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Home My WebLink About97-175 Resolution No. 97-175 RESOLUTION CONCURRING IN THE ISSUANCE OF INDUSTRIAL REVENUE BONDS BY THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY ON BEHALF OF MECHANICAL & INDUSTRIAL FASTENERS, INC . IN AN AMOUNT NOT TO EXCEED $1,427 , 000 WHEREAS, the Illinois Development Finance Authority has heretofore approved an application to issue industrial revenue bonds on behalf of Mechanical & Industrial Fasteners, Inc. in an amount not to exceed $1,427, 000; and WHEREAS, Mechanical & Industrial Fasteners, Inc. will use the proceeds of the bond issue to construct a 32 ,450 square foot manufacturing facility at 1695 Todd Farm Drive, Elgin, Illinois; and WHEREAS, pursuant to Section 6 . 1 of the Illinois Development Finance Authority Act notice has been submitted to the corporate authorities of the City of Elgin; and WHEREAS, it is in the best interest of the City of Elgin to approve the issuance of revenue bonds as proposed. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that it hereby approves the issuance by the Illinois Development Finance Authority of industrial revenue bonds on behalf of Mechanical & Industrial Fasteners, Inc . in an amount not to exceed $1,427 , 000 for the purpose of constructing a 32 ,450 square foot manufacturing facility at 16j95 Todd Farm Drive, Elgin, Illinois . BE IT FURTHER RESOLVED that the City Clerk be and is hereby authorized and directed to cause a certified copy of this resolution to be mailed to the Illinois Development Finance Authority. s/ Kevin Kelly Kevin Kelly, Mayor Presented: June 25, 1997 Adopted: June 25, 1997 Vote: Yeas 7 Nays 0 Attest: s/ Dolonna Mecum Dolonna Mecum, City Clerk City of Elgin it :` + ;, Mayor Kevin Kelly Co py Council Members Terry Gavin Robert Gilliam John T. McKevitt Ed Schock John Walters Marie Yearman July 1, 1997 ATTN: Legal Department Illinois Development Finance Authority 233 S . Wacker Drive, Suite 5310 Chicago, IL 60606 Re: Alois Hartman Mechanical & Industrial Fasteners Project #1925-IRB Gentlemen: On June 25, 1997 , the Elgin City Council adopted Resolution 97-175 approving the issuance of Industrial Development Revenue Bonds for Mechanical & Industrial Fasteners Project. In accordance with the directions contained in your letter dated May 23, 1997 , a certified copy of the aforesaid resolution is enclosed. Very truly yours, Dolonna "Loni" Mecum, CMC City Clerk 847/931-5660 dkm Enclosure CERTIFIED MAIL 150 Dexter Court • Elgin, IL 60120-5555 • Phone 847/931-6100 • Fax 847/931-5610 • TDD 847/931-5616 ® Printed on recycled paper - t d SENDERS: ■Complete items 1 and/or 2 for additional services. I also wish to receive the w ■Complete items 3,4a,and 4b. following services(for an a ■Print your name and address on the reverse of this form so that we can return this extra fee): I card to you. gi mt ■Att�this form to the front of the mailpiece,or on the back if space does not 1. Cl Addressee's Address •Z m ■Write'Retum Receipt Requested'on the mailpiece below the article number. 2. 0 Restricted Delivery N S ■The Return Receipt will show to whom the article was delivered and the date a c delivered. Consult postmaster for fee. d 3.Article Addressed to: 4a.Article Number ti ATTN: Legal Department Z 351 562 060 E E Illinois Department Finance 4b.Service Type m 0 Athority 0 Registered it Certified cc 233 S. Wac}cer Dr. , Suite ❑ Express Mail Clcm Insured w 5 310 0 Return Receipt for andise 0 COD c Chicago, IL 60606 7.Date ofDel' ery c 5.Received By:(Print Name) 8.Addresse 's�dd al(4 if requested i and fee is paid) r 6.Sign?