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Home My WebLink About92-0610 Lunt Bond &a,- 0 t° RESOLUTION WAIVING THE CITY OF ELGIN'S RIGHT TO DISAPPROVE THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY ' S INTENT TO ISSUE $6 , 000, 000 INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR LUNT MANUFACTURING CO. , INC . WHEREAS, the Illinois Development Finance Authority (the "Authority' ) has submitted a written notice of the City of Elgin, Kane and Cook Counties, Illinois, (the "City" ) , advising the City that the Authority intends to issue its revenue bonds to finance a project for Lunt Manufacturing Co . , Inc. (the "Company" ) , some portion of which may be within the planning and subdivision control jurisdiction of the City, pursuant to the provisions of Illinois Revised Statutes , 1989 , Chapter 48, Paragraph 850 . 01 et seq. , known as "The Illinois Development Finance Authority Act" , as supplemented and amended (the "Act" ) ; and WHEREAS, the Act provides that the Authority shall not issue its revenue bonds to finance a project within the planning and subdivision control jurisdiction of a municipality unless , within forty-five (45 ) days after receipt of written notice from the Authority of such project, the corporate authorities fail to adopt a resolution disapproving such project, or have notified the Authority that the municipality has adopted a resolution approving the industrial project; and WHEREAS, the Company desires that the Authority issue its revenue bonds to finance the Project within the forty-five (45) day period referred to above; and WHEREAS, the City Council of the City has reviewed said written notice from the Authority, and is familiar with the Project, the financing therefor and other relevant facts . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS: Section 1 . That the City does hereby approve the financing of the Project by the Authority within the planning and subdivision control jurisdiction of the City. Section 2 . That the City hereby acknowledges that, by the adoption of this resolution, it is waiving any right it may have under the Act to disapprove the financing of the Project by the Authority within the planning and subdivision control jurisdiction of the City. Section 3 . That the provisions of this resolution are hereby declared to be separable, and if any section, phrase or provision shall , for any reason, be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases or provisions of this resolution. Section 4 . That all ordinances, resolutions or orders or parts thereof in conflict with the provisions of this Resolution are, to the extent of such conflict, hereby superseded. Section 5 . That this resolution shall be in full force and effect immediately upon its adoption. s/ George VanDeVoorde George VanDeVoorde, Mayor Presented: June 10, 1992 Adopted: June 10, 1992 Vote: Yeas 6 Nays 0 Recorded: Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk TELEPHONE 708/695-6500 Elzjn py FAX 708/931-5610 FOR HEARING IMPAIRED Elg5 TDD 708/931.5616 ` _ CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555 o,P°4r Direct Line 931-5660 June 16, 1992 Illinois Development Finance Authority Attention: Legal Department Two North LaSalle Street, Suite 980 Chicago, IL 60602 Re: Lunt Manufacturing Co. , Inc. 1335-IRB Dear Ms . Hayes : Please be advised that the Elgin City Council adopted a resolution at its meeting on June 10, 1992, waiving the City of Elgin' s right to disapprove the Illinois Development Finance Authority' s Intent to Issue $6,000,000 Industrial Development Revenue Bonds for Lunt Manufacturing Co. , Inc. at 1125 Jansen Farm Drive in Elgin. A certified copy of the aforesaid resolution is enclosed. Very truly yours, Dolonna "Loni" Mecum, PLS City Clerk dkm Enclosure Certified Mail cc: Edward C. Roels, Controller Lunt Manufacturing Co. , Inc. I Printed on recycled paper • TELEPHONE 708/695-6500 111 FAX 708/931-5610 FOR HEARING IMPAIRED TDD 708/931-5616 //(e \ CITY OF ELGIN 150 DEXTER COURT ELGIN, ILLINOIS 60120-5555 V. e R'!IED PF.B/ • The attached resolution reflects a change of address from 1345 Gasket to 1125 Jansen Farm Drive of the Lunt Manufacturing Co. , Inc. project from the similarly adopted resolution on April 8, 1992 . • • a a Printed on recycled paper LUNT MANUFACTURING CO., INC. 601-605 Lunt Ave. • Schaumburg, IL 60193 • Phone(708) 529-5542 • FAX(708) 529-5659 Magnesium-Die-Casting June 4, 1992 Ms. Dolonna Mecum City Clerk City of Elgin 150 Dexter Court Elgin, Illinois 60120-5557 Dear Ms. Mecum: Per our discussion, enclosed is a copy of the Illinois Development Finance Authority's (IDFA) notification regarding Lunt Manufacturing Co., Inc.'s application for Industrial Revenue Bonds, the proceeds of which are to be used, in part, in the City of Elgin. We intend to use the proceeds of such bond issue to finance and place into service machinery and equipment aggregating approximately $2.2 million dollars at 1125 Jansen Farm Drive in Elgin. Due to the June 30, 1992 federal deadline for issuance of Industrial Revenue Bonds and the requirements of the IDFA delineated in their notification, we respectfully request the City of Elgin to adopt a resolution to approve our project and waive the 45 day right to disapprove the Illinois Development Finance Authority's Issuance of Industrial Revenue Bonds on our behalf. For convenience, I have also enclosed an example of such resolution. Because of the time factors involved, we would greatly appreciate it if this request can be taken up at the next board meeting on June 10, 1992. If there is additional information you would require or if you have any questions please do not hesitate to call me at (708) 529-5542. Sincerely, LUNT MANUFACTURING CO.,INC. Edward C. Roels Controller Enclosures ECR:cap cc: Helmut Brandt Irwin Jentch !