Ordinance 2017-55 UNITED CITY OF YORKVILLE
KENDALL COUNTY, ILLINOIS
ORDINANCE NO.2017-55
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,
ILLINOIS,APPROVING FOURTH AMENDMENT TO THE REDEVELOPMENT AGREEMENT
FOR THE DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT AREA
(Imperial Investment,LLC)
Passed by the City Council of the
United City of Yorkville,Kendall County,Illinois
This 14`"day of November,2017
Published in pamphlet form by the
authority of the Mayor and City Council
of the United City of Yorkville,Kendall
County, Illinois on March 5,2018.
Ordinance No. 2017-
AN ORDINANCE OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,
ILLINOIS,APPROVING FOURTH AMENDMENT TO THE REDEVELOPMENT
AGREEMENT FOR THE DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT
AREA
(Imperial Investments, 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 the State; and,
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act of the State
of Illinois, 65 ILCS 5/11-74.4-1, et. seq., as from time to time amended (the "TIF Act") the
Mayor and City Council of the City(collectively,the"Corporate Authorities") are empowered to
undertake the development or redevelopment of a designated area within its municipal
boundaries in which existing conditions permit such area to be classified as a"blighted area"or a
"conservation area" as defined in Section 11.74.4-3(a) of the TIF Act; and,
WHEREAS, pursuant to its powers and in accordance with the requirements of the TIF
Act, the Corporate Authorities, pursuant to Ordinance Nos. 2006-46, 2006-47, and 2006-48,
respectively, adopted on June 13, 2006, approved a redevelopment plan and project (the
"Redevelopment Plan") setting forth a plan for the development, redevelopment and
revitalization of a redevelopment project area; designated a redevelopment project area known as
the Yorkville Downtown Redevelopment Project Area (the "Redevelopment Project Area'); and
adopted tax increment allocation financing for the Redevelopment Project Area; and,
WHEREAS, Imperial Investments, LLC, an Illinois limited liability company (the
"Developer") advised the City that it desired to complete various projects on certain properties
Ordinance No.2017-5 5
Page 2
within the Redevelopment Project Area for which it needed financial assistance from the City;
and,
WHEREAS, in order to provide the requested financial assistance and as authorized by
the TIF Act, on April 23, 2013 the City and Developer entered into a Redevelopment Agreement
for the Downtown Yorkville Project Area (the "Original Agreement"); thereafter, the Original
Agreement was amended on January 8, 2013 (the "First Amendment"), April 9, 2013 (the
"Second Amendment"), and on July 18, 2013 (the"Third Amendment"); and,
WHEREAS, on January 8, 2013, the Corporate Authorities, pursuant to the Business
District Development and Redevelopment Law of the State of Illinois, 65 ILCS 5/11-74.3-1, et.
seq., as from time to time amended (the "BDD Act"), after a public hearing, designated the
Redevelopment Project Area as a "business district" in accordance with the BDD Act and
thereafter imposed a retailers' occupation tax and service occupation tax of one percent (1%) in
the Redevelopment Project Area to pay costs incurred in connection with the planning, execution
and implementation of the goals and objectives as set forth in a business district plan for the
Redevelopment Project Area; and,
WHEREAS, the Developer has now submitted a proposal to the City to undertake
additional improvements to the Redevelopment Project Area at the properties commonly known
as 220 Bridge Street (the Old St. Joe's building) and 222-224 Bridge Street (the old Kendall
County Record building) for office uses as permitted by the City's Zoning Code (the "Project");
and,
WHEREAS, the Developer has advised the City that it is unable to proceed with the
Project without additional financial assistance from the City available as a result of the
Ordinance No.2017-J 5
Page 3
designation of the Redevelopment Project Area as a"redevelopment project area" under the TIF
Act and a"business district"under the BDD Act; and,
WHEREAS, in order to induce the Developer to proceed with the projects as set forth in
the Original Agreement, First Amendment, Second Amendment, and Third Amendment, and to
proceed with the Project, the Corporate Authorities have determined that it is in the best interests
of the City to provide additional financial incentives to the Developer in accordance with the
terms of a fourth amendment between the parties.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the
United City of Yorkville, Kendall County, Illinois, as follows:
Section 1. That the recitals in the preambles to this Ordinance are incorporated into this
Section 1 as if fully set forth herein.
