2023-03-20 - Resolution 2023-08 - INDUCEMENT TO DEVELOP/REDEVELOP CERTAIN PROPERTY IN THE VILLAGE OF BUFFALO GROVE, ILLINOIS (Shorewood Development Group) RESOLUTION NO. 2023-08
RESOLUTION OF INDUCEMENT TO DEVELOP/
REDEVELOP CERTAIN PROPERTY IN THE
VILLAGE OF BUFFALO GROVE, ILLINOIS
WHEREAS, 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 fllinois; 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 Aurhorities"), are authorized to finance redevelopment project costs
in connection with redevelopment project areas established in accordance with the conditions and
requirements set forth in the TIF Act; and
WHEREAS, the Village desires to redevelop an area referred to as the 2023 Buffalo Grove
Dundee Road TIF District Redevelopment Project Area (the "TIF Area") generally located along the north
and south sides of Dundee Road located near the intersection of Dundee Road and Arlington Heights
Road; and
WHEREAS, it appears that the TIF Area cannot be redeveloped without the adoption of a tax
increment financing plan pursuant to 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 TIF Act are not finalized at this
time but will be established in the near future; and
WHEREAS, the Village has been informed by Shorewood Development Group (the "Developer"),
that it intends to acquire certain property, as depicted on Exhibit A hereto, located within the TIF 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, in reliance upon the Village's commitment to explore the issue of creating a Tax
Increment Finance District, the Developer 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 TIF Act (the "Developer's Potential Eligible Costs"); 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
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; 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 a
redevelopment agreement with the Developer, but rather, it is intended to induce the Developer 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.
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.
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SECTION THREE: All undertakings of the Village set forth herein are specifically contingent upon the
ability of the Village to determine, review, consider and approve within its discretion, a redevelopment
agreement with the Developer, or a successor or assignee of the 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: 5—Stein,Weidenfeld,Johnson,Smith, Pike
NAYES: 0—None
ABSENT: 1—Ottenheimer
PASSED: March 20,2023
APPROVED: March 20,2023
ATTEST; APPROVED:
1a����til ��
�abi�n,`J<i��ge Clerk Beverly Sussm i g esi ent
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EXHIBIT A
General Depiction of the Subject Property
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