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Ordinance 2007-019 200700013891 Filed for Record in KENDALL COUNTYP ILLINOIS STATE OF ILLINOIS ) PAUL ANDERSON 04 - 27 -2007 At 11:03 am. )ss ORDINANCE 45.00 COUNTY OF KENDALL ) RHSP Surcharge 10.00 ORDINANCE NO. 2007- \ 0 AN ORDINANCE AUTHORIZING THE EXECUTION OF AN AMENDMENT TO DEVELOPMENT /ECONOMIC INITIATIVE AGREEMENT WITH YORKVILLE MARKET PLACE. (Property at Southeast Corner of Rt 34 and Route 47) WHEREAS, it is deemed prudent and in the best interest of the UNITED CITY OF YORKVILLE, Kendall County, Illinois, that a certain Development/Economic Initiative i Agreement pertaining to the development of real estate described within the Agreement which is attached hereto as and made a part hereof as Exhibit "A" be entered into by the UNITED CITY OF YORKVILLE; and WHEREAS, said Agreement has been drafted and has been considered by the City Council; and WHEREAS, the legal owners of record of the property subject to the Agreement are ready, willing and able to enter into said Agreement and to perform the obligations as required hereunder; and WHEREAS, the reasons for entering into this Agreement and benefits to the City are described within the Agreement and thereby made a part of this Ordinance, and Page 1 of 3 WHEREAS, the statutory procedures including specific findings as required by 65 ILCS 8- 11 -20, as amended, for economic incentive agreements have been complied with, and said findings are contained in the Agreement (Exhibit "A "), NOW THEREFORE, BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE UNITED CITY OF YORKVILE, KENDALL COUNTY, ILLINOIS, AS FOLLOWS; Section 1: The preambles, above, are incorporated by this reference as if written in full at this place. Section 2: The Mayor and the City Clerk are herewith authorized and directed to execute, on behalf of the City, the Development/Economic Initiative Agreement concerning certain real estate described therein, a copy of which attached hereto and made a part hereof as Exhibit "A ". Section 2: This ordinance shall be in full force and effect from and after its passage and approval as provided by law. JAMES BOCK , JOSEPH BESCO VALERIE BURD .e PAUL JAMES y � DEAN WOLFER MARTY MUNNS ROSE SPEARS .,r JASON LESLIE Page 2 of 3 Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this 2'1 Day o 4 � , A.D. 2007. � MAYOR Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this b'1 day of p , A.D. 2007. U ATTEST: CITY CLERK Prepared by: John Justin Wyeth City Attorney United City of Yorkville 800 Game Farm Road Yorkville, IL 60560 Page 3 of 3 AMENDMENT TO DEVELOPMENT/ECONOMIC INITIATIVE AGREEMENT This Amendment is made and entered into as of the day of FF6 2001by and between The United City of Yorkville, an Illinois corporation located in Kendall County (the "City ") and TDC Yorkville Shopping Center 1, LLC, a Delaware limited liability company and TDC Yorkville Shopping Center II, a Delaware limited liability company (collectively the "Developer "). RECITALS A. The City and TDC Yorkville, L.L.C., a Delaware limited liability company Developer's predecessor in interest, entered into a Development/Economic Initiative Agreement dated March 30, 2001 ( "Agreement "). B. The Developer undertook the Development Project described in the Agreement and the City has pledged Sales Tax Revenues to repay the Developer's Reimbursable Improvements. C. The Developer is contemplating further development at the Development Project and requires the City to pledge Sales Tax Revenues to repay the Developer for additional costs ( "Additional Reimbursable Improvements ") to be incurred by the construction of additional improvements. D. The Developer and the City desire to extend the term of repayment for the Additional Reimbursable Improvements. NOW, THEREFORE, to maintain and revitalize business within the City by assuring opportunities for development and attracting sound and stable commercial growth; to promote the public interest and to enhance the tax base of the City; to induce the Developer to undertake further development; in consideration of the Developer's agreement to undertake the Development Project and the City's agreement to reimburse the Developer for the costs of causing the construction of certain improvements; and in consideration of the mutual promises, covenants, stipulations and agreements herein contained in this Agreement, the Developer and the City hereby agree as follows: 1. Incorporation of Recitals. The recitals set forth above are incorporated hereby by this reference as if fully set forth herein. 2. Capitalized Terms. Capitalized terms not defined herein, shall have the same meanings as in the Agreement. Amend Dev/Econ Init Agree 1 �I i 3. Development Incentive Reimbursement., A. The initial paragraph of Paragraph 3. A. of the Agreement is hereby deleted in its entirety and the following is inserted in its place: 'i "A. Incentives. The DEVELOPER pursuant to the terms of this Agreement shall be repaid 100% of its Reimbursable Improvement and Additional Reimbursable Improvements costs (defined below) out of 50% of sales tax generated by any "Generator" on the Property or any additional property purchased by DEVELOPER, as evidenced by paid lien waivers and sworn contractor affidavits submitted to the CITY. The CITY shall include simple interest of five percent (5 %) per annum on the Improvement calculation for Additional Reimbursable Im Reimbursable Improvement and p the balance of Reimbursable Improvements and Additional Reimbursable Improvements incurred by DEVELOPER. Interest shall be calculated annually and shall commence with the Certificate of Occupancy being issued to the first anchor store (which is defined as a store having 25,000 square feet or more) on the balance of any unpaid Reimbursable Improvements and Additional Reimbursable Improvements. For example, if the first anchor opens March 1, 2002, five percent (5 %) interest will be added to the Reimbursable Improvements incurred by DEVELOPER as of March 1, 2002. Payments shall be first applied to interest, then to Reimbursable Improvements and Additional Reimbursable Improvements. DEVELOPER shall be entitled to recover up to the total amount of the Reimbursable Improvement and Additional Reimbursable Improvements calculation plus interest for a period of eighteen (18) years commencing April 1, 2002 and expiring March 31, 2020. In addition, DEVELOPER shall continue to be entitled to recover up to the total amount of the Additional Reimbursable Improvements calculation plus interest for an additional five (5) years expiring March 31, 2025. In the event DEVELOPER recovers its full Reimbursable Improvements and Additional Reimbursable Improvements plus interest prior to the applicable expiration time, the right to recovery shall terminate earlier than the previously stated expiration date. In the event DEVELOPER has not received all of its Reimbursable Improvements and Additional Reimbursable Improvements calculation and interest upon the applicable expiration date, the Agreement shall be treated as expired. Interest shall not be compounded. These Reimbursable Improvements include, but are not limited to, the following:" 4. Additional Reimbursable Improvements. Additional Reimbursable Improvements include the following, the cost of which shall not to exceed $515,000: (i) Design, engineering and installation of the traffic signal for the intersection located at Route 34 and Marketplace Drive. Signalization was a potential Reimbursable Improvement described in Paragraph 3 A of the Agreement but was not completed, nor was the cost of such item included in the Reimbursable Improvements. 'i i l l Amend Dev/Econ Init Agree 2 g i I (ii) Cost of installation of signal interconnect cable at the intersection of Route 47 and Marketplace Drive. (iii) Design, engineering and construction costs to relocate the existing water main currently under the detention pond. 5. Pavment Obligation. (a) Paragraph 3.C. of the Agreement is hereby amended by adding "and Additional Reimbursable Improvements" to the end of the 4 line after "Reimbursable Improvements ". (b) All payments pursuant to the Agreement shall continue to be payable to Tucker Development Corporation. 6. Verification of Costs. Paragraph 3.D. of the Agreement is hereby amended by adding "and Additional Reimbursable Improvements" to the 2 nd line after "Improvements ". 7. Tolling of Term. Paragraph 3.E. of the Agreement is hereby amended deleting "eighteen (18) years" from the 1" line and inserting the following in its place: "twenty -three (23) years ". 8. Notices Paragraph 9. D. of the Agreement is hereby amended by deleting the notice provision for Developer and inserting the following in its place: "To Developer: TDC Yorkville Shopping Center I, LLC TDC Yorkville Shopping Center II, LLC c/o Tucker Development Corporation 799 Central Avenue, Suite 300 Highland Park, Illinois 60035 Attention: Richard H. Tucker, President 9. Authoritv to Execute. The signatories of the parties hereto warrant that they have been lawfully authorized by the City Council of the City and the members of Developer to execute this Agreement on their behalf. Amend Dev/Econ Init Agree 3 IN WITNESS WHEREOF, this Agreement is entered into as of the date and year shown above. UNITED CITY OF YORKVILLE, TDC YORKVILLE SHOPPING CENTER I, LLC, an Illinois Municipal Corpor tion a Delaware limited liability company B By: TDC Yorkville Select LLC, an Illinois limited liability company Its: By: T evelopment Attest: By .. '�� s Date: "� /° Ric rd Tucker, President Date: I TDC YORKVILLE SHOPPING CENTER II LLC, a Delaware limited liability company i By: TDC Yorkville Select LLC, an Illinois limited liability compa By: T elo nt rp i icha YI. Tucker, Presid -er t Date: I �! Amend Dev/Econ Init Agree 4 LEGAL DESCRIPTION — SOUTH PORTION OF LOT B.' LOT 8 IN YORKVILLE MARKETPLA CE P NCIPAL MERIDIAN, ACCORDING TO THE TOWNSHIP 37 NORTH, RANGE" 7 EAST OF THE THIRD PLAT THEREOF RECORDED MARCH 7, 2002 AS DOCUMENT 200200005924, EXCEPT THAT II PORTION DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF SAID L OF SAID LOT 8TA DISTANCE ES 49 MINUTES 12 SECONDS EAST ALONG THE NOR ENCE SOUTH 37 DEGREES 49 OF 240.21 FEET TO A POINT ON THE WEST 0000E 027PTH PERTY CONVEYED TO THE STATE OF ILLINOIS PER DOCUMENT LINE, A DISTANCE OF 49.50 FEET TO A MINUTES 12 SECONDS EAST ALONG SAID OF MARKETPLACE DRIVE AS DEDICATED PER POINT ON THE WEST RIGHT OF WAY LINE DOCUMENT 20010000 e; THENCE SOUTH 07 DEGREES 10 MINUTES 48 SECONDS L DS WET A DISTANCE OP 275 21 FEET O THENCE WEST ALONG SAID WEST RIGHT OF WAY TO' S 49 MINUTES 12 SEC NORTH 82 DEGREE THE WEST LINE OF SAID LOT 8; THENCE NORTH 173.01 DEG TO THE POINT OF SECONDS OF EAST 'ALONG BEGINNING. IN K NDALL COUNTY, ILLINOIS. LOT 9 LEGAL LOT-9 IN YORKVILLE MARKETPLACE, BEING A SUBDIVISION OF SECTION 28, TOWNSHIP 37 NORTH, RANGE 7 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED MARCH 7, 2002, PER DOCUMENT NO. 200200005924, IN THE CITY OF YORKVILLE, KENDALL COUNTY, ILLINOIS.