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RESOLUTION NO. 39-82 <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 />ORLANDO MAGNELLI PROVIDING FOR THE ISSUANCE BY SAID VILLAGE OF REVENUE <br />BONDS PURSUANT TO THE PROVISIONS OF ORDINANCE NUMBER 1486 <br />WHEREAS, the Village of Elk Grove Village, Illinois (hereinafter called <br />the "Village") recognizes that it is necessary for the general welfare and <br />economy of the public that the Village endeavor to provide opportunities for <br />economic 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 and "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 <br />Enabling Ordinance, the Village has indicated its intent to issue its revenue <br />bonds and apply the proceeds therefrom to the construction of a building to <br />be located within the corporate boundaries of the Village (the "Project") by <br />Orlando Magnelli, an individual (the "Borrower"); and <br />WHEREAS, the Village's intention to issue said revenue bonds in an in- <br />ducement to the Borrower to proceed with the Project; 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 <br />meeting 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 />Section l: The form, terms and provisions of the Memorandum of Intent <br />are hereby approved. The Village President is hereby authorized and directed <br />