HomeMy WebLinkAboutRESOLUTION - 72-83 - 11/8/1983 - DISAPPROVING FINANCING/IL INDUST DEV RESOLUTION NO. 72-83
A RESOLUTION DISAPPROVING THE FINANCING BY THE ILLINOIS
INDUSTRIAL DEVELOPMENT AUTHORITY OF A CERTAIN PROJECT
TO BE LOCATED IN THE VILLAGE OF ELK GROVE VILLAGE ILLINOIS
WHEREAS, the Illinois Industrial Development Authority (the
"Authority") pursuant to 111 . Rev. Stats. (1981) , Chapter 48, Section
850.01 et seq. (the "Act") has adopted a Preliminary Bond Resolution
approving the application of George J. Gion (the "Applicant") with
respect to the financing of a certain project to be located in the Village
of Elk Grove Village, Illinois (the "Village") and authorizing the execution
of a Memorandum of Agreement between the Authority and the Applicant; and
WHEREAS, pursuant to said resolution the Authority and the Applicant
have executed said Memorandum of Agreement, pursuant to which the Authority
has evidenced its intent to issue industrial development revenue bonds in an
amount not to exceed $550,000 (the "Bonds") to pay costs of the project to be
located in the Village and owned by the Applicant; and
WHEREAS, pursuant to Section 850.06 of the Act the Authority has
notified the Village of its intent to issue the Bonds; and
WHEREAS, the Village has adopted local procedures governing the
issuance of industrial development revenue bonds for projects to be located
within the corporate boundaries of the Village and desires to implement
said procedures with respect to all projects proposed to be located in
the Village and to be financed with the proceeds of sale of industrial
development revenue bonds; and
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Illinois as follows:
Section 1 . Pursuant to 111 . Rev. Stats. (1981) , Chapter 48, Section
850.06, the Village hereby disapproves of the financing by the Illinois
Industrial Development Authority of that certain project to be located in
the Village of Elk Grove Village and owned by George J. Gion.
Section 2. Pursuant to Ordinance No. 1486 and Resolution No. 60-81 ,
as amended, the President and Board of Trustees of the Village have considered
the application of George J. Gion with respect to said project proposed to be
located in the Village and at the meeting of the Board of Trustees of the
Village scheduled for November 22, 1983, will consider the approval of said
application and the adoption of an inducement resolution to indicate the
Village's intent to issue industrial development revenue bonds to finance
said project and authorize the execution of a Memorandum of Intent to issue
said bonds. The Memorandum of Intent, when and if entered into by and
between the Village and George J. Gion, will be deemed, solely and only
for purposes of the regulations under Section 103(b) of the Internal Revenue
Code of 1954, particularly Section 1 .103-8(a) (5) of said regulations, to be
supplemental to and not in lieu of that certain Memorandum of Agreement,
dated September 21 , 1983, by and between the Illinois Industrial Develop-
ment Authority and George J. Gion, and said Memorandum of Intent, when and
if executed by the Village and George J. Gion, shall be deemed effective
as of said September 21 , 1983.
Section 3• This resolution shall be in full force and effect immedi-
ately upon its approval and adoption by the President and Board of Trustees.
PASSED this 8th day of November , 1983.
APPROVED this 8th day of November , 1983•
VOTE: AYE 6 NAY 0 ABSENT: 0
Charles J. Zettek
Village President
ATTEST:
Ilafern Snick
Acting Village Clerk