY BOND
COMMUNITY VOLUME CAP COLLECTED
Less 2007 Activity:
Superior Felt (Nonwoven Solutions) 7,368,000
Inducement - 7/10; Bond Resolution - 8/14
2007 Remaining PABC Volume Cap 16,766,688
2006 Carry Forward $12,708,480
Confirmed
Census
Volume
for
Brookstone Apartments
Used 7 -1 -06
Cap - $85.00
2007
Buffalo Grove
43,115
$3,664,775
$3,664,775
Gurnee
30,772
$2,615,620
$2,615,620
Highland Park
31,380
$2,667,300
$2,667,300
Lake Barrington
5,033
$427,805
$427,805
Lake Forest
21,123
$1,795,455
$1,795,455
Lincolnshire
6,841
$581,485
$581,485
North Chicago
33,376
$2,836,960
$2,836,960
Park City
6,775
$575,875
$575,875
Round Lake Beach
28,253
$2,401,505
$1,200,753
Waukegan
91,396
$7,768,660
$7,768,660
Total 2007 Volume Cap
298,064
$25,335;440
$24,134,688
Less 2007 Activity:
Superior Felt (Nonwoven Solutions) 7,368,000
Inducement - 7/10; Bond Resolution - 8/14
2007 Remaining PABC Volume Cap 16,766,688
IRB Application received; working with IHDA on joint issue agreement
Total Remaining Carry -Over Volume cap available for MF in 2007 $15,902,836
2006 Carry Forward $12,708,480
2005 Carry Forward $14,814,880
2004 Carry Forward $14,379,476
Less 2007 Activity:
Brookstone Apartments
$10,000,000
Inducement 6/12; Bond Resolution 8/14
Colonial Apartments
$16,000,000
IRB Application received; working with IHDA on joint issue agreement
Total Remaining Carry -Over Volume cap available for MF in 2007 $15,902,836