Resolution 2018-29 Resolution No. 2018-
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, 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. 2018-23 for said specific area
designated by Ordinance No. 2018-24 as the Downtown Redevelopment Project Area #2 (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. 2018-25, adopted
by the Corporate Authorities on April 10, 2018, pursuant to the Tax Increment Allocation
Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., (the"TIF Act"); and,
WHEREAS, the City was informed by Imperial Investments, Inc., an Illinois corporation
(the "Developer"), that it intended to acquire certain property within the Project Area, commonly
known as 111 E. Van Emmon Street, identified by parcel number 02-33-154-023 (the "Subject
Property"), and that it intended to redevelop said property for retail uses (the "Project"); and,
WHEREAS, the Developer has also informed the City that the ability to proceed with
the Project 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,
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WHEREAS, the Developer would like to incur certain costs in connection with the
Project prior to the approval of any ordinance authorizing the execution of redevelopment
agreements 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 redevelopment 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 redevelopment of the Subject Property that may be considered Redevelopment
Project Costs under the TIF Act, prior to the approval of any ordinance authorizing the execution
of a redevelopment 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 redevelopment of the Subject Property
incurred prior to the approval and execution of redevelopment agreements with the Developer, or
a successor or assignee of the Developer, to be expenditures that are eligible for reimbursement
through the TIF Act,provided that such costs constitute"redevelopment project costs"as defined
by the TIF Act; and, that the redevelopment of the Subject Property shall be consistent with the
redevelopment project and plan for the overall Project Area.
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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 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
CHRIS FUNKHOUSER JOEL FRIEDERS
SEAVER TARULIS JASON PETERSON
Passed by the Mayor and City Council of the United City of Yorkville, Kendall County,
Illinois this day of b6CE MM-k , 2018.
-A1'-J2W- —
Mayor
Attest:
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City Clerk
Resolution No.2018- �
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