1999-06•
RESOLUTION NO. 99- 6
•
A RESOLUTION SUPPORTING THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY
ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
FOR THE R.G. RAY PROJECT IN THE VILLAGE OF BUFFALO GROVE
WHEREAS, R.G. Ray Corporation, located at 900 Busch Parkway in the Village
of Buffalo Grove is in the progress of constructing a 60,000 square foot
expansion to their facility along with purchasing machinery and equipment to
facilitate increased production at their location; and
WHEREAS, the Village staff worked with R.G. Ray to remain within the
Village, encouraging their expansion in partnership with the County of Lake as
well as the Illinois Development Finance Authority to provide affordable
financing for those costs eligible to be covered through the issuance of
industrial development revenue bonds; and
WHEREAS, R.G. Ray has received approval from the Illinois Development
Finance Authority on January 21, 1999 to issue up to $8,400,000 in industrial
development revenue bonds to expand their current facility; and
WHEREAS, the Village of Buffalo Grove can expedite the financing by
adopting a resolution approving of the initiative of the Illinois Development
Finance Authority to reduce the statutory 45 day from date of approval period set
aside to disapprove of such a proposed financing.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that:
Section 1. The Village of Buffalo Grove approves of the issuance of up to
$8,400,000 in industrial development revenue bonds by the Illinois
Development Finance Authority for the R.G. Ray project, approval for which
was granted by IDFA on January 21, 1999.
Section 2. Upon adoption and approval, a certified copy of this Resolution
shall be filed with the Illinois Development Finance Authority.
AYES: 6 - Marienthal, Reid, Rubin, Braiman, Hendricks, Glover
NAYES: 0 - None
ABSENT: 0 - None
ADOPTED: FPhrnar 1 ,1999. APPROVED: February 1 ,1999.
- r
ATTEST:
Vill e Clerk