2020-36 - RESOLUTION OF INDUCEMENT TO DEVELOPMENT/REDEVLOP CERTAIN PROPERTY IN THE VILLAGE OF BUFFALO GROVE, ILLINOIS - 07/20/2020 RESOLUTION NO. 2020 -36
RESOLUTION OF INDUCEMENT TO DEVELOP/REDEVELOP CERTAIN
PROPERTY IN THE VILLAGE OF BUFFALO GROVE, ILLINOIS
VAMREAS, the Village of Buffalo Grove, Cook County and Lake County, Illinois (the
"Village") is a body politic and corporate, home rule unit of government under Section 6(a);
Article VII of the 1970 Constitution of the State of Illinois and may exercise powers pertaining
to its local government and affairs, and duly organized and existing under the laws of the State of
Illinois; and
WHEREAS, pursuant to its powers and in accordance with the requirements of the Tax
Increment Allocation Redevelopment Act of the State of Illinois, 65 ILCS 5/11-74.4-1, et seq., as
from time to time amended (the "TIF Act"), the President and Board of Trustees of the Village of
Buffalo Grove (collectively, the "Corporate Authorities"), pursuant to Ordinance 2020-056,
2020-057, and 2020-058, respectively, adopted on July 20, 2020, a redevelopment plan and
project (the "Redevelopment Plan") setting forth a plan for the development, redevelopment and
revitalization of the redevelopment project area; designated a redevelopment project area known
as the 2020 Buffalo Grove Lake Cook Road TIF District Redevelopment Project Area (the
"Redevelopment Project Area"); and adopted tax increment allocation financing for the
Redevelopment Project Area; and,
WHEREAS, the Village has been informed by IM Kensington Development LLC (the
"Developer"), that it intends to acquire certain property, as depicted on Exhibit A hereto, located
within the Redevelopment Project Area (the "Subject Property"), and thereafter substantially
redevelop the Subject Property into a mixed use development (the"Project"); and,
WHEREAS, the Developer has informed the Village that the ability to acquire the
Subject Property and undertake the Project thereon requires financial assistance from the Village
for certain improvements that would be incurred in connection with the redevelopment, which
costs would constitute "Redevelopment Project Costs" as such term as defined in the TIF act;
and,
WHEREAS, the Developer would like to incur certain costs in connection with the
Project prior to the consideration of an ordinance authorizing the execution of a redevelopment
agreement between the Village and Developer pertaining to the Subject Property, wherein
reimbursement for such costs may be considered between the parties subject to certain terms and
conditions; and,
WHEREAS, the Developer desires such costs related to the Project to qualify for
consideration as Redevelopment Project Costs that can be reimbursed utilizing tax increment
financing, provided that such costs constitute Redevelopment Project Costs under the TIF Act;
and,
WHEREAS, the Village is desirous of having the Subject Property renovated and
redeveloped, and the Village believes that it is not economically feasible to do so, given the
impediments to renovation which have prevented such reinvestment to date; and,
WHEREAS, the Site is in need of substantial reinvestment by private enterprise and such
reinvestment is not reasonably anticipated without certain public assistance by the Village; and
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WHEREAS, the Corporate Authorities find and hereby declare that it is in the best
interests of the Village that Subject Property as depicted on Exhibit A attached hereto and made
a part hereof be redeveloped; and
WHEREAS, this Resolution is intended to allow the Developer to incur certain costs
relating to the Project that may be considered Redevelopment Project Costs, provided the
Corporate Authorities, within their sole discretion, review and consider an ordinance authorizing
the execution of a redevelopment agreement pertaining to the Subject Property with the
Developer.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE PRESIDENT AND
VILLAGE BOARD OF TRUSTEES, COOK COUNTY AND LAKE COUNTY, ILLINOIS, AS
FOLLOWS:
SECTION ONE: The foregoing recitals shall be and are hereby incorporated in this
Section One as if said recitals were fully set forth herein.
SECTION TWO: The Corporate Authorities may consider expenditures that are
"Redevelopment Project Costs", as such term is defined in the TIF Act, in connection with the
Project incurred prior to the review and consideration of a redevelopment agreement with the
Developer, or a successor or assignee of the Developer, to be expenditures that are eligible for
reimbursement through the TIF Act to the extent the Project is in furtherance of the
redevelopment Plan for the overall Redevelopment Project Area.
SECTION THREE: All undertakings of the Village set forth herein are specifically
contingent upon the ability of the Village to determine, review and consider, within its
discretion, a redevelopment agreement with the Developer, or a successor or assignee of the
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Developer, which provides for the redevelopment of the Subject Property in accordance with the
terms and conditions to be negotiated between the parties.
SECTION FOUR: If any section, paragraph, clause or provisions of this Resolution
shall be held invalid, thereof shall not affect any other provision of this resolution.
SECTION FIVE: This Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES: 6—Stein Ottenheimer,Weidenfeld,Johnson,Smith, Pike
NAYES: 0 - None
ABSENT: 0 -None
PASSED: July 20,2020
APPROVED: July 20,2020
APPROVED:
Beverly Suss , Village President
ATTEST:
JanhS` abian, Village Clerk
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EXHIBIT A
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