HomeMy WebLinkAboutResolutions - R-84-4 - 03/05/1985 - Chroma Corporation bonds . �
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Thereupon, after all persons desiring to speak or
submit written statements had been permitted to do so, and after
further discussion by the City Council, the Mayor stated that the
public hearing on the proposed issuance of such industrial develop-
ment revenue bonds by the City was concluded.
A copy of the following resolution was given to each
Council Member prior to the March 5, 1985 public hearing:
RESOLUTION NO . R-84-4
A RESOLUTION APPROVING A PLAN OF FINANCING
OF AN INDUSTRIAL PROJECT FOR CHROMA CORPORATION
Whereas , pursuant to the provisions of the Tax Equity
and Fiscal Responsibility Act of 1982, a public hearing on the
proposed plan of financing for Chroma Corporation, a Delaware
corporation, (the "Company" ) a portion of the costs of (i) restor-
ing and repairing the brick office and laboratory portion of its
existing facility located at 3900 Dayton Street in McHenry, Illinois
60050, which was not substantially destroyed by fire on January 12 ,
1984 ; (ii) demolishing and removing the manufacturing and warehouse
portion of such existing facility which was substantially destroyed
by the fire and constructing and equipping a new and expanded one
and onehalf story steel building containing approximately 43,500
square feet in replacement therefor; (iii) restoring and repair-
ing (to the extent practicable) the Company' s existing equipment,
furnishings and fixtures which were not substantially destroyed by
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the fire; and (iv) acquiring and installing new and/or used
furnishings and fixtures and manufacturing, laboratory, storage
and material handling equipment to replace and expand the produc-
tion capacity of the facility for use by the Company as a
manufacturing, laboratory, warehouse and office facility (the
"Project" ) , has been held by the City Council of this City pursuant
to public notice and the City Council of this City desire to make
a record by this Resolution that the proposed plan of financing is
approved;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF McHENRY, ILLINOIS, AS FOLLOWS:
Section 1. That the Mayor and City Council of this
City do hereby approve the plan of financing of the Project as
hereinabove described, and the issuance of industrial development
revenue bonds pursuant to such plan in an aggregate principal
amount not to exceed $2,600,000, and do hereby declare that this
Resolution constitutes the public approval of said plan of financ-
ing required by Section 103(k) of the Internal Revenue Code of
1954, as amended.
Section 2. That the action of the City Clerk in
publishing a notice of the public hearing as required by the
Tax Equity and Fiscal Responsibility Act of 1982 is hereby in
all respects ratified and confirmed.
Section 3. That any other resolution, ordinance, order
or other action in conflict herewith is hereby repealed to the
. extent of such conflict .
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Section 4. That this Resolution shall become effective
immediately upon its adoption.
Passed and approved March 5 , 1984.
14-147Mayor
Attest:
City Clerk
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