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R-06-08 01/28/2008RESOLUTION 12.0 to - o$ RESOLUTION OF THE VILLAGE OF LEMONT, ILLINOIS DECLARING ITS OFFICIAL INTENT TO REIMBURSE CERTAIN CAPITAL EXPENDITURES FORM THE PROCEEDS OF A BORROWING WHEREAS, the Village of Lemont (the "Village ") has been presented with a proposal to redevelop a portion of the Village in the vicinity of Route 83 and the Cal -Sag Canal (the "Redevelopment Project ") by Lemont Gateway Holdings LLC (the "the "Developer"); and WHEREAS, the Developer has proposed the establishment of a tax increment financing district (the "TIF District ") and has proposed to enter into a redevelopment agreement (the "Redevelopment Agreement ") with the Village; and WHEREAS, the Developer expects to advance its own funds to pay expenditures of a type properly chargeable to capital account under general federal income tax principals (the "expenditures ") related to the Redevelopment Project prior to the Village incurring indebtedness therefor; and WHEREAS, the Developer has proposed that the Village provide financial incentives in the Redevelopment Agreement, including the issuance of developer notes and bonds (collectively the "Village Obligations "); and WHEREAS, the proceeds of the Village Obligations may be used to reimburse the Developer or the Village for the Expenditures NOW, THEREFORE, BE IT RESOLVED by the CORPORATE AUTHORITIES, OF THE VILLAGE OF LEMONT, COOK, WILL, AND DUPAGE COUNTIES, ILLINOIS AS FOLLOWS: SECTION 1: The purpose of this resolution is to satisfy the "Official Intent Requirement" of Treasury Regulation Section 1.150 -2 SECTION 2: The Village reasonably expects to be reimbursed for or reasonably expects to reimburse the Developer for the Expenditures in an amount not to exceed $10,000,000 made on or after the date that is no more than 60 days prior to the date of this resolution. The Village reasonably expects on the date hereof that it will reimburse the Expenditures with the proceeds of the Village Obligations. The Village intends to make a reimbursement allocation, which is a written allocation that evidences the Village's use of proceeds of the Village Obligations to reimburse an Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid or the Redevelopment Project is placed in service or abandoned, but in no event more than 36 months after the date on which the Expenditure is paid. SECTION 3: SECTION 4: This declaration of official intent is consistent with the budgetary financial circumstances of the Village. Any Village Obligations are to be paid solely from the net incremental property taxes paid into the Tax Allocation Fund of the proposed TIF District. The village Obligation shall not be general obligations of the Village bus shall be payable solely from the net incremental property taxes paid into the TIF District. This resolution does not bind the Village to establish the TIF District nor does it bind the Village to approve any specific redevelopment projects or financial incentives therein. SECTION 5: This Resolution shall be in full force and effect from and after its passage, approval, and publication in pamphlet form, as provided by law. PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COOK, WILL AND DU PAGE COUNTIES ILLINOIS on this 07 i, Day of ,µahem , 2008 AYES NAYS PASSED ABSENT Debby Blatzer I/ Peter Cowles ✓ Brian Reaves Cliff Miklos ✓ Ronald Stapleton Jeanette Virgilio Attest: CHARLENE SMOLLEN, Village Clerk ej RESOLUTION -a,& -0Y RESOLUTION OF THE VILLAGE OF LEMONT, ILLINOIS DECLARING ITS OFFICIAL INTENT TO REIMBURSE CERTAIN CAPITAL EXPENDITURES FORM THE PROCEEDS OF A BORROWING WHEREAS, the Village of Lemont (the "Village ") has been presented with a proposal to redevelop a portion of the Village in the vicinity of Route 83 and the Cal -Sag Canal (the "Redevelopment Project ") by Lemont Gateway Holdings LLC (the "the "Developer "); and WHEREAS, the Developer has proposed the establishment of a tax increment financing district (the "TIF District ") and has proposed to enter into a redevelopment agreement (the "Redevelopment Agreement ") with the Village; and WHEREAS, the Developer expects to advance its own funds to pay expenditures of a type properly chargeable to capital account under general federal income tax principals (the "expenditures ") related to the Redevelopment Project prior to the Village incurring indebtedness therefor; and WHEREAS, the Developer has proposed that the Village provide financial incentives in the Redevelopment Agreement, including the issuance of developer notes and bonds (collectively the "Village Obligations "); and WHEREAS, the proceeds of the Village Obligations may be used to reimburse the Developer or the Village for the Expenditures NOW, THEREFORE, BE IT RESOLVED by the CORPORATE AUTHORITIES, OF THE VILLAGE OF LEMONT, COOK, WILL, AND DUPAGE COUNTIES, ILLINOIS AS FOLLOWS: SECTION 1: The purpose of this resolution is to satisfy the "Official Intent Requirement" of Treasury Regulation Section 1.150 -2 SECTION 2: The Village reasonably expects to be reimbursed for or reasonably expects to reimburse the Developer for the Expenditures