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Ordinance 2007-040 I 00700015432 Filed for Record in KENDALL COUNTY, ILLINOIS PAUL. ANDERSON 05 -11 -2007 At 11:34 am. STATE OF ILLINOIS ) ORDINANCE 60.00 )ss RHSF Surcharge 10.00 COUNTY OF KENDALL ) i THIS IS A COVER PAGE, FOR RECORDING PURPOSES ONLY Ordinance No. ORDINANCE APPROVING A REDEVELOPMENT AGREEMENT FOR THE DOWNTOWN REDEVELOPMENT PROJECT AREA (TUSCAN PLAZA) 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 (hereinafter the "Redevelopment Plan ") was approved, which project and 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.) (hereinafter referred to as the "Act "); and, WHEREAS, the City received a proposal from Tuscan Plaza, Inc., for the redevelopment of property within the Yorkville Downtown Redevelopment Project Area located at 201, 203 and 205 Bridge Street as a mixed use, three -story structure with retail on the first floor, 20 condominiums on the second and third floors and 29 underground parking spaces (the "Project"); and, WHEREAS, the Developer has demonstrated to the City that this Project requires extraordinary expenses to accomplish the Project including demolition of the existing building and construction of underground parking with an elevator to transport the vehicles to such parking, and, but for financial assistance from the City, the Project is not economically viable; and, WHEREAS, in order to induce the Developer to undertake the development of the Project, the Corporate Authorities have determined that it is in the best interest of the City and the health, safety, morals and welfare of the residents of the City for the City to provide financial assistance to the Developer as set forth in the Redevelopment Agreement for the Downtown Yorkville Redevelopment Project Area attached hereto and made a part hereof, because the development by the Developer of the Project is in the best interests of the City and the health, safety and welfare of its residents and taxpayers; because the development by the Developer shall provide job opportunities for the residents of the City; enhance the tax base of the City and other taxing districts; and, add to the overall prosperity of the City. NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the United City of Yorkville, Kendall County, Illinois, that the Redevelopment Agreement for the Downtown Redevelopment Project Area as presented to this meeting and attached to this Ordinance, is hereby approved and the Mayor and City Clerk are hereby authorized to execute and deliver said Agreement and undertake all actions as may be required to implement its terms. ADOPTED this day of , 2007. APPROVED: Mayor AYES: NAYS: ^ ABSENT: Attest: I le yorkville/tuscanredevelop.ord I �I REDEVELOPMENT AGREEMENT FOR THE DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT AREA THIS AGREEMENT dated as of the 1 l day of May, 2007, by and between the United City of Yorkville, Kendall County, Illinois, a municipal corporation (hereafter the "City ") and Tuscan Plaza, Inc., an Illinois corporation (hereafter the "Developer"). WITNESSETH: 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 (hereinafter the "Redevelopment Plan ") was approved, which project and 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.) (hereinafter referred to as the "Act"); and, WHEREAS, pursuant to the TIF Act, the Corporate Authorities are empowered to undertake the development and redevelopment of a designated area within its municipal limits in which existing conditions permit such area to be classified as a "conservation area" as defined in Section 11.74.4.4 -3(a) of the Act as in the case of the Yorkville Downtown Redevelopment Project Area; and, WHEREAS, the Corporate Authorities have determined that the blighting factors which are readily observed in the Yorkville Downtown Redevelopment Project Area are detrimental to the public and impair redevelopment of this area of the City, with the result that it is necessary to incur extraordinary costs in order to see it redeveloped and revitalized. The blighting factors in the Yorkville Downtown Redevelopment Project Area will continue to impair growth and redevelopment but for the use of tax increment allocation financing to pay Redevelopment Project Costs (as defined in Section 3 of this Agreement) which necessarily must be incurred to implement a program of redevelopment; and, WHEREAS, pursuant to the Act and in furtherance of the Redevelopment Plan, the City desires to enter into a Redevelopment Agreement with the Developer who has acquired the building located at 201, 203 and 205 Bridge Street (the "Subject Property ") which Redevelopment Agreement shall provide for the redevelopment of the Subject Property