Section 2. That the Fourth Amendment to the Redevelopment Agreement for the
Downtown Yorkville Redevelopment Project Area by and between the City and Developer,
attached hereto and made a part hereof, is hereby approved and the Mayor, City Clerk, and City
Administrator are hereby authorized to execute and deliver said Agreement and undertake any
and all actions as may be required to implement its terms on behalf of the City.
Section 3. This Ordinance shall be in full force and effect from and after its passage and
approval as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois, this
day of V A.D. 2017.
CITY CLERK
Ordinance No.2017-
Page 4
CARLO COLOSIMO A L-51a l tom] KEN KOCH
JACKIE MILSCHEWSKI ARDEN JOE PLOCHER
CHRIS FUNKHOUSER JOEL FRIEDERS
SEAVER TARULIS Y ALEX HERNANDEZ
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
a0�8
this 7 day of SBR U A te Y , A.D. 20i-7:
"'
MAYOR
Attest:
CITY CLERK
Ordinance No.2017-�JJ
Page 5
FOURTH AMENDMENT TO THE REDEVELOPMENT AGREEMENT FOR THE
DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT AREA
(Imperial Investments, LLC)
THIS FOURTH AMENDMENT (the "Fourth Amendment") to the Redevelopment
Agreement for the Downtown Yorkville Redevelopment Project Area dated April 23, 2012, as
amended January 8, 2013, April 9, 2013 and July 18, 2013, by and between the United City of
Yorkville, Kendall County, Illinois, a municipal corporation (hereafter the "City") and Imperial
Investments, LLC, an Illinois limited liability company(hereafter the "Developer"), is dated this
aols
a 7 day of FFA( Lffif—Y ,204-7:
WITNESSETH:
WHEREAS, by Ordinance No. 2006-46 adopted by the Mayor and City Council of the
City (the "Cofporate Authorities") on June 13, 2006, the Downtown Yorkville Tax Increment
Financing Redevelopment Project and Plan (hereinafter the "Redevelopment Plan") was
approved,which project and plan covered some of the oldest properties of the City constituting a
significant portion of the City's historic Downtown; and,
WHEREAS, by Ordinance No. 2006-47 and No. 2006-48 adopted by the Corporate
Authorities on June 13, 2006, the City designated approximately 200 acres of land containing
114 buildings as a "redevelopment project area" (the "Yorkville Downtown Redevelopment
Project Area") and adopted tax increment financing pursuant to the Tax Increment Allocation
Redevelopment Act(65 ILCS 5/11-74.4-1 et seq.) (hereinafter referred to as the"Act"); and,
WHEREAS, as authorized by the Act, on April 23, 2013, pursuant to Ordinance No.
