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HomeMy WebLinkAboutRESOLUTION - 60-81 - 10/13/1981 - INDUSTRIAL REVENUE BOND POLICY AND RESOLUTION NO. 6o-81 ESTABLISHING THE POLICY AND PROCEDURAL GUIDE- LINES FOR THE ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR THE VILLAGE OF ELK GROVE VILLAGE WHEREAS, certain persons, firms or corporations desire to finance their development through the use of Industrial Revenue Bonds; and; WHEREAS, it is the policy of the Village President and Board of Trustees to encourage development within the boundaries of the Village of Elk Grove Village. NOW, THEREFORE, BE IT RESOLVED that the President and Board of Trustees as a general policy will consider issuing Industrial Revenue Bonds to qualified applicants for such bonds upon the assurance that the taxpayers are fully protected and the affirmation that the development will benefit the Village. To insure the carrying out of these general policies, the following guidelines and criteria are hereby established: Section I. Phase 1 A. Initiation of Application. Any person, firm or corporation may file an application, as hereinafter provided, requesting the President and Board of Trustees to consider the issuance of Industrial Revenue Bonds to finance a "project" as that term is defined in Ordinance No. 1486 of the Village of Elk Grove Village. B. Application. The person, firm or corporation requesting the issuance of Industrial Revenue Bonds for a project shall file an application therefor with the Village Manager on a form available in the office of the Director of Finance. Such - application shall be accompanied by a nonrefundable applica- tion fee as established from time to time by the corporate authorities of the Village of Elk Grove Village and shall contain thefollowinginformation. a. Name, address and telephone number of the applicant; b. Name, address and telephone number of the person signing the application on behalf of the applicant along with a brief description of the relationship of such person to the applicant; C. Street address and legal description of the property where the project is to be located; d. Name and address of any and all legal and beneficial owners of the property where the project is to be located; e. If the applicant is not the owner of the property where the project is to be located, a statement indicating what interest, if any, the applicant has in the property where the project is to be located (eg, contract purchaser, lessee) and if applicant is a lessee or contract purchaser of said property, a copy of such lease or contract shall be filed along with the application. f. A description of the project for which Industrial Revenue Bond financing is requested; g. A resume of the applicant which shall include: 1. A description of each business in which the applicant is engaged. 2. A description of any and all projects in which the applicant has participated which were similar to the project for which Industrial Revenue Bond financing is requested; 3. A statement indicating whether applicant has ever been involved in a project financed by Industrial Revenue Bonds, and if so, a description of each such project and a statement indicating whether there has ever been a default in any such bonds; 4. A statement indicating whether the applicant has applied or intends to apply to other communities for Industrial Revenue Bond financing of the proposed project, and if so, the name of the community and a statement as to the current status of the application. 5. A statement indicating whether the applicant has been turned down by any other community for Industrial Revenue Bond financing for this or any other project, and if so, a list of communities, dates of application and the reasons for rejection. 6. A statement indicating whether applicant has been a party in any bankruptcy proceedings at any time in the 5-year period preceding the date of the filing of the application, and if so, a description of such proceedings, including the caption of any lawsuits, and the outcome thereof; 7. A statement indicating whether applicant, within 3 years preceding the date of the application, has been in default or allegedly in default in the payment of any debt instruments on which the applicant is a signatory, and if so, a description of such debt instrument and such default; B. If applicant is a corporation, a statement indicating the date and state of incorporation of such corporation along with a statement that applicant is either a corporation in good standing in Illinois or that applicant is a registered foreign corporation in Illinois and in good standing; 9. If applicant is registered or is required to be registered under the Illinois Assumed Name Act, the date applicant filed under the Assumed Name Act, the county within which applicant filed and the assumed name under which the applicant has filed; 10. A statement indicating the length of time applicant has been doing business and the length of time applicant has been engaged in projects of the type for which Industrial Revenue Bond financing is requested; 11. If the applicant is a corporation, copies of all annual reports filed with the Secretary of State for the 3 years preceding the date of the application for Industrial Revenue Bond financing; 12. Financial statements, certified if audited, of the applicant for 3 years preceding the date of the filing of the application for Industrial Revenue Bond financing; 13. A list setting forth the caption, if pending, and a brief description of any and all pending or threatened litigation against the applicant which could have an impact on the existence of the applicant or its business or the financial 'position of applicant. In this regard, applicant shall disclose any pending or threatened litigation which charges applicant or, if -2- applicable, anyrof its officers or partners with misfeasance, misrepresentation, fraud, a violation of any criminal law, or antitrust violations; and any cases in which judgment has been entered or requested against applicant in an amount in excess of $250,000 unless the disclosure of cases in which lesser or greater judgments have been entered or requested is required by the Village Manager. 