to include the following: (hereinafter the "Project"): (a) demolition of the existing structure which is obsolete for current retail purposes; (b) 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; (c) construction of twenty -nine (29) underground parking spaces accessed by an elevator conveyance system for automobiles and equipped with ventilation, heat, drainage and a fire suppression system; and, (d) construction of a roof top garden. WHEREAS, in order to induce the Developer to undertake the development of the Project, the Corporate Authorities have determined that it is in the best interest of the City and the health, safety, morals and welfare of the residents of the City for the City to provide financial assistance to the Developer as hereinafter set forth because the development by the Developer of the Project pursuant to this Agreement is in the best interests of the City and the health, safety and welfare of its residents and taxpayers; because the development by the Developer shall 2 I I provide job opportunities for the residents of the City; because the development by the Developer shall enhance the tax base of the City and other taxing districts and shall add to the prosperity of the City; and, I WHEREAS, the Developer warrants that without the financial assistance pursuant to the terms and conditions hereinafter set forth, the Developer would not proceed with the Project. NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties agree as follows: I Section 1. Incorporation. The representations and recitations set forth in the preambles hereto are material to this Redevelopment Agreement and are hereby incorporated into and made a part of this Redevelopment Agreement as though fully set forth in this Section I and said representations and recitations constitute the understandings of the City and the Developer. I Section 2. Conditions Precedent to the Obligations of the City. A. The Developer represents and warrants that the Developer has acquired fee simple I title to the Subject Property and within thirty (30) days of the execution of this Agreement, shall submit a budget for the Project stating the total cost of the Project, including landscaping, fencing and signage (the "Budget") demonstrating an investment by the Developer of an amount in excess of $6,500,000. B. Within thirty (30) days of execution of this Agreement, the Developer shall �I deliver to the City a commitment for financing in an amount sufficient to undertake and complete development of the Project. 3 i C. On or before August 31, 2007, the Developer shall have obtained all required permits and approvals and have commenced construction of the Project in accordance with the approved permits. D. On or before August 31, 2008, the Developer shall have completed construction of the Project and have obtained a certificate of occupancy for the street level first floor of the structure. Section 3. Undertakings on the Part of the City. Upon completion and satisfaction by the Developer of all of the actions hereinabove set forth, the City shall undertake the following: A. The City shall, subject to the limitations hereinafter set forth, reimburse the Developer for "Redevelopment Project Costs," as hereinafter defined and categorized on Exhibit A attached hereto, incurred by the Developer in connection with the development of the Project until the first to occur: termination of the benefits of the TIF Act as provided by law; or, (ii) receipt by the Developer of $1,833,000.00 in eligible Redevelopment Project Costs as hereinafter defined. B. For purposes of this Agreement, "Redevelopment Project Costs" shall mean and include all costs defined as "redevelopment project costs" in section 11- 74.4 -3(q) of the TIF Act which are eligible for reimbursement under the TIF Act. The City shall reimburse the Developer for Redevelopment Project Costs pursuant to this Agreement only from amounts on deposit from time to time in the Developer Subaccount of the STAF, as defined below. Monies deposited from time to time in the Special Tax Allocation Fund of the City (the "Special Tax Allocation Fund" or the "STAF"), established by the City pursuant to Ordinance No. 2006 -48 will be used for the following purposes: 4 (i) On October 1 of each year [or, if later, that date which is ten (10) days following the date upon which the City receives Incremental Taxes (as defined below) from the second installment of real estate taxes (the "STAF Allocation Date ")], seventy- five percent (75 %) of the monies credited to the STAF with respect to the Subject Property during the period from the immediately preceding STAF Allocation Date to, but not including, the current STAF Allocation Date shall