Resolution 2017-32 Resolution No. 2017-
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
(301 South Bridge Street)
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,pursuant to Ordinance
Nos. 2006-46, 2006-47, and 2006-48, respectively, adopted on June 13, 2006 approved a
redevelopment project and plan setting forth a plan for the development, redevelopment and
revitalization of a specific area; designated said area 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 all in accordance with
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 Jefferson Properties Limited, Inc., an Illinois
corporation (the "Developer"), that it has acquired certain property within the Project Area,
commonly known as 301 South Bridge Street, identified by parcel numbers 02-32-287-007 and
02-32-287-008 (the "Subject Property"), and that it intends to develop said property for uses in
accordance with all applicable City Codes (the"Projects"); and,
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WHEREAS, the Developer has also informed the City that the ability to proceed with
the 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 the
Projects prior to the adoption of any ordinance authorizing the execution of a development
agreement 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 under the TIF Act; and,
WHEREAS, this Resolution is intended to allow the Developer to incur certain costs
relating to the development of the Subject Property that may be considered Redevelopment
Project Costs under the TIF Act, prior to the adoption of any ordinance authorizing the execution
of a development agreement with the City pertaining to the Subject Property, 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.
Section 2. That the City Council may consider expenditures that are Redevelopment
Project Costs under the TIF Act, in connection with the development of the Subject Property
incurred prior to the approval and execution of a development agreement with the Developer, or
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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 development 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 redevelopment agreements with the
Developer, or a successor or assignee of the Developer which provides for the redevelopment 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.
CARLO COLOSIMO KEN KOCH
JACKIE MILSCHEWSKI ARDEN JOE PLOCHER
ti
CHRIS FUNKHOUSER JOEL FRIEDERS
SEAVER TARULIS ALEX HERNANDEZ
Passed by the Mayor and City Council of the United City of Yorkville, Kendall County,
Illinois this day of AVF—M66P, , 2017.
'12L)i4ff
Mayor
Attest
City Clerk
Resolution No.2017-30?
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