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RESOLUTION NO. x7_82 <br />A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF <br />INTENT BY AND BETWEEN THE VILLAGE OF ELK GROVE VILLAGE, ILLINOIS, AND <br />THE EXCELLO PRESS, INCORPORATED, PROVIDING FOR THE ISSUANCE BY SAID <br />VILLAGE OF REVENUE BONDS PURSUANT TO THE PROVISIONS OF ORDINANCE <br />NUMBER 1486. <br />WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called the <br />"Village") recognizes that it is necessary for the general welfare and economy <br />of the public that the Village endeavor to provide opportunities for economic <br />development; and <br />WHEREAS, the Village is a home rule unit of government and is authorized <br />under the provisions of Ordinance Number 1486 (the "Enabling Ordinance"), to <br />issue its revenue bonds in order to provide funds to acquire, construct, re- <br />construct, improve, equip or extend any "project" (as defined in the Enabling <br />Ordinance), in order to relieve conditions of unemployment, and to encourage <br />economic development within the Village, thereby reducing the evils attendant <br />upon unemployment; and <br />WHEREAS, in order to implement the public purposes set forth in the Enabling <br />Ordinance, the Village has indicated its intent to issue its revenue bonds and <br />apply the proceeds therefrom to the acquisition and installation of a web offset <br />printing press and auxiliary equipment, the dismantling and re -erection of <br />certain existing equipment and the construction of various building improvements <br />(collectively, the "Project"), all of the foregoing to be used by the Excello <br />Press, Incorporated, an Illinois corporation (the "Borrower"), in a facility <br />located within the corporate boundaries of the Village; and <br />WHEREAS, the Village's intention to issue said revenue bonds is an induce- <br />ment to the Borrower to locate the Project in the Village; and <br />WHEREAS, it is now deemed advisable to authorize the execution and delivery <br />by the Village of a Memorandum of Intent (the "Memorandum of Intent") by and <br />between the Village and the Borrower, setting forth the understanding heretofore <br />informally discussed by the Village and the Borrower; and <br />WHEREAS, the form of Memorandum of Intent has been presented to this meeting <br />of the President and Board of Trustees: <br />NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of <br />the Village of Elk Grove Village, Counties of Cook and DuPage, Illinois, as <br />follows: <br />