Ordinance 2008-012 Ordinance No. otZ) %- k - 6
AN ORDINANCE APPROVING THE SECOND AMENDMENT TO THE TUSCAN
PLAZA, INC., REDEVELOPMENT AGREEMENT
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act of the State
of Illinois, 65 ILCS 5/11- 74.4 -1, et seq., as from time to time amended (the "TIF Act "), the
Mayor and City Council, (collectively, the "Corporate Authorities ") of the Unity City of
Yorkville, Kendall County Illinois (the "City "), approved a redevelopment plan and project (the
"Redevelopment Plan "), designated the Yorkville Downtown Redevelopment Project Area (the
"Redevelopment Project Area "), and adopted tax increment allocation financing for the purpose
of implementing the Redevelopment Plan for the Redevelopment Project Area; and,
WHEREAS, in furtherance of the Redevelopment Plan, the Corporate Authorities
entered into a Redevelopment Agreement with Tuscan Plaza, Inc., an Illinois corporation (the
"Developer "), dated May 11, 2007, as amended August 28, 2007 (the "Original Agreement, as
amended"), committing the Developer to redevelop certain real estate included in the
Redevelopment Project Area by undertaking certain tasks (the "Project "), as set forth in the
Original Agreement, as amended; and,
WHEREAS, the Developer is requesting an extension of time to complete the Project, as
set forth in the Second Amendment to the Redevelopment Agreement, attached as Exhibit A, and
the Corporate Authorities have determined that it is in the best interests of the City to grant this
extension of time.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the
United City of Yorkville, Kendall County, Illinois, that the Second Amendment to the
Redevelopment Agreement dated -f'E6P u4-g y a b , 2008, by and between the United City
of Yorkville, Kendall County, Illinois, and Tuscan Plaza, Inc., is hereby approved; and, the
Mayor and City Clerk are hereby authorized to execute and deliver same.
Passed by the City Council of the United City of Yorkville, Kendall County,
Illinois, this day of— Q, �,.� o�,..,, 2008.
` TX)AEkK
ROBYN SUTCLIFF JOSEPH BESCO -
GARY GOLINSKI ARDEN JOSEPH PLOCHER
WALTER WERDERICH MARTY MUNNS
ROSE ANN SPEARS Nom- JASON LESLIE
D
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
d(o day of r " AR Y 2008.
PfTe
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EXMBIT A
Amendment to the Redevelopment Aereement
(see attached)
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SECOND AMENDMENT TO REDEVELOPMENT AGREEMENT
by and between
THE UNITED CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS
and
TUSCAN PLAZA, INC.
THIS SECOND AMENDMENT TO THE REDEVELOPMENT
AGREEMENT dated May 11, 2007, as amended August 28, 2007, by and between the
United City of Yorkville, Kendall County, Illinois, an Illinois municipal corporation (the
"City"), and Tuscan Plaza, Inc., an Illinois corporation (the "Developer ") is entered into
this V0 day of 2008.
PREAMBLES
WHEREAS, by Ordinance No. 2006 -46 adopted by the Mayor and City Council of the
City (the "Corporate Authorities") on June 13, 2006, a Redevelopment Project and Plan
for Downtown Yorkville (the "Redevelopment Plan ") was approved, which
Redevelopment Plan covered some of the oldest properties of the City which constitute a
significant portion of the City's historic Downtown; and,
WHEREAS, by Ordinance No. 2006 -47 and No. 2006 -48 adopted by the
Corporate Authorities on June 13, 2006, the City designated approximately 200 acres
containing 114 buildings as a "redevelopment project area" ( "Yorkville Downtown
Redevelopment Project Area ") and adopted tax increment financing pursuant to the Tax
Increment Allocation Redevelopment Act (65 ILCS 5/11- 74.4 -1 et seq.) (the "Act"); and,
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WHEREAS, in furtherance of the Redevelopment Plan, the Corporate
Authorities entered into a Redevelopment Agreement with the Developer, dated May 11,
2007, as amended August 28, 2007, (the "Original Agreement, as amended'), committing
the Developer to redevelop' certain real estate included in the Redevelopment Project
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Area located at 201, 203, and 205 Bridge Street (the "Subject Property") by undertaking
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the following (collectively, the "Project"):
(a) demolition of the existing structure which is obsolete for modern uses;
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(b) expansion of water and sewer infrastructure as required to provide service
to the new structure;
(c) construction of a three story brick building with retail on the first floor
street level and ten residential condominiums on each of the second and
third floors; �0 C. - C
(d) construction of twentyft& ro d parking spaces accessed by an
elevator conveyance system for automobiles; and,
(e) construction of a roof top garden.
WHEREAS, the development of the Project is consistent with the
Redevelopment Plan and is located within the Redevelopment Project Area; and,
WHEREAS, in order to induce the Developer to assemble the Subject Property
and undertake the activities hereinabove described to construct the Project, the Corporate
Authorities determined that it was in the best interests of the City and the health, safety,
morals, and welfare of the residents of the City for the City to reimburse the Developer
for certain eligible Redevelopment Project Costs, as permitted by the T1F Act; and,
WHEREAS, the Corporate Authorities determined that the provision by the City
to the Developer of the benefits described in the immediately preceding recitals and the
development by the Developer of the Project pursuant to this Agreement are in the best
interests of the City and the health, safety, morals, and welfare of its residents and
taxpayers, and will be in furtherance of the Redevelopment Plan and thereby help provide
for economic development and job opportunities for the inhabitants of the City, enhance
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the tax base of the City and other taxing districts, and add to the welfare and prosperity of
the City and its inhabitants; and,
WHEREAS, pursuant to the Original Agreement, as amended, on or before
November 30, 2007, the Developer was to have obtained all required permits and
approvals and was to have commenced construction of the Project in accordance with the
approved permits; and,
WHEREAS, due to numerous unforeseen factors, the Developer was not able to
obtain all required permits and approvals to commence construction of the Project, on or
before November 30, 2007; and,
WHEREAS, after review of all of the unforeseen circumstances resulting in the
delays, the Corporate Authorities have determined that it would be in the best interest of
the City to grant the Developer additional time to accomplish the foregoing.
NOW, THEREFORE, the parties, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, agree as follows:
1. Paragraph (C), Section 2 of the Original Agreement, as amended, is
hereby amended by deleting the phrase "on or before November 30, 2007" and inserting
"on or before June 30, 2008" thereby extending the date for which the Developer is
obligated to obtain all building permits to June 30, 2008.
5. All other provisions of the Original Agreement, as amended, are hereby
affirmed.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers on the above date at Yorkville, Illinois.
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United City of Yorkville, Illinois
municipal co f n
By:
Mayor �P
Attest.
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Tuscan Plaza, Inc., an Illinois Corporation
Presi nt
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