HomeMy WebLinkAboutRESOLUTION - 5-93 - 1/26/1993 - IL INT'L CONVENTION CTR/EXTEND AGRMT RESOLUTION NO. 5-93
A RESOLUTION EXTENDING THE AGREEMENT FOR FUNDING AND
DEVELOPMENT OF THE ILLINOIS INTERNATIONAL CONVENTION
CENTER FOR A PERIOD OF THIRTEEN AND ONE-HALF MONTHS
TO DECEMBER 31, 1994.
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
November 15, 1993; 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:
Section 1: That the Agreement for Funding and Development of the
Illinois International Convention Center (Intergovernmental Agreement)
dated November 15, 1990 as previously approved and executed by Schaumburg,
Elk Grove Village, Hoffman Estates, Palatine and Rolling Meadows, as
amended should be extended.
Section 2: That all relevant parties agree it would be in the best
interests of all parties to extend the time of the Agreement in the event
no bonds are issued from November, 1993 to December 31, 1994. Attached
hereto as "Exhibit A" is an amendment to the Agreement which extends the
term.
Section 3: 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. (Exhibit A) .
Section 3: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
4
VOTE: AYE:
NAY: 2
ABSENT: O
PASSED this 26th day of January , 1993.
APPROVED this 26th day of January , 1993.
Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
EXHIBIT "A"
AMENDMENT TO AGREEMENT FOR FUNDING
AND DEVELOPMENT OF THE
ILLINOIS INTERNATIONAL CONVENTION CENTER
(INTERGOVERNMENTAL AGREEMENT)
JANUARY, 1993
WHEREAS, the municipalities of Schaumburg, Elk Grove Village, Hoffman
Estates, Palatine and Rolling Meadows have previously entered into an Agreement
dated November 15, 1990 allowing for the creation of the Illinois International
Convention Center Authority; and
WHEREAS, Page 16, Paragraph 6 is entitled "Duration"; and
WHEREAS, the parties agree that pursuant to Section 11, Miscellaneous,
Subparagraph (H), this Agreement may be amended only by written agreement
among the Authority and all municipalities.
NOW, THEREFORE, the Authority and all municipalities mutually agree
pursuant to Section 11, Miscellaneous, Subparagraph H that the Agreement on Page
16, Paragraph 6, Duration be amended to read as follows:
"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 December 31, 1994, if the Authority fails to issue any
portion of the revenue bonds as provided herein prior to December 1,
1994. 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."
ILLINOIS INTERNATIONAL CONVENTION
CENTER AUTHORITY
BY:
Chairman
ATTEST:
e
Secretary
VILLAGE OF ELK GROVE VILLAGE, a
Municipal Corporation of the State of Illinois
gy; Charles J. Zettek
Village President
ATTEST:
Patricia S. Smith
Village Clerk
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