be transferred and deposited in the Developer Subaccount of the STAF (which Subaccount shall be automatically created by the ordinance approving this Agreement) and used solely to reimburse the Developer for Redevelopment Project Costs in accordance with this Agreement. (ii) Amounts in the Developer Subaccount of the STAF shall be used solely to reimburse the Developer for Redevelopment Project Costs in accordance with this Agreement. THE CITY'S OBLIGATIONS TO REIMBURSE THE DEVELOPER UNDER THIS AGREEMENT IS A LIMITED OBLIGATION PAYABLE SOLELY FROM INCREMENTAL TAXES DEPOSITED IN THE DEVELOPER SUBACCOUNT OF THE STAF FROM TIME TO TIME AND SHALL NOT BE SECURED BY THE FULL FAITH AND CREDIT OF THE CITY. As used in this Agreement, "Incremental Taxes" shall mean the amount in the STAF equal to the amount of ad valorem taxes, if any, paid in respect of the Redevelopment Project Area and its improvements which is attributable to the increase in the equalized assessed value of the Subject Property and its improvements over the initial equalized assessed value of the Subject Property. Section 4. Procedures for and Application of Reimbursement to the Developer. A. The Developer has advanced all funds and all costs necessary to (i) acquire the Subject Property, construct all of the required infrastructure for the Project and construct the �I Project; and, (ii) undertake all other matters eligible for reimbursement pursuant to this Agreement in connection with the foregoing. B. To establish a right of reimbursement for a specific Redevelopment Project Cost under this Agreement, the Developer shall submit to the City a written statement in the form attached to this Agreement as Exhibit B (a "Request for Reimbursement') setting forth the amount of reimbursement requested and the specific Redevelopment Project Costs for which reimbursement is sought. Each Request for Reimbursement shall be accompanied by such bills, contracts, invoices, lien waivers or other evidence as the City shall reasonably require to evidence the right of the Developer to reimbursement under this Agreement. The City shall have thirty (30) days after receipt of any Request for Reimbursement from the Developer to recommend to the City Treasurer approval or disapproval of such Request and, if disapproved, to provide the Developer, in writing and in detail, an explanation as to why the City is not prepared to recommend such reimbursement. The only reasons for disapproval of any expenditure for which reimbursement is sought shall be that inadequate documentation has been provided .to substantiate such expenditure; that it was not incurred and completed by the Developer in accordance with all applicable City Code requirements and the provisions of this Agreement, including without limitation, all approved permits; or, that $1,833,000.00 has been paid to the Developer. It is hereby agreed that the Developer may exceed the amount per category as listed on Exhibit A so long as the total amount to be reimbursed pursuant to this Agreement does not exceed $1,833,000. The parties acknowledge that the determination of Redevelopment Project 6 Costs and qualification for reimbursement under this Agreement are subject to the TIF Act, all amendments to the TIF Act both before and after the date of this Agreement, and all administrative rules and judicial interpretations rendered during the term of this Agreement. The City has no obligation to the Developer to attempt to modify said rules or decisions but will cooperate with the Developer in obtaining approval of Redevelopment Project Costs. C. Reimbursement of Redevelopment Project Costs shall be made annually on each STAF Allocation Date (or, if later, the date which is ten (10) days following approval by the City of payment of such Redevelopment Project Costs); provided that reimbursement of Redevelopment Project Costs shall only be made to the extent money is available therefor in the Developer Subaccount of the STAF. To the extent money in the Developer Subaccount is insufficient to reimburse the Developer for Redevelopment Project Costs, such Request for Reimbursement shall be held for payment on the following STAF Allocation Date. I Section S. Undertakings on the Part of Developer. i A. The Developer covenants and agrees that the Project shall result in a private investment of no less than $6,500,000. B. The Developer hereby covenants and agrees to promptly pay, as the same become due, any and all taxes and governmental charges of any kind that may at any time be assessed with regard to its operation including all real estate taxes assessed against the Subject Property or any other location in the City owned or controlled by the Developer. Section 6. Term. Unless earlier terminated pursuant to Section 19, the term of this Redevelopment Agreement shall commence on the date of execution and end December 31, 2029 (the "Termination Date "). 