Resolution 2007-19 Resolution No. ac
A RESOLUTION OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY, ILLINOIS, TO INDUCE THE REDEVELOPMENT OF
CERTAIN PROPERTY WITHIN THE YORKVILLE DOWNTOWN j
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, etseq.); 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 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 adopted tax increment financing for the payment and financing of
redevelopment project costs incurred within the Project Area by Ordinance No. 2006 -48,
adopted by the Corporate Authorities on June 13, 2006, pursuant to the Tax Increment Allocation
Redevelopment Act, 65 ILCS 5/11- 74.4 -1, et seq., (the "TIFAct "); and,
WHEREAS, the City has been informed by Gary and Donna Cervelli (the "Developer "),
that they own certain property within the Project Area, commonly known as 201, 202 and 205
Bridge Street (the "Subject Property "), which is legally described in Exhibit A attached hereto;
and,
WHEREAS, the Developer has informed the City that it would like to redevelop the
Subject Property by demolishing an existing building and constructing a three (3) story building
for residential and commercial uses, which will include seven (7) retail/office spaces and twenty
(20) condominium units; and,
WHEREAS, the Developer has also informed the City that the ability to construct the
Development requires financial assistance from the City for certain costs for improvements that
would be incurred in connection with the Development 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
Development prior to the approval of any ordinance authorizing the execution of a
redevelopment agreement pertaining to the Subject Property with the City, 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 Development 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 redevelopment of the Subject Property 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 pertaining to the Subject Property with
the City, subject to the condition 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.
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 development of the
Subject Property 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 in accordance with the redevelopment project and plan
for the Project Area, provided that such costs constitute "redevelopment project costs" as defined
by the TIF Act; and, that the development of the Subject Property shall be consistent with 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 development of
the Subject Property 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 Mayor and City Council of the United City of Yorkville, Illinois, this
day of 2007.
APP �D
Mayor
Attest:
Z t_Xler
Exhibit A
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 'h of Lots 2 and 10 in Block 1 of the Black's
Addition to the Village of Yorkville, in the United City of the Village of
Yorkville, Kendall County, Illinois.
i
I
� I