HomeMy WebLinkAboutRESOLUTION - 38-82 - 7/27/1982 - REVENUE BOND/GARY FELDMANRESOLUTION NO. 38-82
A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF
INTENT BY AND BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS, AND
GARY FELDMAR PROVIDING FOR THE ISSUANCE BY SAID VILLAGE OF REVENUE BONDS
PURSUANT TO THE PROVISIONS OF ORDINANCE NUMBER 1486
WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called the
"Village") recognizes that it is necessary for the general welfare and economy
t
of the public that the Village endeavor to provide opportunities for economic
development; and
WHEREAS, the Village is a home rule unit of government and is authorized
under the provisions of Ordinance Number 1486 (the "Enabling Ordinance"), to
issue its revenue bonds in order to provide funds to acquire, construct, re-
construct, improve, equip or extend any "project" (as defined in the Enabling
Ordinance), in order to relieve conditions of unemployment, and to encourage
economic development within the Village, thereby reducing the evils attendant
upon unemployemnt; and
WHEREAS, in order to implement the public purposes set forth in the
Enabling Ordinance, the Village has indicated its intent to issue its revenue
bonds and apply the proceeds therefrom to the acquisition of land and an
existing building located within the corporate boundaries of the Village (the
"Project") by Gary Feldmar, an individual (the "Borrower"); and
WHEREAS, the Borrower intends to lease the Project to the Excello Press,
Incorporated, a corporation organized under the laws of the State of Illinois;
and
WHEREAS, the Village's intention to issue said revenue bonds is an induce-
ment to the Borrower to acquire the Project; and
WHEREAS, it is now deemed advisable to authorize the execution and delivery
by the Village of a Memorandum of Intent (the "Memorandum of Intent") by and
between the Village and the Borrower, setting forth the understanding heretofore
informally discussed by the Village and the Borrower; and
WHEREAS, the form of Memorandum of Intent has been presented to this
meeting of the President and Board of Trustees:
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: The form, terms and provisions of the Memorandum of Intent
are hereby approved. The Village President is hereby authorized and directed
to execute the Memorandum of Intent by and between the Village and the Borrower,
and the Village Clerk is hereby authorized and directed to affix the seal of
the Village thereto and to attest the same; and said Village President and
Village Clerk are hereby authorized and directed to cause said Memorandum of
Intent to be delivered to, accepted and executed by the Borrower. The Memor-
andum of Intent, as executed and delivered, shall be in substantially the form
presented to this meeting or with such changes therein as shall be approved by
the Village President and Village Clerk, their execution thereof to constitute
conclusive approval of any and all changes to the form of Memorandum of Intent
presented to this meeting.
Section 2: All resolutions and orders or parts thereof, in conflict with
the provisions of this Resolution, are, to the extent of such conflict, hereby
repealed, and this Resolution shall be in immediate effect from and after its
passage and approval according to law.
PASSED
this
27th
day
of
July
, 1982.
APPROVED
this
27th
day
of
July
, 1982.
ATTEST:
Patricia S. Smithl
Village Clerk
- 2 -
Charles J. Zettek
Village President