7 Section 7. Verification of Tax Increment. The Developer shall use its best efforts to cooperate with the City in obtaining certified copies of its real estate tax bills payable in 2007, and paid in each subsequent year during the term of this Redevelopment Agreement. Section 8. No Liability of City for Others for Developer's Expenses. The City shall have no obligation to pay costs of the Project or to make any payments to any person other than the Developer, nor shall the City be obligated to pay any contractor, subcontractor, mechanic, or materialman rovidin services or materials to the Developer for the development of the Project. p g p p J Section 9. Time; Force Majeure. Time is of the essence of this Redevelopment i Agreement, provided, however, a party shall not be deemed in material breach of this Redevelopment Agreement with respect to any obligations of this Redevelopment Agreement on such party's part to be performed if such party fails to timely perform the same and such failure is due in whole or in part to any strike, lock -out, labor trouble (whether legal or illegal), civil I disorder, weather conditions, failure or interruptions of power, restrictive governmental laws and regulations, condemnations, riots, insurrections, acts of terrorism, war, fuel shortages, accidents, casualties, floods, earthquakes, fires, acts of God, epidemics, quarantine restrictions, freight embargoes, acts caused directly or indirectly by the other party (or the other party's agents, employees or invitees) or similar causes beyond the reasonable control of such party ( "Force Majeure "). If one of the foregoing events shall occur or either party shall claim that such an event shall have occurred, the party to whom such claim is made shall investigate same and consult with the party making such claim regarding the same and the party to whom such claim is made shall grant any extension for the performance of the unsatisfied obligation equal to the period of the delay, which period shall commence to run from the time of the commencement 8 of the Force Majeure; provided that the failure of performance was reasonably caused by such Force Majeure. Section 10. Assignment. This Redevelopment Agreement may not be assigned by the Developer without the prior written consent of the City, which consent shall not be unreasonably withheld. Section 11. Developer's Indemnification. The Developer shall indemnify and hold harmless the City, its agents, officers and employees against all injuries, deaths, losses, damages, claims, suits, liabilities, judgments, costs and expenses (including any liabilities, judgments, costs and expenses and reasonable attorney's fees) which may arise directly or indirectly from any third -party claims made against the City as a result of the failure of the Developer or any I contractor, subcontractor or agent or employee thereof (so long as such contractor, subcontractor or agent or employee thereof is hired by the Developer) to timely pay any contractor, subcontractor, laborer or materialmen; from any default or breach of the terms of this Agreement by the Developer; or from any negligence or reckless or willful misconduct of the Developer or any contractor, subcontractor or agent or employee thereof (so long as such contractor, subcontractor or agent or employee is hired by the Developer). The Developer shall, at its own cost and expense, appear, defend and pay all charges of attorneys, costs and other expenses arising therefrom or incurred in connection therewith. If any judgment shall be rendered against the City, its agents, officers, officials or employees in any such action, the Developer shall, at its own expense, satisfy and discharge the same. The paragraph shall not apply, and the Developer shall have no obligation whatsoever, with respect to any acts of negligence or reckless or willful misconduct on the part of the City or any of its officers, agents, employees or contractors. 