2020-12 - VILLAGE OF BUFFALO GROVE, ILLINOIS INDUCEMENT RESOLUTION RELATING TO THE POSSIBLE ADOPTION OF TAX INCREMENT FINANCING FOR THE 2020 BUFFALO GROVE LAKE COOK ROAD TIF DISTRICT - 02/18/2020 RESOLUTION NO. 2020 - 12
VILLAGE OF BUFFALO GROVE, ILLINOIS
INDUCEMENT RESOLUTION
RELATING TO THE POSSIBLE ADOPTION OF TAX INCREMENT
FINANCING FOR THE 2020 BUFFALO GROVE LAKE COOK ROAD TIF
DISTRICT
WHEREAS, the Village of Buffalo Grove, Illinois (the"Village") is a home rule unit
under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and
perform any function pertaining to its government and affairs for the protection of the
public health safety,morals, and welfare; and
WHEREAS, the Village is authorized under the provisions of the Tax Increment
Allocation Redevelopment Act, 65 ILCS 11-74.4-1, et seq. (the "Act"),to finance
redevelopment project costs in connection with redevelopment project areas established
in accordance with the conditions and requirements set forth in the Act; and
WHEREAS, the Village hereby finds and determines that the financing intended herein
will serve the public purposes of the Village; and
WHEREAS, the Village desires to redevelop an area referred to as the 2020 Buffalo
Grove Lake Cook Road TIF District Redevelopment Project Area generally bounded on
the west by Arlington Heights Road, on the south by Lake Cook Road, on the east by
McHenry Road (IL Route 83) and on the north by Checker Drive, and
WHEREAS, it appears that the area cannot be redeveloped without the adoption of a tax
increment financing plan pursuant to the Tax Increment Allocation Redevelopment Act,
65 ILCS 11-74,4-1, et seq. (the "TIF Act"); and
WHEREAS, pursuant to the TIF Act, to implement tax increment financing, it is
necessary for the Village to adopt a redevelopment plan and redevelopment project, and
designate a redevelopment project area on the basis of finding that the area qualifies
pursuant to statutory requirements, and make a finding that the redevelopment project
area on the whole has not been subject to growth and development through private
enterprise and would not reasonably be anticipated to be developed without the adoption
of a redevelopment plan, which plans contains a commitment to use public funds; and
WHEREAS, the exact boundaries of the redevelopment project area are not precisely
defined at this time or the exact content of the redevelopment plan pursuant to the"I`fF
Act are not finalized at this time but will be established in the near future; and
WHEREAS, time is of the essence due to redevelopment interest and needs in the
subject redevelopment area; and
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WHEREAS, the Village will expend funds in the investigation of a potential Tax
Increment Financing District, including,but not limited to, legal, engineering,planning
and other consultants which would be eligible to be paid as eligible redevelopment
project costs in the event the Tax Increment Finance District is created and as permitted
by the Act (the"Village's Potential Eligible Costs"); and
WHEREAS, in reliance upon the Village's commitment to explore the issue of creating a
Tax Increment Finance District, Developers may expend money with respect to the
following expenses, including, but not limited to, engineering, legal, design, remediation,
property acquisition and other expenses which could be reimbursed if a Tax Increment
Finance District is created and as permitted by the Act(the "Developer's Potential
Eligible Costs"); and
WHEREAS, this Resolution does not obligate the Village to create a Tax Increment
Finance District on the Property, or any portion thereof, nor shall it obligate the Village
to enter into an RDA with a Developer,but rather, it is intended to induce Developers to
pursue plans for redevelopment and to provide for the potential reimbursement of the
Village's Potential Eligible Costs and the Developer's Potential Eligible Costs in the
event such a Tax Increment Finance District is created, the costs are legally permitted to
be reimbursed, and the Village agrees to reimburse such costs; and
NOW,THEREFORE,BE IT RESOLVED by the Village Board of Trustees of the
Village of Buffalo Grove that
Section One: Incorporation of Recitals
The recitals set forth above are incorporated into this Section as if fully set forth herein.
Section Two: Property Review
Village staff has examined the Property and its condition and circumstances and, at this
time, the Corporate Authorities conclude that it is reasonable to believe that a tax
increment financing plan may be adopted for said Property and expenditures of
development costs in furtherance of the plan and potential development may be allowable
"redevelopment project costs"under the plan, provided however, that this resolution is
not a guarantee that any such plan will be adopted, or that any such costs will be allowed
as"redevelopment project costs"but rather, is an expression of the intent to consider that
possibility in the event that a TIF District is created.
Section Three: Inducement
This Resolution is adopted for purposes of inducing the Village and Developers to
proceed with the potential redevelopment of the Property and to incur costs pending the
possible approval of a TIF and an RDA.
Section Four: Reimbursement
In the event a Tax Increment Finance District is created over some or all of the Property,
the Village may consider making reimbursement for a developer's Potential Eligible
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Costs and the Village's Potential Eligible Costs to the extent approved by the Village and
authorized by law. In the event that no Tax Increment Finance District is created over
some or all of the Property, the Village shall in no way be obligated to reimburse any
developer for any of its costs or expenses.
Section Five: Authorization
The Corporate Authorities hereby authorize and direct the Village Manager or his/her
designee to draft and execute all necessary documents and perform all necessary tasks to
effectuate the intent of this Resolution. The Village Clerk is hereby authorized and
directed to attest to, countersign, and affix the seal of the Village to all such documents as
are deemed necessary.
Section Six: Other Actions Authorized
The officers and employees of the Village shall take all actions reasonably required or
necessary to carry out and give effect to the intent of this Resolution and otherwise take
all actions necessary in conformity therewith including, without limitation, the execution
and delivery of all documents required to be delivered in connection with the actions
contemplated herein.
AYES: 6 - Stein Ottenheimer Weidenfeld,Johnson Smith Pike
NAPES: 0—None
ABSENT: 0—None
PASSED: February 18, 2020
APPROVED: February 18, 2020
Bev ly Sussman, Village President
XFT'EST:
Janet M Sifabian, Village Clerk
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