in an amount not to exceed $10,000,000 made on or after the date that is no more than 60 days prior to the date of this resolution. The Village reasonably expects on the date hereof that it will reimburse the Expenditures with the proceeds of the Village Obligations. The Village intends to make a reimbursement allocation, which is a written allocation that evidences the Village's use of proceeds of the Village Obligations to reimburse an Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid or the Redevelopment Project is placed in service or abandoned, but in no event more than 36 months after the date on which the Expenditure is paid. SECTION 3: SECTION 4: This declaration of official intent is consistent with the budgetary financial circumstances of the Village. Any Village Obligations are to be paid solely from the net incremental property taxes paid into the Tax Allocation Fund of the proposed TIF District. The village Obligation shall not be general obligations of the Village bus shall be payable solely from the net incremental property taxes paid into the TIF District. This resolution does not bind the Village to establish the TIF District nor does it bind the Village to approve any specific redevelopment projects or financial incentives therein. SECTION 5: This Resolution shall be in full force and effect from and after its passage, approval, and publication in pamphlet form, as provided by law. PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COOK, WILL AND DU PAGE COUNTIES ILLINOIS on this Aw Day of ,, 10" , 2008 Debby Blatzer Peter Coules Brian Reaves Cliff Miklos Ronald Stapleton Jeanette Virgilio Attest: t /J96I't�w�.r AYES NAYS PASSED ABSENT U JOHN/F. PIAZZA, Village Pdesjdent CHARLENE SMOLLEN, Village Clerk ,f� AP RESOLUTION go 6 a RESOLUTION OF THE VILLAGE OF LEMONT, ILLINOIS DECLARING ITS OFFICIAL INTENT TO REIMBURSE CERTAIN CAPITAL EXPENDITURES FORM THE PROCEEDS OF A BORROWING WHEREAS, the Village of Lemont (the "Village ") has been presented with a proposal to redevelop a portion of the Village in the vicinity of Route 83 and the Cal -Sag Canal (the "Redevelopment Project ") by Lemont Gateway Holdings LLC (the "the "Developer"); and WHEREAS, the Developer has proposed the establishment of a tax increment financing district (the "TIF District ") and has proposed to enter into a redevelopment agreement (the "Redevelopment Agreement ") with the Village; and WHEREAS, the Developer expects to advance its own funds to pay expenditures of a type properly chargeable to capital account under general federal income tax principals (the "expenditures ") related to the Redevelopment Project prior to the Village incurring indebtedness therefor; and WHEREAS, the Developer has proposed that the Village provide financial incentives in the Redevelopment Agreement, including the issuance of developer notes and bonds (collectively the "Village Obligations "); and WHEREAS, the proceeds of the Village Obligations may be used to reimburse the Developer or the Village for the Expenditures NOW, THEREFORE, BE IT RESOLVED by the CORPORATE AUTHORITIES, OF THE VILLAGE OF LEMONT, COOK, WILL, AND DUPAGE COUNTIES, ILLINOIS AS FOLLOWS: SECTION 1: The purpose of this resolution is to satisfy the "Official Intent Requirement" of Treasury Regulation Section 1150 -2 SECTION 2: The Village reasonably expects to be reimbursed for or reasonably expects to reimburse the Developer for the Expenditures in an amount not to exceed $10,000,000 made on or after the date that is no more than 60 days prior to the date of this resolution. The Village reasonably expects on the date hereof that it will reimburse the Expenditures with the proceeds of the Village Obligations. The Village intends to make a reimbursement allocation, which is a written allocation that evidences the Village's use of proceeds of the Village Obligations to reimburse an Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid or the Redevelopment Project is placed in service or abandoned, but in no event more than 36 months after the date on which the Expenditure is paid. SECTION 3: SECTION 4: This declaration of official intent is consistent with the budgetary financial circumstances of the Village. Any Village Obligations are to be paid solely from the net incremental property taxes paid into the Tax Allocation Fund of the proposed TIF District. The village Obligation shall not be general obligations of the Village bus shall be payable solely from the net incremental property taxes paid into the TIF District. This resolution does not bind the Village to establish the TIF District nor does it bind the Village to approve any specific redevelopment projects or financial incentives therein. SECTION 5: This Resolution shall be in full force and effect from and after its passage, approval. and publication in pamphlet form, as provided by law. PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT, COOK, WILL AND DU PAGE COUNTIES ILLINOIS on this A,8 +4, Day of � � , 2008 AYES NAYS PASSED ABSENT Debby Blatzer Peter Coules Brian Reaves Cliff Miklos Ronald Stapleton Jeanette Virgilio V t/ t/ CHARLENE SMOLLEN, Village Clerk