Resolution 2017-02 Resolution No. 2017-02
A RESOLUTION OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY,ILLINOIS,TO INDUCE THE REDEVELOPMENT OF
CERTAIN PROPERTIES 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 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 "TIF Act"); and,
WHEREAS, the City has been informed by Imperial Investments, Inc., an Illinois
corporation (the "Developer'), that it has acquired certain properties within the Project Area, as
listed on Exhibit A attached hereto and made a part hereof, which properties (the "Developer's
Properties") it would like to develop or redevelop by demolishing certain buildings; and
rehabilitating certain buildings; and, constructing new buildings for residential and commercial
uses (the "Projects"); and,
Resolution No.2017-02
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WHEREAS, the Developer has also informed the City that the ability to proceed with
these Projects shall require financial assistance from the City for certain costs for improvements
that would be incurred in connection with the Projects 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 those
Projects prior to the approval of any ordinance authorizing the execution of a redevelopment
agreement with the City pertaining to any one or more of the Developer's Properties, 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 redevelopment of the
Developer's Properties 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 Developer's Properties 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 pertaining to
any one or more of the Developer's Properties, 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.
Resolution No.2017-02
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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 development of any
one or more of the Developer's Properties 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 one or
more of the Developer's Properties 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 or
redevelopment of any one or more of the Developer's Properties 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.
CARLO COLOSIMO a\je--- KEN KOCH
JACKIE MILSCHEWSKI aJOEL FRIEDERS �e
CHRIS FUNKHOUSER (�� Q, SEAVER TARULIS
DIANE TEELING
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PASSED by the Mayor and City Council of the United City of Yorkville, Illinois, this
10th day of January, 2017.
APPROVED:
r 1
Mayor
Attest:
"DapVTY City Clerk
Resolution No.2017-OZ.
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Exhibit A
All of the FS properties generally located at 121 East Van Emmon and identified by the
following permanent index numbers:
02-33-154-013
02-33-154-014
02-33-154-018
Kendallwood Estates lots identified by the following permanent index numbers:
02-33-377-002
02-33-377-003
02-33-377-004
02-33-377-005
02-33-377-006
02-33-377-007
02-33-377-008
02-33-377-009
02-33-377-010
02-33-377-011
02-33-377-012
02-33-377-013
02-33-377-014
02-33-377-015
02-33-377-016
02-33-377-017
02-33-377-018
02-33-377-019
02-33-377-020
02-33-377-021
02-33-377-022
02-33-377-023
02-33-377-024
02-33-377-025
02-33-377-026
02-33-377-027
02-33-377-028
02-33-377-029
02-33-377-030
02-33-377-031
02-33-377-032
02-33-377-033
02-33-377-034
02-33-378-001
02-33-378-002
02-33-378-003
02-33-378-004
02-33-378-005
02-33-378-006
02-33-378-007
02-33-379-001
02-33-379-002
02-33-379-003
02-33-379-004
02-33-379-005
02-33-379-006
02-33-379-007
02-33-379-008
02-33-379-009
02-33-379-010
02-33-379-011
02-33-380-001
02-33-380-002
02-33-380-003
02-33-380-004
02-33-380-005
02-33-380-006
02-33-380-007
02-33-380-008
02-33-380-009
02-33-380-010
02-33-380-011
02-33-380-012
02-33-380-013
02-33-380-014
02-33-380-015
02-33-380-016
Other Downtown Properties:
211 South Bridge 02-32-283-006
215 South Bridge 02-32-283-007
220 South Bridge 02-33-154-031
112 West Van Emmon 02-32-287-002
201 West Van Emmon 02-32-282-006
205 West Van Emmon 02-32-282-004
207 West Van Emmon 02-32-282-003
204 West Hydraulic 02-32-282-005