RESOLUTION 2003-108

A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO RELEASE $1,250,000.00 TO CHICAGO TITLE & TRUST COMPANY FOR THE STAGE 1A & 1B PROJECTS AT THE Vernon Hills Athletic Complex.

WHEREAS, The Village of Vernon Hills’ President and Board of Trustees desire to make improvements to the Nike Base property;

WHEREAS, representatives of the Village, Park District and School Districts have formulated a redevelopment plan for the Nike Base Property;

Whereas, the following payments are needed to complete the Village’s portion of the Vernon Hills Athletic Complex:

Stage 1A - $1,000,000.00

Stage 1B - $250,000.00

NOW THEREFORE BE IT RESOLVED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF VERNON HILLS, LAKE COUNTY, ILLINOIS:

That the Finance Director is authorized to wire transfer $1,250,000.00 to Chicago Title and Trust Company for the stage 1A & 1B projects at the Vernon Hills Athletic Complex.

Dated this 1^st day of July, 2003.

Adopted by roll call vote as follows:

AYES:

NAYS:

ABSENT AND NOT VOTING:

____________________________

Village President

PASSED:

APPROVED:

ATTEST:

_____________________

Village Clerk