R-289-93 Of support for Illinois development finance authority financing for emulsion systems, Inc. ExpansionITEM VI.B.2
RESOLUTION c:R6r9
A RESOLUTION OF SUPPORT FOR ILLINOIS DEVELOPMENT FINANCE
AUTHORITY FINANCING FOR EMULSION SYSTEMS, INC. EXPANSION
WHEREAS, the Village of Lemont, a municipal corporation
located in Cook, DuPage, and Will Counties, has actively pursued an
economic development policy based on increased retention, expansion
and attraction efforts; and
WHEREAS, Emulsion Systems, Inc., a business located in the
Village of Lemont, has considered various options, including
relocation, in planning for the expansion and modernization of
existing facilities; and
WHEREAS, Emulsion Systems, Inc. is seeking from the State of
Illinois various development incentives, including the issuance of
up to $4.2 million in tax - exempt Industrial Revenue Bonds; and
WHEREAS, in accordance with State Statutes, the Illinois
Development Finance Authority has given notice to the Village of
Lemont and seeks either a resolution of support or a resolution of
objection for said financing.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of
Trustees of the Village of Lemont, Counties of Cook, DuPage and
Will, that the Village hereby supports the financing approved for
Emulsion Systems, Inc. by the State of Illinois Development Finance
Authority.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VI LAGE OF LEMONT, COOK, DuPAGE AND WILL COUNTIES, ILLINOIS on
this c day of , 1993.
AYES NAYS PASSED ABSENT
Barbara Buschman ✓
Alice Chin r/
Keith Latz !/
William Margalus t/
Richard Rimbo V
Ralph Schobert
CHARLENE M. SMOLLEN, Village Clerk
Approved by me this ck -day • ' , 1993.
;=C ARD A . ' SNESKI, Village President
Attest:
C ARLENE M. SMOLLEN, Village Clerk
Mayor
Richard A. Kwasneski
Village Clerk
Charlene M. Smollen
Administrator
Steven A. Jones
LEMONT
Village of Faith
418 Main Street • Lemont, IL 60439-3788
(708) 257 -1550
Fax (708) 257 -1598
MEMORANDUM
To: Mayor Richard Kwasneski
Village Board of Trustees
Fr: Dana Jenkin
lanning Director
Re: Emulsion Systems Expansion Financing
Trustees
Barbara Buschman
Alice Chin
Keith Latz
William Margalus
Rick Rimbo
Ralph Schobert
October 13, 1993
As you are aware, the owners of the Emulsion Systems business at
Main Street and Maley Road, after consideration of relocation, have
undertaken efforts to acquire an adjacent building (the Roman Haas
property) in order to expand and modernize their operations.
As part of a State - sponsored incentive package, the Illinois
Development Finance Authority has approved an application for tax -
exempt industrial revenue bonds to finance capital improvements for
the expansion. The state finance authority has given notice to the
Village and is seeking a resolution either of support or objection
to the issuance of these bonds.
Attached you will find a resolution of support for the project.
Staff is recommending approval of the. request. Please do not
hesitate to contact me at (708)257 -1595 with any questions or
concerns in this regard. Thank you.
cc: Steven Jones, Village Administrator
John Antonopoulos, Village Attorney
IDFA
I L L I N O I S
DEVELOPMENT
F I N A N C E
AUTHORITY
Chicago Office:
2 Norm LaSalle
SL.,te 980
Ct'cago. lihno,s 60602-9897
312 / 793 -5586
Downstate Office:
400 East CeYoung
PO Box 397
Mahon. Ilhnols 62959-0397
618 / 997 -6318
September 20, 1993
Via Certified Mail
Ms. Charlene M. Smollen
Village Clerk
Village of Lemont
418 Main Street
Lemont, Illinois 60439 -3788
Re: Emulsion Systems, Inc.
#1488 -IRB
Dear Ms. Smollen:
At a regular meeting of the Illinois Development Finance Authority held in Chicago,
Illinois, on September 15, 1993, the members of the Illinois Development Finance
Authority approved an application to issue Tax - Exempt Industrial Revenue Bonds on
behalf of Emulsion Systems, Inc. The amount of such bonds to be issued on behalf
of the applicant is now estimated at an amount not to exceed $4,200,000. The
proceeds of the bond issue will be used to finance the purchase of land, the purchase
and renovation of an existing manufacturing facility, and the equipping thereof, located
near the intersection of Main Street and Maley Road, in Lemont, Illinois.
Following is the pertinent provision of Section 6.1 of the Illinois Development Finance
Authority Act, Illinois Revised Statutes 1989, ch. 48, par. 850.01 et sea, which
describes one of the conditions that must be met before bonds (the statutory definition
of which includes other indebtedness) may be issued by the Authority:
Springfield Office:
300 West Eawares
Suite 202
Spnngtielo. IL 62704-1907
217/524-1567 or 217/524-15670r217/ 524-5413
.-h cago Fax
312; 793-6347
Springfield Fax
217/744 -0551
700 = 1 -800- 526 -0844
voce # 1 -800- 526 -0857
The Authority shall not issue any bonds relating to the financing of an
industrial project located within the planning and subdivision control
jurisdiction of any municipality unless: (1) notice, including a description
of the proposed project and the financing therefor, is submitted to the
corporate authorities of such municipality; and (2) such corporate
authorities, within 45 days after mailing of the notice, have failed to notify
the Authority that the municipality has adopted a resolution disapproving
the industrial project or have notified the Authority that the municipality has
adopted a resolution approving the industrial project.
Ms. Charlene M. Smollen
Village Clerk
Page 2
Please be advised that the corporate authorities of Lemont, Illinois, have 45 days after the mailing
date of this letter to adopt either of the aforesaid resolutions. If the Authority has not been notified
of the adoption of any such resolution within 45 days, it will assume that the corporate authorities
have no objections to this project.
Please send notification of the adoption of an approving or disapproving resolution, and a certified
copy of the pertinent resolution by registered or certified mail to:
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
Two North LaSalle Street
Suite 980
Chicago, IL 60602
Attn: Legal Department
If you have any questions concerning this matter, please contact Stephen F. Welcome of our office
at (312) 793 -5586.
Sincerely,
ILLINOIS DEVELOPMENT FINANCE
AUT • ' ITY
Philip
Acting E
PH /js
(45day- sep -2)
cc: Client
Bond Counsel
Issuer's Counsel
IDFA File # 1488 -IRB
Certified Receipt Number: P 914 - 405 -074
owe
utive Director