R-21-06VILLAGE OF DEERFIELD
RESOLUTION NO. 2021- R-21-6
A RESOLUTION OF THE VILLAGE OF DEERFIELD ILLINOIS REALLOCATING 2021
VOLUME CAP TO THE VILLAGE OF BUFFALO GROVE, ILLINOIS.
WHEREAS, the Village of Deerfield, Lake and Cook Counties, Illinois the ("Municipality"), is
a municipality and a home rule unit of government duly organized and validly existing under Section 6(a)
of Article VII of the 1970 Constitution and laws of the State of Illinois; and
WHEREAS, certain tax-exempt private activity bonds may be issued only if sufficient volume
cap pursuant to Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), is available
for the bonds; and
WHEREAS, pursuant to the Code, the Municipality has been allocated volume cap equal to
$110.00 per resident of the Municipality in calendar year 2021, or $2,065,690, for the issuance of such
tax-exempt private activity bonds; and
WHEREAS, pursuant to Section 6 and Section 6.1 of the Illinois Private Activity Bond
Allocation Act, 30 ILCS 345/1 et seq. (the "Bond Allocation Act"), and the Guidelines and Procedures
promulgated thereunder, the Municipality may, prior to May 1, 2021, reallocate to other home rule units
of government the volume cap allocated to the Municipality by the Code for their issuance of such tax
exempt private activity bonds or for subsequent transfer or reallocation; and
WHEREAS, the Municipality has not used any of its 2021 volume cap and has no present
intention to use the same; and
WHEREAS, the Lake County Partnership for Economic Development, Inc. has offered Lake
County home rule communities the opportunity to participate in a program to combine their respective
volume cap allocations and create a Private Activity Bond Clearinghouse Pool (the "Pool") to facilitate
the issuance of tax-exempt private activity bonds to finance manufacturing and multi -family housing
commercial projects in Lake County, Illinois, for economic development purposes ("Eligible Projects");
and
WHEREAS, the Village of Buffalo Grove, a home rule unit of government (`Buffalo Grove"),
pursuant to its Resolution No. 2001-51 adopted December 17, 2001, agreed to host the Pool and to
reserve its own volume cap, and accept volume cap reallocated to Buffalo Grove by other home rule units
of government, for the issuance of tax-exempt private activity bonds placed through the Pool to finance
Eligible Projects; and
WHEREAS, Buffalo Grove has requested that the Municipality reallocate all of its 2021 volume
cap to Buffalo Grove to be used for the issuance of tax-exempt private activity bonds placed through the
Pool to finance Eligible Projects;
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE OF DEERFIELD, LAKE
AND COOK COUNTIES, ILLINOIS, AS FOLLOWS:
SECTION ONE: RECITALS. The foregoing recitals are incorporated in and made a part of
this Resolution by this reference as findings of the Board of Trustees:
SECTION TWO: TRANSFER AND REALLOCATION OF 2021 VOLUME CAP.
Pursuant to Section 6 and Section 6.1 of the Bond Allocation Act and the Guidelines and Procedures
promulgated thereunder, the Municipality irrevocably agrees to, and does hereby, transfer and reallocate
all of its 2021 volume cap to Buffalo Grove to be used for the issuance of tax-exempt private activity
bonds placed through the Pool to finance Eligible Projects as directed by the Advisory Committee created
pursuant to Buffalo Grove Resolution No. 2001-51.
SECTION THREE: AGREEMENT. This Resolution shall constitute the agreement of the
Municipality to a different allocation under Section 146(e) (3) of the Code and the writing required under
Section 6 of the Bond Allocation Act.
SECTION FOUR: WARRANTY. The Municipality covenants and warrants that it has taken
no action or issued bonds that would abrogate, diminish, or impair its ability to fulfill the written
agreement, covenants, and undertakings on its part under this Resolution.
