2008-220 ' � r
7 -3 -08
RESOLUTION NO. 2008- 22
A RESOLUTION TRANSFERRING $16,000,000 OF 2008 PRIVATE ACTIVITY BOND VOLUME
CAP OF THE VILLAGE OF BUFFALO GROVE (INCLUDING VOLUME CAP TRANSFERRED
FROM OTHER LAKE COUNTY HOME RULE UNITS) TO THE ILLINOIS HOUSING
DEVELOPMENT AUTHORITY.
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 transfer $16,000,000 of Bond Volume Cap to the Illinois Housing
Development ( "IHDA ") for use in financing a project known as Brookhaven Apartments (the
"Brookhaven Project ") which is 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, The DeBruler Company has indicated an intent to pay a fee equal to 1.0% of
$16,000,000 (i.e., $160,000) for the Bond Volume Cap made available by the PABC; and
WHEREAS, because Section 146 of the Internal Revenue Code of 1986, as amended (the
"Code "), requires IHDA 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 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, any unused and unexpired Bond Volume Cap from the $16,000,000
transferred to IHDA for allocation to the Brookhaven Apartments shall be used to finance
qualifying multi - family projects in Lake County as directed in writing by the PABC; and
WHEREAS, it is in the best interest of the Village, on behalf of the PABC, to transfer and
reallocate $16,000,000 of 2008 Volume Cap to IHDA and thereby permit IHDA to issue tax - exempt
private activity bonds to finance the application for the Project in Gurnee, Illinois; and
WHEREAS, under the Act, the Village may reallocate to IHDA any unused portion of its
Bond Volume Cap; and
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WHEREAS, the Village will report this transfer of $16,000,000 of 2008 Volume Cap 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 transfers and reallocates
$16,000,000 of 2008 Volume Cap to IHDA.
Section 3. If IHDA elects to allocate its own Bond Volume Cap to the 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
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 $16,000,000, (i.e., $160,000) shall be paid to
Lake County Partners by The DeBruler Company prior to the issuance of the
bonds.
Section 5. Any unused and unexpired cap from the $16,000,000 transferred to IHDA
for allocation to the Brookhaven Apartments shall be used to finance
qualifying multi - family projects in Lake County as directed in writing by the
PABC.
Section 6. 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 7. 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 8. This Resolution shall be in full force and effect from and after its passage
and approval according to law.
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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 12008.
APPROVED: July 7 ,2008
ATTEST: c�
Village rk
Village President