14. Any other data which discloses relevant financial information such as the applicant's bond rating and the like. h. A statement indicating the zoning classification of the property where the project is to be located along with a statement indicating whether any amendments to the Zoning Ordinance of the Village of Elk Grove Village or special approvals such as variations or special permits will be required for the project; i. A site plan for the property where the project is to be located showing existing structures and the proposed project; j. A rendering of the project; k. A statement indicating the amount of money requested for the project and a description of the purpose for which the money will be used; 1. A description of any proposed financing arrangements for the project (eg, Village to own the project and lease it to applicant) ; M. The name and address of the proposed purchaser of the Industrial Revenue Bonds proposed to be issued, if known; n. Any additional information requested by the Village Manager and/or the Director of Finance; o. A proposed Memorandum of Agreement; p. A statement of the public purpose to be served by the issuance of Industrial Revenue Bonds for the project. C. Procedure. 1. The Village Manager shall review an application for Industrial Revenue Bond financing within 10 days of the date it is filed and shall notify the applicant in writing within 15 days of the date the application is filed whether said application is complete. If it is not complete, the Village Manager shall in said written notice advise the applicant of any additional information which is required. 2. Within 30 days after a completed application has been filed with the Village Manager, the Village Manager shall forward said application to the Judiciary, Planning and Zoning Committee of the Village of Elk Grove Village Board of Trustees with a recommendation as to whether the Committee should authorize the initiation of the Phase 2 review. 3. Within 10 days of the Committee's preliminary review, the Village Manager shall notify the applicant as to the determination of the Committee and will, if the application is favorably acted upon, request a deposit in full from the applicant for fees attendant to Phase 2 review. Section II. Phase 2 A. Initiation of Phase 2. upon favorable determination of the Phase I review by the Judiciary, Planning and Zoning Committee, the Village will forward to their financial consultant all materials submitted by the applicant to determine the viability of the project and financial capability of the applicant. -3- B. Costs. In addition to the nonrefundable application fee previously paid by the applicant, the applicant will deposit with the Village an amount established from time to time by the Village Board of Trustees for the fees of the financial consultants and/or fees of any and all other consultants deemed necessary for the Phase 2 review. No further action will be taken on the application until such time as this deposit has been paid. In addition, the applicant shall be responsible for and shall pay any and all out of pocket expenses incurred by the Village of Elk Grove Village in connection with the review of the applicant's application and issuance of bonds including but not limited to attorneys' fees, preparation and duplication of documents, and related costs. The applicant shall be invoiced for and shall pay all such costs within 10 days of receipt of said invoice. No further action on the application shall be taken until such time as these fees have been paid. C. Procedure. Upon the payment of the deposit, all appropriate fees and receipt of the report from the financial consultants, the Judiciary, Planning and Zoning Committee shall review said application and consultants reports and hold whatever meetings or hearings and conduct ,whatever investigations it deems necessary. The Committee Chairman shall forward a report and recommendations of the Committee to the Village Board within 90 days after the receipt of the application from the Village Manager. D. Refund of Deposit. The Village shall deduct from the deposit all costs related to the Phase 2 review as outlined herein and shall refund any unused portion. Section III. Phase 3 A. Consideration by Village Board. The President and Board of Trustees shall consider each application for Industrial Revenue Bonds which comes before it on the agenda. Compliance with the procedures set forth herein shall not be construed as obligating the President and Board of Trustees to act upon the application favorably. The issuance of such bonds pursuant to this Resolution wholely is at the discretionary judgment of the President and Board of Trustees. B. Rights Reserved. The President and Village Board of Trustees reserve the right to have the applicant appear before them at the Village Board meeting where the subject is to be discussed to further explain the proposed development and to answer any and all questions which may arise. C. Approval. Upon completion of all steps, the President and Village Board of Trustees shall consider approval of the Industrial Revenue Bond issue. D. Fee. In addition to payment of the nonrefundable application fee and any and all costs, as provided hereinabove, applicant shall pay the Village a fee, as established from time to time by the corporate authorities, if Industrial Revenue Bonds are issued for the project at the time such bonds are issued. Such fee shall be considered a project cost. E. Validity of Bonds. Failure on the part of the applicant or the Village to comply with the requirements of this section of the Municipal Code or this Resolution shall not effect the validity of any Industrial Revenue Bonds issued. -4- Section TV. That this resolution shall be in full force and effect from and after its passage and approval according to law. PASSED this 13th day of October 1981. APPROVED this 13th day of October 1981. Charles J. Zettek Village President ATTEST. Fav M. Bishop Village Clerk