82-25 AUTHORIZING, APPROVING, RATIFYING AND CONFIRMING CERTAIN ADDITIONS AND CHANGES TO ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)

Home Browse Search

t � OFFICIAL STATEME NT relating to $3,300,000 CITY OF DECATUR, ILLINOIS 12y Economic Development Revenue Bonds (Brettwood Village Associates Project) INTRODUCTION This Official Statement, including the cover page hereof and the Appen- dices hereto, is provided to furnish information in connection with the offer and sale by the City of Decatur, Illinois (the "City") , of its Economic Development Revenue Bonds (Brettwood Village Associates Project) , in the aggregate principal amount of �3,300,000 (the "Bonds") . The Bonds will be issued pursuant to an Indenture of Trust dated as of February 1, 1982 (the "Indenture") , from the City to Chicago Title and Trust Company, Chicago, Illinois, as trustee (the "Trustee"). Certain terms used herein are defined in Appendix A hereto, "Definitions of Certain Terms." The Bonds are being issued to finance a portion of the costs of reno- vating, reconstructing and equipping certain portions of the hereinafter described Shopping Center for Brettwood Village Associates, an Illinois limited partnership (the "Partnership") in the City. The proceeds of the Bonds will be loaned for that purpose to the Partnership pursuant to a Loan Agreement dated as of February 1, 1982 (the "Loan Agreement") , by and between the City and the Partnership. The Project is located on a portion of a certain parcel of land (the "Ground Leased Parcel") fee simple title to which is vested in certain individuals (the "Landowners") and leased pursuant to a certain ground lease agreement (the "Ground Lease") creating a leasehold estate for a term of 99 years expiring December 31, 2058 (the "Leasehold Estate"). LaSalle National Bank, as trustee (the "Land Trustee") under a Trust Agreement dated June 15, 1981 and known as LaSalle National Bank Trust No. 104086 (the "Land Trust") has acquired the leasehold interest in the portion of the Ground Leased Parcel whereon certain shopping center facilities, including the portion to be reno- vated as the Project, are located and owns the option to acquire the leasehold interest in the remainder of the Ground Leased Parcel (the "Eastern Tract"). The leasehold estate in the Ground Leased Parcel is subject to a purchase money mortgage in the principal amount of approximately $2,800,000 which will be subordinated to the hereinafter described Mortgage and Bank Mortgage. The Land Trust also owns fee simple interest in a small parcel of land adjacent to the � Project which allows ingress and egress on the north side of the Project. The Partnership owns 100X of the beneficial interests of the Land Trust. See "THE PROJECT" herein. The Bonds are limited obligations of the City payable solely out of reve- nues and receipts derived by the City from payments made by the Partnership under a non-recourse mortgage note (the "Note"), from the Partnership to the City, and endorsed to the Trustee, evidencing the Partnership's obligations under the Loan Agreement, and secured by a Mortgage and Security Agreement dated as of February 1, 1982 (the "Mortgage ") , and an Assignment of Rents and 1 