2012-06, the Corporate Authorities entered into the Redevelopment Agreement for the
1
Downtown Yorkville Redevelopment Project Area (the "Original Agreement") with the
Developer in order to induce the development and redevelopment of certain properties within the
Yorkville Downtown Redevelopment Project Area; and,
WHEREAS, pursuant to the Original Agreement, the City agreed to reimburse the
Developer for Redevelopment Project Costs as specifically identified therein for the following
four(4)Projects:
1. Cobblestone Bakery,Project No. 1;
2. Follies Theater, Project No. 2;
3. Follies Box Office,Project No. 3; and,
4. Van Emmon Apartments,Project No. 4; and,
WHEREAS, on January 8, 2013, the Original Agreement was amended (the "First
Amendment")to add the following additional redevelopment projects(the "Additional Projects")
and provide additional incentives as set forth in the First Amendment to the Original Agreement:
1. 209 South Bridge Street;
2. The parking lot immediately to the north of 209 Bridge Street;
3. 213 South Bridge Street;and,
4. An expansion of the Cobblestone Bakery Project No. 1; and,
WHEREAS, on April 9, 2013, the Original Agreement was again amended (the "Second
Amendment") to include new redevelopment projects at 102 E. Van Emmon Street (the "Bank
Property") and a parking lot located at the northeast corner of West Van Emmon Street and the
west alley (the "Parking Lot"); and on July 18, 2013, was again amended (the "Third
Amendment") to further enhance the Yorkville Downtown Redevelopment Project Area by
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undertaking the demolition of a portion of a utility station owned by the City and replacing the
faVade on the portion remaining and creating a pedestrian walkway; and,
WHEREAS, once again the Developer has submitted a proposal to the City to undertake
additional improvements in the Downtown Yorkville Redevelopment Project Area to rehabilitate
and redevelop the property commonly known as 220 Bridge Street (the Old St Joe's building)
and the property commonly known as 222-224 Bridge Street (the old Kendall County Record
building)for office uses as permitted by the City's Zoning Code;and,
WHEREAS,the Developer has advised the City it is unable to proceed with the proposal
without the financial assistance available as a result of the designation of the Downtown
Yorkville Redevelopment Project Area pursuant to the Act and potentially through the Business
District Act as hereinafter provided; and,
WHEREAS, in order to induce the Developer to continue with the Project approved in
the Original Agreement, the First Amendment, the Second Amendment; and, the Third
Amendment, the City designated a portion of the commercial area of the Yorkville Downtown
Redevelopment Project Area as a "Business District" in accordance with the Business District
Development and Redevelopment Act (65 ILCS 5/11-74.3 et seq.) (the "Business District Act"),
on January S,2013;and,
WHEREAS, pursuant to the Business District Act, once a business district is designated,
the Corporate Authorities may impose a retailers' occupation tax, service occupation tax, and a
hotel operators' occupation tax in an amount not to exceed one percent(1%) (the"BD Taxes")to
pay costs to be incurred in connection with the planning, execution and implementation of the
goals and objectives as set forth in the business district plan, and the Corporate Authorities have,
3
in fact, imposed a retailers' occupation tax and a service occupation tax of one percent (1%) in
the business district; and,
WHEREAS, the City desires the Developer to proceed with the Project as stated in the
Original Agreement, the First Amendment, the Second Amendment, the Third Amendment and
the project as specifically hereinafter described in this Fourth Amendment and is, therefore,
willing to commit additional incentives available pursuant to the Act and the Business District
Act in order to induce the Developer to proceed, all as hereinafter set forth.
NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants hereinafter set forth,the parties agree as follows:
Section 1. Incorporation. The representations and recitations set forth in the preambles
hereto are material to this Fourth Amendment and are hereby incorporated into and made a part
of this Fourth Amendment as though fully set forth in this Section I and said representations and
recitations constitute the understandings of the City and the Developer.
Section 2. Developer's Obligations.
A. The Developer represents and warrants that it has acquired the following
properties (collectively the "Bridge Street Properties") within the Downtown Yorkville
Redevelopment Project Area:
1. 220 South Bridge Street,identified by parcel number 02-33-154-031
2. 222-224 South Bridge Street identified by parcels 02-33-154-027 and 02-33-154-
028
B. The Developer covenants and agrees to rehabilitate and redevelop the Bridge
Street Properties (the "Project") in conformance with all applicable zoning codes; building
4
codes, life safety codes, maintenance codes and all other applicable ordinances of the City and
laws of the State of Illinois including the terms of this Agreement (collectively, the "Legal
Requirements").
