1993-120 9
RESOLUTION NO. 93-12
A RESOLUTION CONCERNING THE REORGANIZATION OF THE
BUFFALO GROVE TOWN CENTER DISTRICT TAX INCREMENT
REDEVELOPMENT PROJECT
WHEREAS, The Village of Buffalo Grove has become concerned that
revenues generated from the Buffalo Grove Town Center District Tax
Increment Redevelopment Project (T.I.F.) may be at times insufficient to meet
all scheduled payments; and
WHEREAS, representatives of Melvin Simon & Assoc., Inc. representing
M.S.A. Realty Corp., holder of the T.I.F. Bonds, have developed and
presented proposals to avoid the possibility of insufficient payments as well as
offering plans for the orderly completion of the Town Center, including other
enhancements; and
WHEREAS, the Village has met and discussed issues of mutual concern
with Simon representatives on several occasions from December, 1992 to the
present.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD
OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE AS FOLLOWS:
1. Buffalo Grove officials will meet and confer with Simon representatives,
T.I.F. experts and others to identify alternatives which address mutual
concerns relating to the T.I.F. District.
2. Buffalo Grove officials will meet and confer with other taxing districts
affected by the T.I.F. to understand and attempt to meet their
objectives should the T.I.F. District be modified.
3. Buffalo Grove will evaluate as fairly as possible all alternatives Simon or
others present which would eliminate short falls in T.I.F. payment
schedules.
4. The Village of Buffalo Grove will use its best efforts to implement a
practical solution to avoid T.I.F. payment short falls provided stated
public policy objectives are satisfied.
AYES:-5 - Marienthal, Reid, Kahn, Braiman, Hendricks
NA YES: 0 - None
ABSENT: 1 - Rubin
ABSTAIN: 0 - None
PASSED: February 16 , 1993
APPROVED: February 16 1993
ATTEST:
c�-�,� V' a President
/�
Village Clerk
R E A L T Y
February 15, 1993
President and Board of Trustees
Village of Buffalo Grove
50 Raupp Boulevard
Buffalo Grove, Illinois 60089
- 79M X11 (A)
The undersigned, MSA Realty. Corporation, an Indiana
corporation ( "MSA") is the sole holder and owner of all of the
$6,490,000.00 Tax Increment Allocation Revenue Bonds, Series A, Tax
Exempt and all of the $2,010,000.00 Tax Increment Allocation
Revenue Bonds, Series B, Taxable (Buffalo Grove Towne Center
District Tax Increment Redevelopment Project) of the Village of
Buffalo Grove, Illinois ( "Village ").
That pursuant to the terms of said Bonds, a Series A Bond
interest payment of $324,500.00 and a Series B Bond interest
payment of $130,600.00 are due MSA on March 1, 1993. MSA hereby
acknowledges the Village's ongoing negotiations of a possible
restructuring of the Series A and Series B Bonds. MSA hereby does
further acknowledge that it will accept payments of $260,000.00 on
the Series A Bonds and $100,000.00 on the Series B Bonds toward
payment of such payments due it on March 1, 1993; provided that
neither such acceptance, nor any continuing negotiations shall
constitute a waiver of the undersigned's rights to receive the
remaining interest amounts due it on March 1, 1993.
MSA REALTY CORPORATION, an Indiana
Corporat.on
By:
David Simon, President
MSA Realty Corporation
Merchants Plan, I IS West Washington Street
Indianapolis, IN 46204
Phone: (317) 263 -7030