9 Section 12. Waiver. Any party to this Redevelopment Agreement may elect to waive any remedy it may enjoy hereunder, provided that no such waiver shall be deemed to exist unless the party waiving such right or remedy does so in writing. No such waiver shall obligate such party to waive any right or remedy hereunder, or shall be deemed to constitute a waiver of other rights and remedies provided said party pursuant to this Redevelopment Agreement. Section 13. Severability. If any section, subsection, term or provision of this Redevelopment Agreement or the application thereof to any party or circumstance shall, to any extent, be invalid or unenforceable, the remainder of said section, subsection, term or provision of this Redevelopment Agreement or the application of same to parties or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby. Section 14. Notices. All notices, demands, requests, consents, approvals or other instruments required or permitted by this Redevelopment Agreement shall be in writing and shall be executed by the party or an officer, agent or attorney of the party, and shall be deemed to have I been effective as of the date of actual delivery, if delivered personally, or as of the third (3 day from and including the date of posting, if mailed by registered or certified mail, return receipt I requested, with postage prepaid, addressed as follows: To the Developer: Tuscan Plaza, Inc. With a copy to: Melissa S. Barnhart Pilmer & Barnhart 215 Hillcrest Avenue P. O. Box 367 Yorkville, Illinois 60560 To the City: United City of Yorkville 800 Game Farm Road 10 I i i Yorkville, Illinois 60560 Attention: City Administrator With a copy to: Kathleen Field Orr Kathleen Field Orr & Associates 180 North Michigan Avenue, Suite 1040 Chicago, Illinois 60601 Section 15. Successors in Interest. This Redevelopment Agreement shall be binding upon and inure to the benefit of the parties to this Redevelopment Agreement and their respective successors and assigns. Section 16. No Joint Venture, Agency or Partnership Created. Neither anything in this Redevelopment Agreement nor any acts of the parties to this Redevelopment Agreement shall be construed by the parties or any third person to create the relationship of a partnership, agency, or joint venture between or among such parties. Section 1 Z Warranties and Covenants of the Developer. A. The Developer hereby covenants and agrees to maintain good standing as an Illinois corporation throughout the term of this Redevelopment Agreement. B. The Developer hereby covenants and agrees to promptly pay, as the same become due, any and all taxes and governmental charges of any kind that may at any time be lawfully assessed against the Center with regard to its operation including all real estate taxes assessed against the Project or any other location in the City owned or controlled by the Developer. C. The Developer covenants and agrees that at all times it shall comply with all applicable zoning ordinances and regulations, building code, fire code and all other City ordinances, resolutions and regulations. 11 D. The Developer hereby covenants and agrees to comply with all applicable laws, rules and regulations of the State of Illinois, the United States and all agencies of each of them I having jurisdiction over it. Section 18. No Discrimination — Construction. The Developer for itself and its successors and assigns agrees that in the construction of the improvements at the Subject Property provided for in this Redevelopment Agreement the Developer shall not discriminate against any employee or applicant for employment because of race, color, religion, sex or national origin. The Developer shall take affirmative action to require that applicants are employed and that employees are treated during employment, without regard to their race, creed, color, religion, sex or national origin. Such action shall include, but not be limited to, the following: employment upgrading, demotion or transfer; recruitment or recruitment advertising and solicitations or advertisements for employees; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. The Developer agree to post in conspicuous places, available to employees and applicants for employment, notices, which may be provided by the City, setting forth the provisions of this nondiscrimination clause. Section 19. Remedies —Liability. A. If, in the City's judgment, the Developer is in material default of this Redevelopment Agreement, the City shall provide the Developer with a written statement indicating in adequate detail any failure on the Developer's part to fulfill its obligations under this Redevelopment Agreement. Except as required to protect against further damages, the City may not exercise any remedies against the Developer in connection with such failure until thirty 12 (30) days after giving such notice. If such default cannot be cured within such thirty (30) day period, such thirty (30) day period shall be extended for such time as is reasonably necessary for the curing of the same, so long as the Developer diligently proceeds with such cure; if such default is cured within such extended period, the default shall not be deemed to constitute a breach of this Redevelopment Agreement. A default not cured as provided above shall