C. The Developer covenants and agrees to commence construction of the Project on
or before March 31, 2018, and complete construction and obtain a certificate of occupancy for
the Bridge Street Properties on or before December 31,2018.
D. The Developer has submitted estimated budgets for each of the buildings included
in the Project which budgets are attached hereto as Exhibit and the Developer warrants that the
completion of the Project shall result in an investment of approximately$795,000 which includes
the cost of acquisition.
E. Upon completion of the Project, the Developer shall deliver to the Village a final
itemization of the actual costs incurred by the Developer in connection with the Project with
such invoices,bills and receipts to substantiate proof of payment.
F. The Developer covenants and agrees to pay all fees, taxes, bills and fines and all
other amounts that may be owing to the City and the County as such become due and payable.
Section 3. Obligations and Commitments of the City.
A. So long as no notice pursuant to Section 17 of this Fourth Amendment has been
issued and remains outstanding and so long as the Developer shall have completed the Project in
conformance with the Legal Requirements, the City shall reimburse the Developer for twenty-
five percent(25%)of the costs of the Project to the extent such costs are"Redevelopment Project
Costs" under the Act, as hereinafter defined, or Business District Project Costs, as hereinafter
defined.
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B. In connection with the establishment and ongoing administration of the
Downtown Yorkville Redevelopment Area, the City has established a special fitnd pursuant to
the requirements of the Act, known as the Downtown Yorkville Special Tax Allocation Fund
(the "STAF"), into which the City shall deposit all incremental real estate taxes as hereinafter
defined, generated from the Bridge Street Properties (the "Incremental Taxes") and any BD
Taxes generated from businesses operating at the Bridge Street Properties. The City shall
thereafter transfer eighty-five percent (85%) of the Incremental Taxes from the Bridge Street
Properties and any BD Taxes generated from any business operating at the Bridge Street
Properties into a Subaccount known as the "Imperial Investment Subaccount" as established by
the City pursuant to the terms of the Original Agreement.
C. Reimbursement of Redevelopment Project Costs shall be made annually on
November 1 or such later date which is ten (10) days following receipt of the second installment
of real estate taxes by the City: provided, that reimbursement of Redevelopment Project Costs
shall only be made to the extent money is available therefore from the deposits made into the
Imperial Investment Subaccount. To the extent money in the Imperial Investment Subaccount is
insufficient to reimburse the Developer for Redevelopment Project Costs, reimbursements shall
be held for payment on the following November 1.
D. THE CITY'S OBLIGATIONS TO REIMBURSE THE DEVELOPER UNDER
THIS AGREEMENT IS A LIMITED OBLIGATION PAYABLE SOLELY FROM
INCREMENTAL TAXES DEPOSITED IN THE IMPERIAL INVESTMENT SUBACCOUNT
OF THE STAF FROM TIME TO TIME AND SHALL NOT BE SECURED BY THE FULL
FAITH AND CREDIT OF THE CITY. As used in this Agreement, "Incremental Taxes" shall
6
mean the amount in the STAF equal to the amount of ad valorem taxes, if any,paid in respect of
the Downtown Yorkville Redevelopment Project Area and its improvements which is
attributable to the increase in the equalized assess value over the initial equalized assessed value
of the Downtown Yorkville Redevelopment Project Area. For purposes of this Agreement,
Redevelopment Project Costs shall mean and include all costs and expenses defined as
"redevelopment project costs" in Section 11-74.4-3(q) of the Act and shall also mean "business
district project costs"as defined in the Business District Act.
Section 4. Term. Unless earlier terminated pursuant to Section 19, the term of the
Redevelopment Agreement shall commence on the date of execution and end December 31,
2029 (the"Termination Date").
Section 5. Verification of Tax Increment. The Developer shall use its best efforts to
cooperate with the City in obtaining certified copies of its real estate tax bills for the Bridge
Street Properties payable in 2017, and paid in each subsequent year during the term of this
Redevelopment Agreement.
