Laserfiche WebLink
, • <br /> � • ;':�����t''�i�i,��,�, <br /> ,,, <br /> 12/15/83 <br /> ORD IN AN CE NO. � � I � � <br /> ORDINANCE AUTAORIZING THE ISSUANCE OF CITY 4F <br /> DECP,TUR, ILLINOIS INDUSTRIAL DEVELOPMENT REVENUE <br /> BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF <br /> $1 ,700 ,000.00 (EXECUTIVE DEVELOPMII�IT CO. PROJECT) <br /> WHEREAS, the City of Decatur, Illinois (the "Issuer") <br /> is a �uly constituted and existing municipality within the <br /> meaning of Section 1, Article VII of the Constitution of the <br /> State of Illinois , having a population in excess of 25,000 and <br /> is a home-rule unit un�er Section 6 (a) , Article VII of said <br /> Constitution; an3 <br /> WI�REAS, the Issuer , as a home-rule unit, and pursuant <br /> to Or�3 inance No. 5768 , 3uly adopted by the C i ty Counc il of the <br /> Issuer on February 5, 1973, as supplemente� and amended by <br /> Ordinance No. 7056, �uly adopte� by the City Council of the <br />� Issuer on December 22, 1975, and Or�inance No. 79-70, duly <br /> adopted by the City Council of the Issuer on May 21, 1979 <br /> (collectively, the "Enabling Ordinance") , is authorize�3 and <br /> empowered to issue its revenue bonds to finance the costs of <br /> "economic 9evelopment projects" as 3efined in the Enabling <br /> Or�inance, to the en� that the Issuer may be able to relieve <br /> conditions of unemployment and to encourage the increase of <br /> industry within the boundaries of the Issuer; an� <br /> WI�REAS, the Issuer has previously entered into a <br /> Memorandum of Agreement 3ated as of October 3 , 1983 , with <br /> Executive Development Co. , a general partnership (the <br /> "Company") , whereby the Company aqreed to acquire, construct <br /> an� operate a motel facility within the boundaries of the <br /> Issuer; and <br /> WHEREAS, the City Council of the Issuer �i9 approve <br /> the form of said memoran9um of agreement by resolution 9uly <br /> adopted on October 3, 1983; and <br /> WHEREAS, as a result of negotiations between the <br /> Issuer and the Company, contracts have been enterecl into by the <br /> Company for the 3evelopment and construction of a motel <br /> facility situated at or near the northeast corner of the <br /> intersection of Interstate Route I-72 and U.S. Route 51 , <br /> containing approximately 100 guest rooms with necessary <br /> appur tenances and other amenities an� to be suitably furnished <br /> and equippe� (the "Project") within the boundaries of the <br /> Issuer , to be owne� by the Company, an� it is propose� that the <br /> Issuer shall enter into a Loan Agreement (the "Agreement") with <br />