SECTION FIVE: AUTHORIZATION. As required by the Bond Allocation Act and the
Guidelines and Procedures promulgated thereunder, a certified copy of this Resolution shall be
transmitted to the Office of the Governor of the State of Illinois. Any and all appropriate and proper
officers, officials, agents, and employees of the Municipality are hereby authorized, empowered, and
directed to take all necessary and advisable actions, and to execute all such documents and certificates, as
may be necessary to further the purposes and intent of this Resolution.
SECTION SIX: MAINTAIN RECORD. The Municipality shall maintain a written record of
this Resolution in its records for so long as the bonds to which the volume cap transferred by this
Resolution is reallocated remain outstanding.
SECTION SEVEN: EFFECTIVE DATE. This Resolution shall be in full force and effect from
and after its passage and approval as required by law and is enacted by the Municipality pursuant to its
powers under the laws of the State of Illinois and the Illinois Constitution of 1970 and its home rule
powers.
PASSED THIS 1st DAY OF Marcll 2021
AYES: Benton, Jester, Oppenheim, Seiden, Shapiro, Struthers
NAYS: None
ABSENT: None
PASSED THIS 1stDAY OlK4arch,2021
ATTEST:
Village Cle k, Kent S. Street
-2.
Mayor, Harriet Rosenthal
Lake �—
County Partners
January 15, 2021
Mr. Kent Street, Village Manager
Village of Deerfield
Sent via email to: kstreet@deerfield.il.us
Dear Mr. Street:
I am writing to request your municipality's participation in Lake County's Private Activity Bond
Clearinghouse (PABC) in 2021. Each year, Lake County Partners contacts the home rule communities in
Lake County to request a pooling together of the volume cap to ensure the best use of our collective private
activity bond allocation. The PABC cap for each year is transferred to the Village of Buffalo Grove, the
Pool's host home rule community. If your municipality is interested in participating, your governing body
must approve a resolution and submit it to the Governor's Office before April 30, 2021. A sample resolution
is attached for your use.
Since its inception, the Lake County PABC has funded nearly $200,000,000 in local projects, which has
resulted in the construction of over 360,000 sq. ft. of new manufacturing space, the creation of 648 new
manufacturing jobs, the renovation of 1,600 multi -family dwelling units, the purchase of an estimated 251
homes by first-time homebuyers, the expansion of a Montessori School, and the construction of a new solid
waste disposal cell.
Please click on the following link to review the: "State of Illinois' Guidelines and Procedures for the
Allocation of Private Activity Bondin;; Authority in Accordance with the Tax Reform Act of 1986 and 30
ILCS 345". Per page 5 of this document, this year's per capita amount is $110.00, and the population data
estimates outlined within these guidelines are based on Census information. The population estimate for
the Village of Deerfield is 18779, bringing your municipality's 2021 allocation to $2,065,690.
Your municipality's approval of a resolution to transfer its volume cap to the Village of Buffalo Grove will
preserve the volume cap in Lake County for a three-year period for the important reasons outlined above.
Lake County Partners therefore requests that you place a resolution similar to the attached example
on your Board's schedule for approval and forward the approved resolution to the attention of the
Governor's Office as soon as possible in the manner outlined within page 3 of the above hyperlinked
Guidelines and Procedures document; please note that all reporting submissions are to be submitted
in both hard copy and electronic format.
Please copy me at bprusila(&Iakecountvpartners.com on your Board's actions and subsequent
notification to the Governor's Office, or notify me if your community chooses not to participate in
this year's pool so that we may more effectively manage the process next year. If you have any specific
questions or concerns, please feel free to get in touch directly at 773-706-0057. We appreciate your support
and look forward to working with you.
Sincerely,
Barbara C. Prusila
Marketing & Communications Director
LAKE COUNTY PAR TNERS.COM ONE OVERLOOK POINT, SUITE 280 LINCOLNSHIRE, IL 60069 847-597-1220 LCP@'LAKECOUNTYPARTNERS.COM