Resolution 2017-21 Resolution No. 2017-�
A RESOLUTION OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,ILLINOIS,
TO INDUCE THE REDEVELOPMENT OF CERTAIN PROPERTY
WITHIN THE US ROUTE 34 AND ILLINOIS ROUTE 47 TAX INCREMENT
FINANCING REDEVELOPMENT PROJECT AREA
(Kendall Hospitality, LLC)
WHEREAS,the United City of Yorkville, Kendall County, Illinois (the "City"), is a duly
organized and validly existing non home-rule municipality created in accordance with the
Constitution of the State of Illinois of 1970 and the laws of this State; and,
WHEREAS, pursuant to its powers and in accordance with the requirements of the Tax
Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1, et seq.) (the "TIF
Act"), the Mayor and City Council of the City (the "Corporate Authorities") pursuant to
Ordinance Nos. 2005-I0A, 2005-1OB and 2005-1OC, respectively, on February 8, 2005,
approved a redevelopment plan and project (the "Redevelopment Plan") setting forth a plan for
the development, redevelopment and revitalization of the US Route 34 and Illinois Route 47
Redevelopment Project Area (the "Project Area'); designated the Project Area as a
"redevelopment project area," as that term is defined under the TIF Act; and adopted tax
increment allocation financing for the purpose of implementing the Redevelopment Plan for the
Project Area; and,
WHEREAS, the City has been informed by Kendall Hospitality, LLC, a Delaware
limited liability company, (the "Developer") that it proposes to acquire approximately three (3)
acres of property located within the Project Area (the "Subject Property") in order to construct a
hotel and an adjacent banquet facility (the "Project") thereby enhancing tourism within the City
and reducing the blighting factors that caused the designation of the Project Area as blighted;
and,
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WHEREAS, the Developer has also informed the City that the ability to undertake the
Project on the Subject Property shall require financial assistance from the City for certain costs
that would be incurred in connection with the redevelopment of the Subject Property, which
costs would constitute Redevelopment Project Costs; and,
WHEREAS, the Developer would like to incur certain costs in connection with the
Project prior to the adoption 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 terms and conditions; and,
WHEREAS, the Developer desires such costs related to the Project to qualify for
consideration as Redevelopment Project Costs that can be reimbursed utilizing incremental taxes
pursuant to the TIF Act, provided that such costs constitute Redevelopment Project Costs under
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,prior to the adoption
of any ordinance authorizing the execution of a redevelopment agreement between the City and
the Developer, subject to the terms and conditions set forth in Section 3 of this Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City
of Yorkville, Kendall County, Illinois, as follows:
Section 1. That the above recitals are incorporated and made a part of this Resolution.
Section 2. That the Corporate Authorities may consider expenditures that are
"Redevelopment Project Costs," as such term is defined in the TIF Act, in connection with 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
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reimbursement through the TIF Act to the extent the Project is in furtherance of the
redevelopment plan and project 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 redevelopment of
the Subject 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.
PASSED by the Mayor and City Council of the City of Yorkville, Illinois, this A day
of ' 2017.
CARLO COLOSIMO KEN KOCH y—
JACKIE
MILSCHEWSKI
CHRIS FUNKHOUSER JOEL FRIEDERS
SERVER TARULIS DIANE TEELING
APPROVED:
Mayor
Attest:
&A—
City ClZrk
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