R-80-05RESOLUTION NO. R -80 -5
WHEREAS, THE VILLAGE OF DEERFIELD, an Illinois Home Rule Municipality, is
exercising Home Rule powers pursuant to the provisions of the Constitution of
the State of Illinois; and
WHEREAS, the Corporate Authorities of the Village of Deerfield, in response
to widespread community interest, have considered the question of providing
adequate housing for senior citizens and have determined that there exists
within the Village of Deerfield a shortage of housing for the elderly contain-
ing suitable amenities available at low and moderate rentals; and
WHEREAS, a not - for - profit corporation known as the Deerfield Senior Housing
Corporation has filed an application for a Federal mortgage pursuant to Section
202, Housing for the Elderly Program, and pursuant to Section 8, Rental Housing
Assistance Payment Program, in order to facilitate the development of senior
citizen housing; and
WHEREAS, pursuant to a duly enacted resolution, the Corporate Authorities
of the Village of Deerfield have agreed to contract for the acquisition of
property suitable for development for senior citizen housing and thereafter,
when appropriate, to assign said contracts or transfer title to said properties
to the Deerfield Senior Housing Corporation; and I
WHEREAS, the Corporate Authorities of the Village of Deerfield have
previously entered into contracts for the acquisition of sites suitable for
development as described aforesaid; and
WHEREAS, Village funds will be required to complete the acquisition of
said sites according to the terms of the contracts,
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF DEERFIELD, LAKE AND COOK COUNTIES, ILLINOIS, AS FOLLOWS:
SECTION That the Finance Director of the Village of Deerfield be and is
ONE: hereby authorized to make all necessary inter -fund transfers in
order to make available the necessary funds to complete the pro-
perty acquisitions as aforesaid.
SECTION That the Finance Director of the Village of Deerfield is specifi-
TWO: cally authorized to transfer sufficient funds from the Village
Sewer Fund on an interim basis, and to provide for the imposition
of interest thereon at a commercially reasonable rate, for the property acqui-
sitions until said funds are reimbursed pursuant to the Federal programs
described above.
SECTION That upon completion of the transfers described above, the
THREE: Finance Director shall furnish a full and complete schedule of
said transfers to the Board of Trustees as described in Sections
One and Two hereof.
AYES: Gavin, Heisler, Marty, Seidman,'Swanson, York (6)
NAYS: None (0)
ABSENT: None (0)
PASSED this 17th day of March A.D., 1980.
APPROVED this 17th day of March A.D., 1980.
VAMAGE PRESIDENT
ATTEST:
VILLAGE CLERK
by
Deputy Village Clerk