constitute a breach of this Redevelopment Agreement. Any failure or delay by the City in asserting any of its rights or remedies as to any default or alleged default or breach shall not operate as a waiver of any such default or breach of any rights or remedies it may have as a result of such default or breach. B. If the Developer materially fails to fulfill its obligations under this Redevelopment Agreement after notice is given by the City and any cure periods described in paragraph (a) above have expired, the City may elect to terminate this Redevelopment Agreement or exercise any right or remedy it may have at law or in equity, including the right to specifically enforce the terms and conditions of this Redevelopment Agreement. If any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare the Developer insolvent or unable to pay the Developer's debts, or the Developer makes an assignment for the benefit of its creditors, or a trustee or receiver is appointed for the Developer or for the major part of the Developer's property, the City may elect, to the extent such election is permitted by law and is not unenforceable under applicable federal bankruptcy laws, but is nor required, with or without notice of such election and with or without entry or other action by the City, to forthwith terminate this Redevelopment Agreement under this Section, the. City's sole obligation shall be to record, in the office of the Kendall County Recorder, a Certificate of 13 Default, executed by the Mayor of the City or such other person as shall be designated by the City, stating that this Redevelopment Agreement is terminated pursuant to the provisions of this Section, in which event this Redevelopment Agreement by virtue of the recording of such certificate, shall ipso facto automatically become null and void and of no further force and effect.. C. If, in the Developer's judgment, the City is in material default of this Redevelopment Agreement, the Developer shall provide the City with a written statement indicating in adequate detail any failure on the City's part to fulfill its obligations under this Redevelopment Agreement. The Developer may not exercise any remedies against the City in connection with such failure until thirty (30) days after giving such notice. If by its nature such default cannot reasonably be cured within such thirty (30) day period, such thirty (30) day period shall be extended for such time as is reasonably necessary for the curing of the same, so long as the City diligently proceeds with such cure; if such default is cured within such extended period, the default shall not be deemed to constitute a breach of this Redevelopment Agreement. A default not cured as provided above shall constitute a breach of this Redevelopment Agreement. Any failure or delay by the Developer in asserting any of their rights or remedies as to any default or any alleged default or breach shall not operate as a waiver of any such default or breach of shall not operate as a waiver of any such default or breach of any rights or remedies it may have as a result of such default or breach. D. In addition to any other rights or remedies, a party may institute legal action against the other party to cure, correct or remedy any default, or to obtain any other remedy consistent with the purpose of this Redevelopment Agreement, either at law or in equity, 14 including, but not limited to the equitable remedy of an action for specific performance; provided, however, no recourse under or upon any obligation contained herein or for any claim based thereon shall be had against the City, its officers, agents, attorneys, representatives or employees in any amount or in excess of any specific sum agreed to be paid by the City hereunder, and no liability, right or claim at law or in equity shall be attached to or incurred by the City, its officers, agents, attorneys, representatives or employees in any amount in excess of any specific sums agreed by the City to be paid hereunder and any such claim is hereby expressly waived and released as a condition of and as consideration for the execution of this Redevelopment Agreement by the City. Notwithstanding the foregoing, in the event either parry shall institute legal action against the other party because of a breach of any Redevelopment Agreement or obligation contained in this Redevelopment Agreement, the prevailing party shall be entitled to recover all costs and expenses, including reasonable attorneys' fees, incurred in i connection with such action. E. The rights and remedies of the parties are cumulative and the exercise by a party of one or more of such rights or remedies shall not preclude the exercise by it, at the