2023-10-16 - Resolution 2023-26 - CEDING THE 2023 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. 2023-26
A RESOLUTION CEDING THE 2023 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$44,803,680 of calendar year 2023 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$44,803,680 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$44,803,680 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 $44,803,680 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: 5—Cesario,Ottenheimer,Stein, Bocek,Weidenfeld
NAYES: 0- None
ABSENT: 1 -Johnson
PASSED: October 16, 2023
APPROVED: October 16, 2023
ATTEST: APPROVED:
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Janet . Si bian,Village Clerk Eric N. Smith,Vi President
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2023 Per
Collected/Allocated 2023 PABC 2023 Estimate(from Capita- Comments/
Volume Cap Illinois Guidelines) $120.00 Actual Collected Date Received Resolution Number
Bannockburn 1,002 $120,240 $120,240 3/1/2023 2023-R-02
Buffalo Grove 42,794 $5,135,280 $5,135,280 3/2/2023 2023-02
Deerfield 19,079 $2,289,480 $2,289,480 2/9/2023 R-23-04
Gurnee 30,521 $3,662,520 $3,662,520 3/21/2023 2023-01
Highland Park 30,177 $3,621,240 $3,621,240 3/1/2023 R14-2023
Highwood 5,374 $644,880
Lake Barrington 5,080 $609,600 $609,600 3/1/2023 2023-R-02
Lake Bluff 5,589 $670,680 $670,680 3/1/2023 2023-05
Lake Forest 19,253 $2,310,360 $2,310,360 4/11/2023 2023-012
Lincolnshire 7,932 $951,840 $951,840 3/14/2023 842
Mundelein 31,560 $3,787,200 $3,787,200 3/1/2023 23-02-09
North Chicago 30,029 $3,603,480 $3,603,480 3/21/2023 2023-16
Park City 7,867 $944,040 $944,040 2/7/2023 2023-R-02
Riverwoods 3,765 ���` �� �� � � �� � '�`
$451,800� :'
Round Lake Beach 27,081 $3,249,720 $3,249,720 3/21/2023 23-02-10
Vernon Hills 26,786 $3,214,320 $3,214,320 2/13/2023 2023-03
Waukegan 88,614 $10,633,680 $10,633,680 5/10/2023 23-R-62
Total 2023 Volume Cap $45,900,360 $44,803,680
Total Rollover
Rollover 2021 $37,617,250.00
Rollover 2022 $40,075,970.00
Rollover 2023 $44,803,680.00
TOTAL ROLLOVER/N 2023 $12 2,496,900.00