2022-11-07 - Resolution 2022-18 - CEDING THE 2022 UNUSED PRIVATE ACTIVITY BOND VOLUME CAP OF THE VILLAGE OF BUFFALO GROVE (INCLUDING VOLUME CAP TRANSFERRED FROM OTHER LAKE COUNTY HOME RULE UNITS) TO LAKE COUNTY RESOLUTION NO.2022-18
A RESOLUTION CEDING THE 2022 UNUSED PRIVATE ACTIVITY BOND VOLUME CAP OF THE VILLAGE
OF BUFFALO GROVE(INCLUDING VOLUME CAP TRANSFERRED FROM OTHER LAKE COUNTY HOME
RULE UNITS)TO LAKE COUNTY.
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, in order to facilitate economic development both in the Village of Buffalo Grove
and in Lake County, Illinois, the Village has received Volume Cap from the Lake County Home Rule
Municipalities in the amounts identified in Exhibit A to consolidate management under control of a
single Home Rule entity in cooperation with Lake County Partners Private Activity Bond Clearinghouse
(the "PABC"); and
WHEREAS, tax exempt private activity bonds provide for opportunities to increase business
and commerce and relieve conditions of unemployment; and
WHEREAS,the PABC has$40,075,970 of calendar year 2022 unused Volume Cap available from
Lake County Home Rule Units; and
WHEREAS, the PABC has recommended that it is in the best interest of the Village of Buffalo
Grove to transfer$40,075,970 of unused Volume Cap to Lake County, Illinois and thereby permit Lake
County to issue tax-exempt private activity bonds to finance multi-family projects; and
WHEREAS, it is in the best interest of the Village, Lake County Home Rule Municipalities, and
Lake County Partners to collect the anticipated 1.0%Volume Cap fee as soon as possible; and
WHEREAS, the Village will report this transfer of$40,075,970 of unused Volume Cap to Lake
County, Illinois to the State of Illinois Bureau of the Budget as soon as reasonably possible; and
NOW,THEREFORE,BE IT RESOLVED BY THE VILLAGE BOARD OF THE VILLAGE OF BUFFALO GROVE:
Section 1. That the Village of Buffalo Grove hereby transfers $40,075,970 of unused Volume
Cap to Lake County, Illinois.
Section 2. The PABC 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 3. That 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 4. That this Resolution shall be in full force and effect from and after its passage and
approval according to law.
AYES: 6—Stein,Ottenheimer,Weidenfeld,Johnson,Smith, Pike
NAYES: 0—None
ABSENT: 0—None
PASSED: November 7,2022
APPROVED: November 7,2022
APPROVED:
(7912'4‘1444144.1-;
Beverly Sussman, i age President
ATTEST:
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Janet-67tralzian,Vi;hge Clerk
1
2022 Per
Collected/Allocated 2022 PABC 2022 Estimate(from Capita- Comments/
Volume Cap Illinois Guidelines) $110.00 Actual Collected Date Received Resolution Number
Bannockburn 1,596 $175,560 $175,560 3/1/2022 2022-R-03
Buffalo Grove 40,161 $4,417,710 $4,417,710 3/7/2022 2022-01
Deerfield 18,532 $2,038,520 $2,038,520 3/10/2022 R-22-13
Gurnee 30,168 $3,318,480 $3,318,480 3/22/2022 2022-01
Highland Park 29,427 $3,236,970 $3,236,970 3/17/2022 36-2022
Highwood 5,301 $583,110
Lake Barrington 4,840 $532,400 $532,400 3/2/2022 2022-R-04
Lake Bluff 5,524 $607,640 $607,640 3/3/2022 2022-4
Lake Forest 19,379 $2,131,690 $2,131,690 4/19/2022 2022-004
Lincolnshire 7,891 $868,010 $868,010 3/15/2022 832
Mundelein 30,945 $3,403,950 $3,403,950 4/5/2022 22-03-19
North Chicago 29,639 $3,260,290 $3,260,290 3/28/2022 2022-37
Park City 7,428 $817,080 $817,080 3/15/2022 2022-R-01
Riverwoods 3,534 $388,740
Round Lake Beach 26,919 $2,961,090 $2,961,090 3/22/2022 22-03-01
Vernon Hills 26,425 $2,906,750 $2,906,750 4/20/2022 2022-015
Waukegan 85,453 $9,399,830 $9,399,830 4/21/2022 22-R-48
Total 2022 Volume Cap $41,047,820 $40,075,970
Total Rollover
Rollover 2020 $35,907,385.00
Rollover 2021 $37,617,250.00
Rollover 2022 $40,075,970.00
TOTAL ROLLOVER IN 2022 $113,600,605.00