2008-210 r 1 r
7 -3 -08
RESOLUTION NO. 2008- 21
A RESOLUTION AUTHORIZING THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY TO
UTILIZE ANY UNUSED BOND VOLUME CAP FROM RESOLUTION 2007 -39 TO SUPPORT
BROOKHAVEN APARTMENTS IN GURNEE, 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, the availability of job opportunities to relieve conditions of unemployment and
underemployment and the increase of business and commerce to reduce the evils associated with
unemployment and underemployment are essential to the health, safety and general welfare of a
community; and
WHEREAS, in order to facilitate economic development both in the Village of Buffalo Grove
and in Lake County, Illinois, the Village coordinates with Lake County Partners, serves as the Lake
County Private Activity Bond Clearinghouse (the "PABC"), and has received Private Activity Bond
Volume Cap ( "Bond Volume Cap ") from the Lake County Home Rule Municipalities; and
WHEREAS, the DeBruler Company and Lake County Residential Company have
requested that the PABC provide Bond Volume Cap for a project known as Brookhaven
Apartments (the "Brookhaven Project ") located at 150 Greenhaven Lane in Gurnee, Illinois, and
consists of the rehabilitation of the 181 one, two, and three bedroom multi - family residential
apartment complex; and
WHEREAS, the PABC is interested in providing Bond Volume Cap for this purpose;
WHEREAS, Resolution 2007 -39 previously approved the transfer of $16,000,000 of 2007
Private Activity Bond Volume Cap from the Village of Buffalo Grove, which included Volume Cap
transferred from other Lake County home rule units, to the Illinois Housing Development Authority
to support the development of the Colonial Park Apartments (the "Colonial Park Project ") by The
DeBruler Co. and Lake County Residential Development Corporation; and
WHEREAS, it is in the best interests of the PABC for IHDA to allocate any unused Bond
Volume Cap from the Colonial Park Project (Resolution 2007 -39) for use in the financing of
Brookhaven Apartments (the "Brookhaven Project "); and
WHEREAS, the Internal Revenue Code (the "Code ") requires the Authority to use Bond
Volume Cap in the order in which it is received, IHDA may elect to allocate Bond Volume Cap
currently held at IHDA and carried forward from prior years. If IHDA elects to allocate its own
Bond Volume Cap to the Brookhaven Project or to the Colonial Park Project, then the Bond
Volume Cap transferred herein may be used for such other purposes as IHDA elects, including
carry forward permitted under the Code and the Private Activity Bond Allocation Act (the "Act ").
Lake County Partners and the Village agree to cooperate with IHDA with respect to any filing
needed under the Act to confirm a reallocation or transfer; and
WHEREAS, it is also in the best interest of the Village, Lake County Home Rule
Municipalities, and Lake County Partners to collect the anticipated 1.0% fee for the transfer of the
unused Bond Volume Cap to support the Project; and
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WHEREAS, the Village will report this transfer to the Illinois Bureau of the Budget as soon
as reasonably possible.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF BUFFALO GROVE:
Section 1. The foregoing recitals are incorporated herein and made a part hereof
Section 2. The Village of Buffalo Grove as the PABC hereby authorizes IHDA to
reallocate any unused portion of $16,000,000 in Bond Volume Cap
transferred pursuant to Resolution 2007 -39 for use in financing the
Brookhaven Project.
Section 3. If IHDA elects to allocate its own Bond Volume Cap to the Brookhaven
Project or to the Colonial Park Project, then the Bond Volume Cap
transferred by the PABC, pursuant to Resolution 2007 -39, may be used for
such other purposes as IHDA elects, including carry forward permitted under
the Code and the Act. Lake County Partners and the Village agree to
cooperate with IHDA with respect to any filing needed under the Act to
confirm a reallocation or transfer.
Section 4. An amount equal to 1 % of the unused portion of the Bond Volume Cap shall
be paid by The DeBruler Company to Lake County Partners prior to the
issuance of the bonds.
Section 5. IHDA 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 6. 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 7. This Resolution shall be in full force and effect from and after its passage
and approval according to law.
Passed and approved this 7th day of July, 2008.
AYES: 5 - Braiman, Glover, Kahn, Trilling, Rubin
NAYS: 0 - None
ABSENT: 1 - Berman
ADOPTED: _ July 7 ,2008.
APPROVED: July 7 12008.
Village President
ATTEST-
Village C erk
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