HomeMy WebLinkAbout99-323 Resolution No . 99-323
RESOLUTION
AUTHORIZING EXECUTION OF A TERMINATION AGREEMENT WITH
MG CAPITAL, LLC FOR THE TERMINATION OF A
MEMORANDUM OF AGREEMENT
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that Ed Schock, Mayor, and Dolonna Mecum, City
Clerk, be and are hereby authorized and directed to execute a
Termination Agreement on behalf of the City of Elgin with MG
Capital, LLC for the termination of a memorandum of agreement
previously entered into between the City and MG Capital , LLC
regarding the proposed issuance of the city' s 1999 industrial
development revenue bond authority, a copy of which is
attached hereto and made a part hereof by reference .
s/ Ed Schock
Ed Schock, Mayor
Presented: December 15, 1999
Adopted: December 15, 1999
Vote : Yeas 7 Nays 0
Attest :
•
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
JW 9-00 WED 11 :54 AM CITY OF ELGIN/CITY MGR. FAX NO. 18479315, R: • •
F E B - 2 2000
DRAFT 12/10/99 -J
RAGREE/BOND.TA
TERMINATION AGRL: MENT
THIS AGREEMENT made and entered into this day of
December, 1999, by and between the ( ITY OF ELGIN, an Illinois
municipal corporation (hereinafter 7 :�ferred to as the "City" )
and MG CAPITAL, LLC (hereinafter refEred to as "MG Capital " ) .
WITNESSETh
WHEREAS, the City and MG 'apital previously entered
into a Memorandum of Agreement regazling the proposed issuance
of $4 , 300 , 000 of the City' s 195 ) industrial development
revenue bond authority for a projec to be located at 970 E.
Chicago Street, the agreement being executed as of January 8,
1999, but inadvertently dated Januai / 8 , 1998, a copy of such
Memorandum of Agreement being att ched hereto as Exhibit A
(hereinafter referred to as the "Memorandum of Agreement") ; and
WHEREAS, MG Capital has advised the City it no
longer wishes to proceed with the subject Project and issuance
and sale of bonds as provided f,)r in the Memorandum of
Agreement; and
WHEREAS, the parties wish to terminate the
Memorandum of Agreement .
NOW, THEREFORE, for and in consideration of the
payment of Ten Dollars and No/100 $10 . 00) to MG Capital in
handpaid, and other good and va :_uable consideration, the
receipt and sufficiency of which i. hereby acknowledged, the
parties hereto agree as follows :
• JAN 19-00 WED 11 :54 AM CITY OF ELGIN/CITY MGR, FAX Na 18479315610 P. 03/03
That the foregoing recitals are hereby
3 g
incorporated into this agreement in t::eir entirety.
2 , That the Memorandum rf Agreement between the
City and MG Capital executed as of L. anuary 8, 1999, and dated
January 8, 1998, a copy of which is attached hereto as
Exhibit A is hereby terminated. The parties hereto agree that
each party is released from any and all further obligations
from and under the Memorandum of Agreement ,
3 . It is further express}y agreed and understood
that the City may rely upon this Termination Agreement to
proceed to reallocate the subject $4 , 300, 000 of 1999 cap
volume and with the issuance of indu,3trial development revenue
bonds to another entity of the City' E choosing.
IN WITNESS WHEREOF, the Farties have entered into
and executed this Termination Agree .ent on the date and year
first written above.
CITY OF ELGIN MC' CAPITAL, LLC
By —Z2f- d/ /.22%l^' By
Its "�d - Zts`aPxes ident
Attest : V1(-P'
R94144,42._ /4114„c241,
City Clerk