Section 6. No Liability of City for Others for Developer's Expenses. The City shall
have no obligation to pay costs of the Project or to make any payments to any person other than
the Developer, nor shall the City be obligated to pay any contractor, subcontractor, mechanic, or
material man providing services or materials to the Developer for the development of the Project.
Section 7. Time; Force Majeure. Time is of the essence of this Fourth Amendment,
provide however, a party shall not be deemed in material breach of this Fourth Amendment
With respect to any obligations of this Fourth Amendment on such party's part to be performed if
such party fails to timely perform the same and such failure is due in whole or in part to any
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strike, lock-out, labor trouble (whether legal or illegal), civil disorder, weather conditions,
failure or interruptions of power, restrictive governmental laws and regulations, condemnations,
riots, insurrections; acts of terrorism, war, fuel shortages; accidents, casualties, floods,
earthquakes, fires,acts of God, epidemics, quarantine restrictions, freight embargoes,acts caused
directly or indirectly by the other party (or the other party's agents, employees or invitees) or
similar causes beyond the reasonable control of such party ("Force Majeure"). If one of the
foregoing events shall occur or either party shall claim that such an event shall have occurred,
the party to whom such claim is made shall investigate same and consult with the parry making
such claim regarding the same and the party to whom such claim is made shall grant any
extension for the performance of the unsatisfied obligation equal to the period of the delay,
which period shall commence to run from the time of the commencement of the Force Majeure;
provided that the failure of performance was reasonably caused by such Force Majeure.
Section 8. Assignment. This Fourth Amendment may not be assigned by the Developer
without the prior written consent of the City, which consent shall not be unreasonably withheld.
Section 9. Developer's Indemnification. The Developer shall indemnify and hold
harmless the City, its agents, officers and employees against all injuries, deaths, losses,damages,
claims, suits, liabilities, judgments, costs and expenses (including any liabilities, judgments,
costs and expenses and reasonable attorney's fees) which may arise directly or indirectly from
any third-party claims made against the City as a result of the failure of the Developer or any
contractor, subcontractor or agent or employee thereof(so long as such contractor, subcontractor
or agent or employee thereof is hired by the Developer) to timely pay any contractor,
subcontractor, laborer or material men; from any default or breach of the terms of this Fourth
8
Amendment by the Developer; or from any negligence or reckless or willful misconduct of the
Developer or any contractor, subcontractor or agent or employee thereof (so long as such
contractor, subcontractor or agent or employee is hired by the Developer). The Developer shall,
at its own cost and expense, appear, defend and pay all charges of attorneys, costs and other
expenses arising therefrom or incurred in connection therewith. If any judgment shall be
rendered against the City, its agents, officers, officials or employees in any such action, the
Developer shall, at its own expense, satisfy and discharge the same. The paragraph shall not
apply, and the Developer shall have no obligation whatsoever, with respect to any acts of
negligence or reckless or willful misconduct on the part of the City or any of its officers, agents,
employees or contractors.
Section 10. Waiver. Any party to this Fourth Amendment may elect to waive any
remedy it may enjoy hereunder,provided that no such waiver shall be deemed to exist unless the
party waiving such right or remedy does so in writing. No such waiver shall obligate such party
to waive any right or remedy hereunder, or shall be deemed to constitute a waiver of other rights
and remedies provided said party pursuant to this Fourth Amendment.
Section 11. Severability. If any section, subsection, term or provision of this Fourth
Amendment or the application thereof to any party or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of said section, subsection, term or provision of this
Fourth Amendment or the application of same to parties or circumstances other than those to
which it is held invalid or unenforceable, shall not be affected thereby.
