92-161 RESOLUTION
PROVIDING FOR THE ACQUISITION OF CERTAIN REAL ESTATE FOR USE
IN CENTER CITY REDEVELOPMENT AND FOR PAYMENT OF THE COST OF
SAID REAL ESTATE FROM THE PROCEEDS OF GENERAL OBLIGATION BONDS
(281 Villa Place)
WHEREAS, the City Council of the City of Elgin, Kane and
Cook Counties, Illinois, has determined that it is in the best
interest of the City of Elgin to acquire certain real property
for the purpose of Center City Redevelopment ( "Redevelopment"
acquisition) ; and
WHEREAS, the City Council has determined that the
financial status of the City will be improved by the payment
of the acquisition cost of the Redevelopment acquisition out
of proceeds of borrowing to be repaid over a number of years
from various sources of revenue available to the City; and
WHEREAS, the City Council intends to provide for such
borrowing and financing of the Redevelopment acquisition from
the proceeds of bonds issued by the City in fiscal and
calendar year 1992 and it is within the power and authority of
the City, in its plenary power over such financial affairs of
the City to declare its intent to provide for the payment or
the reimbursement for the payment of the Redevelopment
acquisition from such borrowing as evidenced by such bonds; and
WHEREAS, the City and the owners of the Redevelopment
property have reached agreement regarding the terms for the
sale of such property to the City; and
WHEREAS, the purchase price for the Redevelopment
property is $40,000; and
WHEREAS, the City Council intends to fund this
acquisition from the General Fund to be reimbursed from the
proceeds of bonds issued by the City in fiscal and calendar
year 1992 .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ELGIN, ILLINOIS, as follows :
Section 1 . The preambles to this resolution are hereby
incorporated into the text of this resolution as if set in
full at this place.
Section 2 . The City Council of the City of Elgin hereby
declares its intent that prior to the conclusion of 1992 to
provide for the payment of the Center City Redevelopment
property in the aggregate amount of $40,000 from the proceeds
of general obligation bonds of the City (which may be
alternate bonds) during such time.
S
rk. Section 3 . The Redevelopment property and the amount
expended or to be expended for such property are as set forth
on the attached contract which is incorporated herein by
reference.
Section 4 . It shall be recorded in the financial records
of the City of Elgin and in the audit thereof for 1992 that
the City has set forth its intention to fund acquisition of
the Redevelopment property with the proceeds of a borrowing to
be evidenced by bonds as hereinabove provided.
Section 5 . The City Council of the City of Elgin hereby
authorizes the City Manager and City Clerk to execute the real
estate contract for acquisition of the Redevelopment property
attached hereto and to take such further actions as may be
necessary to close said transaction.
Section 6 . The Mayor, City Manager, City Clerk,
Corporation Counsel and Finance Director of the City of Elgin
are hereby authorized and directed to do such acts and execute
such documents so as to effectuate the purposes of this
resolution. They are hereby further authorized and directed
to prepare promptly a plan of borrowing and submit same to the
City Council to provide for such funding of the Center City
Redevelopment property acquisition.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: June 10, 1992
Adopted: June 10, 1992
Omnibus Vote: Yeas 6 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk