Resolution 2012-34 Resolution No. 2012- ?61
A RESOLUTION OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY,ILLINOIS,TO INDUCE THE REDEVELOPMENT OF
CERTAIN PROPERTY WITHIN THE YORKVILLE DOWNTOWN
TAX INCREMENT REDEVELOPMENT PROJECT AREA
WHEREAS,the United City of Yorkville, Kendall County, Illinois (the "City"), is a duly
organized and validly existing municipality of the State of Illinois pursuant to the 1970 Illinois
Constitution and the Illinois Municipal Code, as from time to time amended (the "Municipal
Code") (65 ILCS 5/65-1-1-2, et seq.); and,
WHEREAS, the Mayor and City Council of the City (the "Corporate Authorities"), as
authorized by the Municipal Code, undertook an eligibility study and report with respect to a
redevelopment project and plan for a certain area and, based on said report, on June 13, 2006,
approved a redevelopment project and plan pursuant to Ordinance No. 2006-46 for said specific
area designated by Ordinance No. 2006-47 as the Yorkville Downtown Redevelopment Project
Area (the "Project Area") and by Ordinance No. 2006-48, adopted tax increment financing for
the payment and financing of redevelopment project costs incurred within the Project Area
pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., (the
"TIF Act"); and,
WHEREAS, the City has been informed by TCB 123, d.b.a. Rowdys, (the "Developer"),
that it proposes to acquire certain property within the "downtown district" of the City, commonly
known as 210 S. Bridge Street and identified as parcel number 02-33-154-003, which property is
improved with a building of approximately 2000 square feet and located within the Project Area
(the "Subject Property") and also proposes to purchase the existing business operation at the
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Subject Property and thereafter remodel and rehabilitate the building and ultimately expand the
business operation (collectively the "Project"); and,
WHEREAS, the Developer has also informed the City that the ability to proceed with
the Project requires financial assistance from the City for certain costs to be incurred in
connection with the Project which costs would constitute "Redevelopment Project Costs" as such
term is defined in the TIF Act; and,
WHEREAS, the Developer would like to incur certain costs in connection with the
Project prior to the approval of any ordinance authorizing the execution of a redevelopment
agreement with the City pertaining to the Project wherein reimbursement for such costs may be
considered between the parties subject to certain conditions; and,
WHEREAS, the Developer desires such costs related to the acquisition and
redevelopment of the Subject Property be able to qualify for consideration as redevelopment
project costs that can be reimbursed utilizing tax increment financing, provided that such costs
constitute "Redevelopment Project Costs" as such term is defined in the TIF Act; and,
WHEREAS, this Resolution is intended to allow the Developer to incur certain costs
relating to the Project that may be considered "Redevelopment Project Costs" as such term is
defined in the TIF Act, prior to approval of any ordinance authorizing the execution of a
redevelopment agreement with the City, subject to the conditions set forth in Section 3 of this
Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the
United City of Yorkville, Kendall County, Illinois, as follows:
Section 1. That the above recitals are incorporated herein and made a part hereof.
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Section 2. That the City Council may consider expenditures that are "Redevelopment
Project Costs" as such term is defined in the TIF Act, in connection with the acquisition of both
the Subject Property and the business operation as constituting the Project, incurred prior to the
approval and execution of a redevelopment agreement with the Developer, or a successor or
assignee of the Developer, to be expenditures that are eligible for reimbursement through the TIF
Act to the extent the Project is in furtherance of the redevelopment project and plan for the
overall Project Area.
Section 3. That all undertakings of the City set forth in this Resolution are specifically
contingent upon the City approving and executing a redevelopment agreement with the
Developer, or a successor or assignee of the Developer which provides for the acquisition and
redevelopment of the Subject Property and the continuing operation of the existing business, in
accordance with the terms and conditions to be negotiated by the parties.
Section 4. That any financial assistance rendered to the Developer by the City shall be
contingent upon the authority, restrictions, terms and conditions imposed by the TIF Act.
Section S. That this Resolution shall be in full force and effect from and after its passage
and approval as provided by law.
Passed by the City Counc'1 of the United City of Yorkville, Kendall County, Illinois this
--`f day of , A.D. 2012.
CITY CLERK
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CHRIS FUNKHOUSER DIANE TEELING —�--
LARRY KOT JACKIE MILSCHEWSKI
CARLO COLOSIMO MARTY MUNNS
ROSE ANN SPEARS KEN KOCH
Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
13 day of ��C�►v�e�,e , A.D. 2012.
MAYOR
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