HomeMy WebLinkAboutRESOLUTION - 19-95 - 3/28/1995 - EXTEND AGRMT FOR FUNDING & DEVELOPMENTRESOLUTION NO. 19-95
A RESOLUTION EXTENDING THE AGREEMENT FOR FUNDING AND
DEVELOPMENT OF THE ILLINOIS INTERNATIONAL CONVENTION CENTER
FOR A PERIOD OF THIRTY-SIX (36) MONTHS (MAY 31, 1998)
WHEREAS, the municipalities of Schaumburg, Elk Grove Village, Hoffman
Estates, Palatine and Rolling Meadows have entered into an Agreement with
the Illinois International Convention Center Authority for purposes of
funding and development of the Illinois International Convention Center on
November 15, 1990; and
WHEREAS, the terms and conditions of said Agreement expire on or about
May 31, 1998; and
WHEREAS, the municipalities and the authority deem it to be in the
best interests of all parties to extend said Agreement.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois
as follows:
Section 1: That the Agreement for Funding and Development of the
Illinois International Convention Center (Intergovernmental Agreement)
dated November 15, 1990 attached hereto and marked "Exhibit A" shall be and
hereby is amended to read as follows on Page 16, Paragraph 6. Duration.
"This Agreement shall be in effect upon the date entered on the
first page of this Agreement which shall be the last date of
approval of any of the parties to this Agreement, and shall be
in force for forty (40) years from the due date of the first
payment of the Tax Proceeds made by the Municipalities.
Notwithstanding the above, this Agreement shall terminate
Thirty-six (36) months from the date hereof if the Authority
fails to issue any portion of any Revenue Bonds as provided
herein. In the event of such termination, the Authority shall
pay to each participating Municipality, such Municipality's Tax
Proceeds deposited in the Convention Center Fund."
Section 2: That the Village President and Village Clerk be and
hereby are authorized to attest this Resolution authorizing the Amendment
to the Agreement for Funding and Development of the Illinois International
Convention Center.
Section 3: That this Resolution shall be in full force and
effect from and after its passage and approval according to law.
VOTE: AYE: Ronald L. Chernick, Nancy J. Czarnik,
Craig B. Johnson, Michael A. Tosto
NAY: James P. Petri
ABSENT: Paul A. Rettber� _
PASSED this 28th day of March , 1995.
APPROVED this 28th day of March , 1995.
ATTEST:
Patricia S. Smith
Village Clerk
Dennis J. Gallitano
Village President
"EXHIBIT A"
(6) Provide such other documents that might be reasonably
requited in connection with this Agreement and the Revenue Bonds
F. Provide an attorney's opinion in a form substantially in the form set forth
in Exhibit D attached hereto.
G. Each Municipality agrees to use its best efforts and to reasonably enforce
collection of the 2% Privilege Tax and to cooperate with the Authority.
FL Schaumburg further agrees to waive any impact fees to be assessed against
the Convention Center and may limit any other fees as it deems reasonable.
6. DURATION
This Agreement shall be effective upon the date entered on the first page of this
Agreement which shall be the last date of approval of any of the parties to this Agreement, and
shall be in force for forty (40) years from the due date of the first payment of the Tax Proceeds
made by the Municipalities. Notwithstanding the above, this Agreement shall terminate eighteen
(18) months from the date hereof if the Authority fails to issue any portion of any Revenue Bonds
as provided herein. In the event of such termination, the Authority shall pay to each.participating
Municipality, such Municipality's Tax Proceeds deposited in the Convention Center Fund.
7. DEFAULTS AND REMEDIES
A. Defaults of the Municipalities and remedies against defaults
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