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6/5/06
46-R-06
A RESOLUTION
CONSENTING TO THE DISSOLUTION OF NORTHWESTERN
UNIVERSITY EVANSTON RESEARCH PARK, INC.
WHEREAS, Northwestern University and the City of Evanston are shareholders
in the Northwestern University Evanston Research Park, Inc., a corporation established
for the purpose of developing and promoting the Research Park which organization is
commonly known as NUERP; and
WHEREAS, on December 19, 2000, the Board of Directors of NUERP voted to
recommend to its shareholders the dissolution of the Corporation because NUERP's
purposes had been fulfilled through the acquisition and sale of all available real estate
10 within the project area; and
WHEREAS, the Illinois Business Corporation Act requires that the shareholders,
the City of Evanston and Northwestern University formally consent to the dissolution of
NUERP; and
WHEREAS, all land acquired by NUERP from the City and the University has
either been returned to the original owners or sold to third parties with the consent of the
original owners and NUERP does not hold title to any properties in the Research Park
nor is it subject to any liens, mortgages or real estate liabilities of any kind; and
WHEREAS, it has been agreed that the only remaining asset of the corporation
is certain cash which would be returned in equal amounts to the University and the City;
and
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WHEREAS, the University has consented to the dissolution of said corporation;
46-R-06
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the
City of Evanston, Cook County, Illinois:
SECTION 1: That the City of Evanston does hereby consent to the dissolution of
the Northwestern University Evanston Research Park, Inc. as a shareholder in said
corporation.
SECTION 2: That the remaining cash is the only asset of said corporation which
shall be paid over to each of the shareholders in equal amounts.
SECTION 3: That this Resolution shall be entered upon the records of the City
and a certified copy thereof be transmitted to the Chairman of Northwestern University
Evanston Research Park, Inc. and the President of Northwestern University.
SECTION 4: That this Resolution shall be in full force and effect from and after
the date of its passage and approval in the manner provided by law.
PASSED AND APPROVED this /,;Z daY of June, 2006.
ATTEST:
Mary o �i, City Clerk
Adopted: I Z , 2006
r
Lo raine H. Morton, Mayor
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