( die- ortoo t) C PS Form 3811, December'1994' Domestic Return Receipt city Clerk Z 351 563 06D Receipt for IIV Certified Mail No Insurance Coverage Provided uw,Eosu..s Do not use for International Mail ,..,YWCF (See Reverse) o I�'I,lna ' se�eve�opiar ,mnance . AULU,Qr1ty m 4 �5_ Waker Dr_ Suite 3 and 71P Code o Chicago, TL 60606 oPostage M E Certfied Fee 0 0 U. Special Delivery Fee co . <��„/• Restricted Delivery Pee r .�< Return Receipt Snowing 11 to Whom&Date Delivered Return Rerelp i tem, Date,and e d/ TQI &Fee osta JUL Post .rk Dart; 2 Z. ,pS UNITED STATES POSTAL SERVICE 111111 First-Class Mail Postage&Fees Paid LISPS Permit No.G-10 • Print your name,address, and ZIP Code in this box • Elgin City Clerk 150 Dexter Court Elgin, IL 60120 4 4 30 C 0 PY May 28, 1997 TO: Ray Moller, Director of Business Services FROM: Loni Mecum, City Clerk SUBJECT: Alois Hartman-Mechanical and Industrial Fasteners Project Please take the appropriate action regarding the attached letter dated May 23, 1997, from the Illinois Development Finance Authority with reference to the above project. Enclosure c : Ery Jentsch, Corporation Counsel F- : l/ ILLINOIS TTY 1.800.526.0844 Voice 1.800.526.0857 • DEVELOPMENT FINANCE AUTHORITY airy, Chicago Office•Sears Tower•233 South Wacker,Suite 5310•Chicago,Illinois 60606•312.793.5586•Fax 312.793.6347 Jim Edgar May 23, 1997 Governor MEMBERS Harry J.Seigle Via Certified Mail Chairman Perry J.Snyderman Ms. Dolonna Mecum Vice-Chairman Howard G.Kaplan City Clerk Treasurer City of Elgin Martin R.Binder 150 Dexter Street Shinae Chun Elgin, Illinois 60120-5570 Steven M.Cisco Re: Alois Hartman Diane Cullman Mechanical & Industrial Fasteners Project Leon Dais #1925-IRB Peter E.Gidwitz Jan Grayson Dear Ms. Mecum: Courtney J.Munson David Musgrave At a regular meeting of the Illinois Development Finance Authority held in P.Keith Rigsby Chicago, Illinois, on May 21, 1997; the members of the Illinois Development Dennis Whetstone Finance Authority approved an application to issue Industrial Development Michael W.7avis Revenue Bonds on behalf of Mechanical & Industrial Fasteners, Inc.. The amount of such bonds to be issued on behalf of the applicant is now estimated at an DIRECTOR amount not to exceed $1,427,000. The proceeds of the bond issue will be used Bobby J.Wilkerson for the construction of a 32,450 suare foot manufacturing facility and to purchase machinery and equoiment for use therm. The project is located at 1695 Todd Farm Drive, Elgin, Illinois. Following is the pertinent provision of Section 6.1 of the Illinois Development Springfield Office Finance Authority Act, 20 ILCS 3505/1 et seq. (1992); Illinois Revised Statutes 217 E.Monroe Street 1991, ch. 48, par. 850.01 et seq., which describes one of the conditions that must Suite 200B Springfield,Illinois 62701 be met before bonds (the statutory definition of which includes other 217.524.1567 indebtedness) may be issued by the Authority: Fax 217.785.7362 Southern Region Office The Authority shall not issue any bonds relating to the financing of 400 East DeYoung Street an industrial project located within the planning and subdivision P.O.Box 397 Marion,Illinois 62959 control jurisdiction of any municipality unless: (1) notice, including a 7.6318 description of the proposed project and the financing for the project, Fax 61 Fax 618.997.6042 is submitted to the corporate authorities of such municipality; and Central Region Office (2) the corporate authorities, within 45 days after mailing of the 124 S30Adams Street notice, have failed to notifythe Authoritythat the municipality has Suite 30o P Y Peoria,Illinois 61602 adopted a resolution disapproving the industrial project or have 309.671.0290 notified the Authoritythat the municipality has adopted a resolution Fax 309.676.7534 P Y P