Section 12. Notices.. All notices, demands, requests, consents, approvals or other
instruments required or permitted by this Fourth Amendment shall be in writing and shall be
9
executed by the party or an officer, agent or attorney of the party, and shall be deemed to have
been effective as of the date of actual delivery; if delivered personally,or as of the third (3rd) day
from and including the date of posting, if mailed by registered or certified mail, return receipt
requested,with postage prepaid, addressed as follows:
To the Developer. Imperial Investments, LLC
202 Boombah Blvd.
Yorkville,Illinois 60560
To the City: United City of Yorkville
800 Game Farm Road
Yorkville,Illinois 60560
Attention: City Administrator
With a copy to: Kathleen Field Orr
Kathleen Field Orr&Associates
53 W.Jackson Blvd.
Suite 964
Chicago, Illinois 60604
Section 13. Successors in Interest. This Fourth Amendment shall be binding upon and
inure to the benefit of the parties to this Fourth Amendment and their respective successors and
assigns.
Section 14. No Joint Ventage,Agency or Partnership Created. Neither anything in this
Fourth Amendment nor any acts of the parties to this Fourth Amendment shall be construed by
the parties or any third person to create the relationship of a partnership, agency, or joint venture
between or among such parties.
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Section 15. Warranty of the Developer.
The Developer hereby covenants and agrees to maintain good standing as an Illinois
limited liability company throughout the term of this Fourth Amendment.
Section 16. No Discrimination — Construction. The Developer for itself and its
successors and assigns agrees that in the construction of the improvements at the Subject
Property provided for in this Fourth Amendment the Developer shall not discriminate against
any employee or applicant for employment because of race, color, religion, sex or national
origin. The Developer shall take affirmative action to require that applicants are employed and
that employees are treated during employment, without regard to their race, creed, color,
religion, sex or national origin unless there is a false claim and or accusation Such action shall
include, but not be limited to, the following: employment upgrading, demotion or transfer;
recruitment or recruitment advertising and solicitations or advertisements for employees; layoff
or termination; rates of pay or other forms of compensation; and selection for training, including
apprenticeship. The Developer agrees to post in conspicuous places, available to employees and
applicants for employment, notices, which may be provided by the City, setting forth the
provisions of this nondiscrimination clause.
Section 17. Remedies—Liability.
A. If, in the City's judgment, the Developer is in material default of this Fourth
Amendment,the City shall provide the Developer with a written statement indicating in adequate j
detail any failure on the Developer's part to fulfill its obligations under this Fourth Amendment.
Except as required to protect against further damages, the City may not exercise any remedies
11
against the Developer in connection with such failure until thirty (30) days after giving such
notice. If such default cannot be cured within such thirty (30) day period, such thirty (30) day
period shall be extended for such time as is reasonably necessary for the curing of the same, so
long as the Developer diligently proceeds with such cure; if such default is cured within such
extended period, the default shall not be deemed to constitute a breach of this Fourth
Amendment. A default not cured as provided above shall constitute a breach of this Fourth
Amendment. Any failure or delay by the City in asserting any of its rights or remedies as to any
default or alleged default or breach shall not operate as a waiver of any such default or breach of
any rights or remedies it may have as a result of such default or breach.
B. If the Developer materially fails to fulfill its obligations under this Fourth
Amendment after notice is given by the City and any cure periods described in paragraph A.
above have expired,the City may elect to terminate this Fourth Amendment or exercise any right
or remedy it may have at law or in equity, including the right to specifically enforce the terms
and conditions of this Fourth Amendment. If any proceeding in any court or tribunal shall be
instituted to declare the Developer insolvent or unable to pay the Developer's debts, or the
Developer makes an assignment for the benefit of its creditors, or a trustee or receiver is
appointed for the Developer or for the major part of the Developer's property,the City may elect,
to the extent such election is permitted by law and is not unenforceable under applicable federal
bankruptcy laws, but is not required, with or without notice of such election and with or without
entry or other action by the City, to forthwith terminate this Fourth Amendment under this
Section by written notice to the Developer.