same time or different times, of any other rights or remedies for the same default or for any other default by the other party. Section 20. Amendment. This Redevelopment Agreement, and any exhibits attached to this Redevelopment Agreement, may be amended only in a writing signed by all the parties with the adoption of any ordinance or resolution of the City approving said amendment, as provided by law, and by execution of said amendment by the parties or their successors in interest. Except 15 as otherwise expressly provided herein, this Redevelopment Agreement supersedes all prior Redevelopment Agreements, negotiations and discussions relative to the subject matter hereof. Section 21. Counterparts. This Redevelopment Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. I I i 16 I I IN WITNESS WHEREOF, the parties hereto have caused this Redevelopment Agreement to be executed by their duly authorized officers on the above date at Yorkville, Illinois. United City of Yorkville, an Illinois municipal corporation By: _ Mayor Attest: Dq +ty Clerk Tuscan Plaza, an Illinois corporation B � (,l' Presid�n� Attest: Secretary yorkville/tuscanredevelop.agm Exhibit A Eligible Redevelopment Project Costs Site Work — General Condition $76,000.00 Surveyor $22,000.00 Soil Engineering $27,000.00 Excavation $82,000.00 Demolition $72,000.00 Sewer and Water $129,000.00 Architectural $353,000.00 Conveying System $161,000.00 Roof Top Garden $66,000.00 Railroad Fees $14,000.00 Parking Lot $297,000.00 Masonry $124,000.00 HVAC (Garage Only) $55,000.00 Plumbing $63,000.00 Fire Protection $44,000.00 Electrical $65,000.00 Legal $45,000.00 Marketing $38,000.00 Interest $100,000.00 Total $1,833,000.00 18 Exhibit B REQUEST FOR REIMBURSEMENT City of Yorkville Yorkville, Illinois 61490 -9999 Re: Redevelopment Agreement for the Downtown Yorkville Redevelopment Project Area dated , by and between the City of Yorkville, an Illinois municipal corporation, and Tuscan Plaza Inc., an corporation (collectively the "Developer ") Dear Sir: You are requested to approve the disbursement of funds from the Sub - Account established by the City of Yorkville pursuant to the Agreement described above in the amount(s), to the person(s) and for the purpose(s) set forth in this Request for Reimbursement. 1. Request for Reimbursement No.: 2. Payment Due to: 3. Amount to be Disbursed: 4. The amount requested to be disbursed pursuant to this Request for Reimbursement will be used to pay Redevelopment Project Costs as defined in the Agreement and as listed on the Schedule to this Request for Reimbursement. 5. The undersigned certifies that: (i) the amounts included in 3 above were made or incurred or financed and were necessary for the project and were made or incurred in accordance with the construction contracts, plans and specifications heretofore in effect; (ii) the amounts paid or to be paid, as set forth in this Request for Reimbursement, represents a part of the funds due and payable for Redevelopment Project Costs; (iii) the expenditures for which amounts are requisitioned represent proper Redevelopment Project Costs identified in the Agreement, have not been included in any previous Request for Reimbursement, have been properly recorded on the Developer's books and are set forth on the attached Schedule, with paid invoices attached for all sums for which reimbursement is requested; (iv) the moneys requisitioned are not greater than those necessary to meet obligations due and payable or to reimburse the Developer for his funds actually advanced for Redevelopment Project Costs; (v) the amount of Redevelopment Project Costs to be reimbursed in accordance with this Request for Reimbursement, together with all amounts reimbursed to the Developer pursuant to the Agreement, is not in excess of $1,833,000; (vi) the Developer is not in default under the Agreement and nothing has occurred to the knowledge of the Developer that would prevent the performance of its obligations under the Agreement. 6. Attached to this Request for Reimbursement is Schedule # , together with copies of invoices or bills of sale and Mechanic's Lien Waivers covering all items for which reimbursement is being requested. Tuscan Plaza, Inc. an corporation Date: By: APPROVED: City of Yorkville, an Illinois municipal corporation 19 Legal Description of Subject Property Parcel One (201 -203 Bridge): Lots 1 and 9 in Block 1 of Black's Addition to the Village of Yorkville, In the United City of the Village of Yorkville, Kendall County, Illinois. Parcel Two (205 Bridge): The north 1 /2. of Lots 2 and 10 in Block I of the Black's Addition to the Village of Yorkville, in the United City of the Village of Yorkville, Kendall County, Illinois.