HomeMy WebLinkAboutRESOLUTION - 50-90 - 7/24/1990 - INTERIM AGREEMENTRESOLUTION NO. 50-90
A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE
CLERK TO EXECUTE AN INTERIM AGREEMENT FOR FUNDING AND
DEVELOPMENT OF ILLINOIS INTERNATIONAL CONVENTION CENTER
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage, State of
Illinois as follows:
Section 1: That the Village President be and is hereby authorized to
sign the attached documents marked:
INTERIM AGREEMENT
a copy of which is attached hereto and made a part hereof as if fully set
forth and the Village Clerk is authorized to attest said documents upon the
signature of the Village President.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
VOTE: AYE: 4 NAY: 1 ABSENT: 1
PASSED this 24th day of July 1990.
APPROVED this 24th day of July , 1990.
Vi lage chPresident
ATTEST:
Patricia S. Smith
Village Clerk
INTERIM AGREEMENT FOR FUNDING AND DEVELOPMENT OF
ILLINOIS INTERNATIONAL CONVENTION CENTER
THIS INTERIM AGREEMENT, made and entered into this 24th day of
July • 1990, by and among:
CITY OF ROLLING MEADOWS
VILLAGE OF ELK GROVE VILLAGE
VILLAGE OF HOFFMAN ESTATES
VILLAGE OF PALATINE
VILLAGE OF SCHAUMBURG
the above are sometimes referred to herein collectively as the "Municipalities"
or individually as the "MunidpaliW
I 1 • I q' • ••d • Mtl V" •
11 1
WITNESSETIE
WHEREAS, the Mr lilies and the Acf Kwity believe that it is in the best interests of
the Municipalities and all other municipalities in the Greater Woodfield Area to work together
for the construction of a Convention Center which should increase tourism, hotel/motel use, as
well as increase the tax base for sales, hotel and other taxes; and in order to enhance the local
tax base, relieve conditions of unemployment and promote the health, welfare and safety of the
residents of the Municipalities, it is necessary and desirable that an Intergovernmental Agreement
be drafted wherein all the rights, obligations of each of the Mmaicipafitie•, and the Authority
regarding the financing, construction and maintenance of a Convention Center are clearly
detailed; and
WHEREAS, the Authority and the Municipalities are desirous of securing funds from the
State of Illinois under the Metropolitan Civic Center Support Act, IRS, Chapter 85, Section
1391, et seq.
WHEREAS, The State of Illinois, through the Illinois Department of Commerce and
Community Affairs, is interested in ascertaining what the legal rights and obligations of all the
parties are; and
WHEREAS, the Municipalities are home rule Municipalities; and
WHEREAS, the Authority is a unit of local government as established by the Illinois
International Convention Center law, IRS Chapter 85, Subsection 3901, et seq; and
WHEREAS, the Municipalities and the Authority wish to determine their respective rights
and responsibilities in regards to the proposed Convention Center; and
WHEREAS, units of local government pursuant to the Constitution of the State of Illinois,
and the Intergovernmental Cooperation Act, IRS Chapter 127, Section 741, et seq. may enter
into intergovernmental agreements.
NOW, TEEREFORE, in consideration of the mutual covenants and promises contained
herein, the parties agree as follows:
1. The Municipalities agree to enact a Two Percent (2%) tax on the privilege of
renting a hotel or motel room according to the conditions contained in the
previously passed Resolutions of each community attached hereto and marked
E-Jubits "A through E", said tax to be enacted and become effective on a mutually
agreed upon date to fully fund that portion of the Municipalities' share of a financial
commitment to the Authority for the financing, construction and maintenance of a
Convention Center.
2. That a final Intergovernmental Agreement be drafted and approved by the
Municipalities and Authority which shall detail the specific obligations and
requirements of each Municipality and the Authority in regards to any issuance of
bonds, revenue sources to support those bonds, the manner of transference of the
Two Percent (2%) tax on the privilege of renting a hotel or motel room to the
Authority, any rebate of a Municipality's share which exceeds the amount budgeted
to be contributed, any late payment penalties, procedures under which the Village
President of Schaumburg shalt appoint additional members to the Illinois
International Convention Center Board, all the rights, obligations and duties of the
Authority, any limitations on the Agreement in the event no funds are received from
the State of Illinois or revenue bonds are not issued, any default or remedy
conditions and all other matters of interest and concern to the Municipalities and
the Authority.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day, month
and year hereinafter first written.
ATTEST:
ATTEST:
Patricia S. Smith
Village C er
City of Rolling Meadows
a municipal corporation of the State of Illinois
a
Mayor
Village of Elk Grove Village
a municipal corporation of the State of Illinois
By; Charles J. Zettek
Village President
Village of Hoffman Estates
a municipal corporation of the State of Illinois
By:
Village President
ATr1=.ST:
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ATTEST:
Village of Palatine
a municipal corporation of the State of Illinois
in
Village President
Village of Schaumburg
a municipal corporation of the State of Illinois
By:
Village President
ATTEST:
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