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C. If, in the Developer's judgment, the City is in material default of this Fourth
Amendment, the Developer shall provide the City with a written statement indicating in adequate
detail any failure on the City's part to fulfill its obligations under this Fourth Amendment. The
Developer may not exercise any remedy against the City in connection with such failure until
(30) days after giving such notice. A default not cured as provided above shall constitute a
breach of this Fourth Amendment. Any failure or delay by the Developer in asserting any of
their rights or remedies as to any default or any alleged default or breach shall not operate as a
waiver of any such default or breach of shall not operate as a waiver of any such default or
breach of any rights or remedies it may have as a result of such default or breach.
D. In addition to any other rights or remedies, a party may institute legal action
against the other party to cure, correct or remedy any default, or to obtain any other remedy
consistent with the purpose of this Fourth Amendment, either at law or in equity, including, but
not limited to the equitable remedy of an action for specific performance; provided, however,no
recourse under or upon any obligation contained herein or for any claim based thereon shall be
had against the City, its officers, agents, attorneys, representatives or employees in any amount
or in excess of any specific sum agreed to be paid by the City hereunder,and no liability, right or
claim at law or in equity shall be attached to or incurred by the City, its officers, agents,
attorneys, representatives or employees in any amount in excess of any specific sums agreed by
the City to be paid hereunder and any such claim is hereby expressly waived and released as a
condition of and as consideration for the execution of this Fourth Amendment by the City.
Notwithstanding the foregoing, in the event either party shall institute legal action against.the
i
other party because of a breach of any Redevelopment Agreement or obligation contained in this
i
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F
d
Fourth Amendment, the prevailing party shall be entitled to recover all costs and expenses,
including reasonable attorneys' fees, incurred in connection with such action.
E. The rights and remedies of the parties are cumulative and the exercise by a party
of one or more of such rights or remedies shall not preclude the exercise by it, at the same time
or different times, of any other rights or remedies for the same default or for any other default by
the other party.
Section 19. Amendment. This Fourth Amendment, and any exhibits attached to this
Fourth Amendment, may be amended only in a writing signed by all the parties with the
adoption of any ordinance or resolution of the City approving said amendment, as provided by
law, and by execution of said amendment by the parties or their successors in interest. Except as
otherwise expressly provided herein, this Fourth Amendment supersedes all prior
Redevelopment Agreements, negotiations and discussions relative to the subject matter hereof
Section 20. Counterparts. This Fourth Amendment may be executed in two or more
counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument.
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IN WITNESS WHEREOF,the parties hereto have caused this Fourth Amendment to be
executed by their duly authorized officers on the above date at Yorkville, Illinois.
United City of Yorkville, an Illinois
municipal corporation
By:
Mayor
Atte t:
dty Clerk
IMPERIAL INVESTMENTS, LLC, an Illinois
limited liability comp -Y-1
By:
sident
Attest:
J4417awYl-
Secretary
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220 Bridge proposed budget
Property!Name: Old St.Joe's Building
Address or PIN# 220 S Bridge 02-33-154-031
Acquisition Cost: $ 150,000.00
General renovation costs: $ 172,000.00
All engineering,architectural design costs: $ 2,800.00
Any legal fees incurred by developer: $ 5,000.00
Signage costs: $ 3,900.00
Outdoor lighting costs: $ 4,650.00
Landscaping costs: $ 1,700.00
Any interest costs on borrowing: $ 47,010.00
$ 387,060.00
222 Bridge proposed budget
Property Name: Record Building
Address or PIN# 222 S Bridge 02-33-154-027 and 028
Acquisition Cost: $ 215,000.00
General renovation costs: $ 135,000.00
All engineering, architectural design costs: $ 1,000.00
Any legal fees incurred by developer: $ 5,000.00
Signage costs: NA-tenant to provide
Outdoor lighting costs: $ 3,500.00
Landscaping costs: $ 2,500.00
Any interest costs on borrowing: $ 47,010.00
$ 409,010.00