approving the industrial project. ... In the case of bonds to be issued on behalf of not for profit entities qualified under Section 501 of the Internal Revenue Code of 1986, the Authority is authorized to issue those bonds before complying with the requirements of this Ms. Mecum City Clerk City of Elgin Page 2 Section; but those requirements shall be met before the disbursement of bond proceeds to the not for profit entity to pay or reimburse it for project expenditures. Please be advised that if the corporate authorities of Elgin, Illinois, determine to adopt either of the aforesaid resolutions (which they are not required to do), they must do so within 45 days after the mailing date of this letter. If the Authority has not been notified within 45 days after the mailing date of this letter that a resolution disapproving the project has been adopted, it will assume that the corporate authorities have no objection 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 233 South Wacker Drive Sears Tower Suite 5310 Chicago, IL 60606 Attn: Legal Department If you have any questions concerning this matter, please contact Stephen Welcome of our office at (312) 793-5586. Sincerely, ILLINOIS DEVELOPMENT FINANCE A T -11Y Bob J. Wilkerson Executive Director cc: Alois Hartman - Mechanical & Industrial Fasteners, Inc. IDFA File #1925-IRB Certified Receipt Number: P 913 151 029 BJW Ig , �,�ti Agenda Item N ° City of Elgin a042) 4 rE D t,g. June 16 , 1997 TO: Mayor and Members of the City Council FROM: Robert O. Malm, Interim City Manager SUBJECT: Resolution Supporting Illinois Development Finance Authority ( IDFA) Issuance of Industrial Development Revenue Bonds ( IRB) on Behalf of Mechanical & Industrial Fasteners, Inc. PURPOSE The purpose of this memorandum is to present to the Mayor and members of the City Council a resolution supporting the application of Mechanical & Industrial Fasteners, Inc . for $1,427 , 000 in IRB funding from IDFA. BACKGROUND At a regular meeting of the IDFA held in Chicago on May 21, 1997 , the members of the IDFA approved an application to issue Industrial Development Revenue Bonds on behalf of Mechanical & Industrial Fasteners, Inc. The amount of such bonds to be issued on behalf of the applicant is now estimat- ed not to exceed $1,427 , 000 . The proceeds of the bond issue will be used for the construction of a 32 ,450 square foot manufacturing facility and to purchase machinery and equip- ment for use therein. The project is located at 1695 Todd Farm Drive, Elgin. The IDFA is required to notify the municipality within which a proposed project will be developed. The municipality has a 45-day period to adopt a resolution approving or disapproving of the project financing. If the Authority has not been notified within 45 days that a resolution disapproving the project has been adopted, it will assume that the corporate authorities have no objection to the project. COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED None. ,V/..k_FINANCIAL IMPACT There is no risk or cost involved to the City with the issu- ance of these IRBs . Mechanical & Industrial Fasteners, Inc . June 16 , 1997 Page 2 LEGAL IMPACT ANone . ALTERNATIVES 1 . Adopt a resolution supporting the project. 2 . Adopt a resolution disapproving the project. RECOMMENDATION Authorize the preparation of a resolution supporting the application of Mechanical & Industrial Fasteners , Inc . to the Illinois Development Finance Authority for $1,427 , 000 in Industrial Development Revenue Bonds . Respectfully submitted, 6F6-1'—'7(-1(2°7(7(":7 Raymond H. Moller Director of Business Services and Properties ames R. Nowicki Director of Finance Robert 0. Malm Interim City Manager amp Attachment