�iv .L lCL 1LI• 10 1L!; 1 ll r H TEL HO:.=12/793-E 47 4855 P02 1 , IDFA J L L l N 0 I S DEVELOPMENT FINANCE June 2, 1992 AUTHORITY Via Certified bail Ma. Dolonna Mecum City Clerk City of Elgin 150 Dexter Court Elgin, IL 60120-5557 Re: Lunt Manufacturing Co. , Inc. 1225-IRB Dear Me. Mecum: At a regular meeting of the Illinoia Development Finance Authority held in Chicago on March 18, 1992, the members of the Authority approved an application to issue Industrial Revenue bonds on behalf of Lunt ManufacturingCo. ,turf Co Inc. The amount of bonds to be issued on behalf of the applicant is now estimated at an amount not to exceed $6,000,000. The proceeds of the bond issue will be used by the Applicant to acquire land and construct a 65,000 square foot manufacturing facility and equipping thereof, located at 1125 Jansen Farm Drive, Elgin, Illinois. Following is the pertinent provision of Section 6.1 of the Illinois Development Finance Authority Act, Illinois Revised Statutes 1989, ch. aiffe.repMieet 48, par. 850.01 It era, which describes one of the conditions that must be met before bonds (the statutory definition of which includes Srura980 other indebtedness) may be issued by the Authority: own( rh,tirx,fir Y/L Mrs.' i17 717.tihAf The Authority shall not issue any bonds relating to the oew»euaorHen financing of en industrial project located within the 400rR9tDrlrourn,, planning and subdivision control jurisdiction of any `'' ElnxVI? municipality unless: (1) notice, including a description M..•rr, tr,,,,t�,., ,r; of the proposed project and the financing therefor, is 6M 9776;0H submitted to the corporate authorities of such municipality; Ilb,,,,gpe,olafQ1; and (2) such corporate authorities, within 45 days after CVO S SrrrrtobtrO!•r mailing of the notice, have failed to notify the Authority SrNu•rnn that the municipality has adopted a resolution disapproving SonrtQrf,,n rr sr7n.1 the industrial project or have notified the Authority that =17/ti2•1•t0.•101.'r''i.la t'b the municipality has adopted a resolution approving the industrial project. .?1D/7q9 ntJ/ gr,vrguan ta. tL 1u: 1d 1L: 1 L h- H TEL HO:312/7 93-5347 485E PO3 4' Ms. Dolonna Mecum Re: Lunt Manufacturing Co. , Inc. Page Two Please be advised that the corporate authorities of Elgin, 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 en 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 Stephanie J. Hayes of our office at (312) 793-5586. Sincerely, ILLINOIS DEVELOPMENT FINANCE AUTHORITY •WCWOAthe By: Ronald Bean Executive Director RB/ac (483+AC) cc: Client Bond Counsel Issuer's Counsel IOTA File Certified Receipt Number P 694 860 455 RESOLUTTO* NO. A Resolution waiving the _ of _ right to Disapprove the Illinois Development Finance Authority's Intent to Issue $ Industrial Development Revenue Bonds for W$BREA8, the Illinois Development Finance Authority (the "Authority") has submitted a written notice to the of County, Illinois (the "City"), advising the City that the Authority intends to issue it revenue bonds to finance d project for (the -Company"), some portion of which may be within the planning and subdivision control jurisdiction of the City, pursuant to the provisions of Illinois Revised Statutes 1989, Chapter 48, Paragraph 850.01 at nu. , known as "The Illinois Development Finance Authority Act", as supplemented and amended (the "Act"); and WHEREAS, the Act provides that the Authority shell not issue its revenue bonds to finance a project within the planning and subdivision control jurisdiction of a municipality unless, within forty-five (45) days after receipt of written notice from the Authority of such project, the corporate nutlroc-itiea fail to adopt a resolution disapproving such project, or have notified the Authority that the municipality has adopted a resolution approving the industrial project; and WHEREAS, the Company desires that the Authority issue its revenue bonds to finance the Project within the forty-five (45) day period referred to above; and WHEREAS, the _ Council of the City has reviewed said written notice from the Authority, and is familiar with the Project, the financing therefor and other relevant facts; NOW, THEREFORE, BE IT RESOLVED BY TEN COUNCIL OF TH3 OF _ , COUNTY, ILLIAOIS as follows: Section 1. That the City done hereby approve the financing of the Project by the Authority within the planning and subdivision control Jurisdiction of the City. p 1c 791 7L7:i HNU HUU U. ' /�� T'--•� -��3-' i,!ED i 1:2= JD: I D F A TEL i O:312/793-6347 4860 P03 s . . _2.. Section 2. That the City hereby acknowledgea that, by the adoption of this Resolution, it is waiving any right it may have under the Act to disapprove the financing of the Project by the Authority within the planning and subdivision control jurisdiction of the City. Section 3. That the provisions of this Resolution are hereby declared to be separable, and if any section, phrase or provision shall, for any reason, be declared to be invalid, such declaration shall riot affect the validity of the remainder of the sections, phrases or provisions of this Resolution. Section 4. That all ordinances resolutions or orders or parts thereof in conflict with the provisions of this Resolution are, to the extent of such conflict, hereby superseded. Section S. That this Resolution shall be in full force and effect immediately upon its adoption. PARSED AND APPROVED nr THE Council and the of the _ of County, Illinois, this day of , 1990. Approved: (SEAL) ATT$$T • (124M)