Resolution 2019-07 Resolution No. 2019-`!L
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 "Downtown Project Area #l") and adopted tax increment financing for the payment and
financing of redevelopment project costs incurred within the Downtown Project Area #1 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"TIFAct"); and,
WHEREAS, the City was informed by Imperial Investments, Inc., an Illinois corporation
(the "Developer"), that it had acquired certain properties within Downtown Project Area #1, as
listed on Exhibit A attached hereto and made a part hereof(the "Subject Properties"), and that it
intended to develop or redevelop said properties (the "Projects") but that it could not proceed
without financial assistance from the City for certain "Redevelopment Project Costs," as defined
by the TIF Act, incurred in connection with the Projects; and,
WHEREAS,in order to induce the Developer to proceed with the Projects,on January 10,
2017, the Corporate Authorities adopted Resolution No. 2017-02 (the "Original Inducement
Resolution No.2019--Q1
Page 1
Resolution") which provided that certain expenditures incurred in connection with the Projects
prior to the approval of any redevelopment agreement between the City and Developer could be
considered Redevelopment Project Costs that could be reimbursed utilizing incremental taxes in
accordance with the TIF Act provided that the redevelopment of the Subject Properties was in
furtherance of the redevelopment plan for Downtown Project Area #1 and contingent upon the
execution of redevelopment agreements between the City and Developer related to the Subject
Properties; and,
WHEREAS, in order to provide for further economic development within the City, the
Corporate Authorities undertook a subsequent eligibility study and report with respect to the
proposed United City of Yorkville, Kendall County, Illinois Downtown Redevelopment Project
Area# 2 (the "Downtown Project Area #2"); and,
WHEREAS, by Ordinance No. 2018-10, adopted on March 27, 2018, the Corporate
Authorities amended Downtown Project Area #1 by removing therefrom certain of the Subject
Properties, as listed on Exhibit B attached hereto and made a part hereof (the "Removed
Properties");thereafter,by Ordinance Nos. 2018-23,2018-24,and 2018-25,respectively,adopted
on April 10, 2018, the Corporate Authorities approved a redevelopment project and plan,
designated Downtown Project Area #2 as a redevelopment project area under the TIF Act, and
adopted tax increment financing therefor all in accordance with the requirements of the TIF Act;
and,
WHEREAS, the Removed Properties are now located within Downtown Project Area#2
and the Developer has indicated its desire to continue with the Projects thereon provided that
certain expenditures already made and hereafter incurred be eligible Redevelopment Project Costs
that can be reimbursed pursuant to redevelopment agreements between the Developer and City if
Resolution No.2019-0 7
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such costs are Redevelopment Project Costs under the TIF Act and the Projects are in furtherance
of the redevelopment project and plan for Downtown Project Area#2; and,
WHEREAS, the Corporate Authorities acknowledge that the Developer advised the City
of its need for financial assistance in order to undertake the Projects on the Removed Properties
prior to the designation of Downtown Project Area#2 and believe it to be in the best interests of
the City for said Projects to proceed; and,
WHEREAS,this Resolution is intended to acknowledge and permit certain costs incurred
after adoption of the Original Inducement Resolution relating to the redevelopment of the
Removed Properties to be considered Redevelopment Project Costs under the TIF Act that may be
reimbursed utilizing incremental real estate taxes derived from the designation of Downtown
Project Area#2,prior to the approval of any ordinance authorizing the execution of redevelopment
agreements with the City pertaining to the Removed Properties, subject to the conditions set forth
in 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 Removed Properties
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 in accordance with the redevelopment project and plan for Downtown Project
Area#2, provided that such costs constitute "redevelopment project costs" as defined by the TIF
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Act; and, that the redevelopment of the Removed Properties shall be consistent with the
redevelopment project and plan for the overall Downtown Project Area#2.
Section 3. That this Resolution shall relate back to the January 10, 2017 adoption date of
the Original Inducement Resolution such that costs incurred by the Developer since that date may
be considered expenditures that are eligible for reimbursement from incremental real estate taxes
derived from the designation of Downtown Project Area #2, provided said costs are eligible
Redevelopment Project Costs under the TIF Act and subject to the conditions set forth in this
Resolution.
Section 4. That the Original Inducement Resolution is hereby amended by removing from
the list of Developer's Properties (as defined therein) all of the properties defined herein as the
Removed Properties as listed on Exhibit B hereto.
Section S. 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 Removed
Properties in accordance with the terms and conditions to be negotiated by the parties.
Section 6. 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 7. That this Resolution shall be in full force and effect from and after its passage
and approval as provided by law.
CARLO COLOSIMO Y KEN KOCH
JACKIE MILSCHEWSKI ARDEN JOE PLOCHER
CHRIS FUNKHOUSER JOEL FRIEDERS
SEAVER TARULIS JASON PETERSON
Resolution No.2019- 0 7
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Passed by the Mayor and City Council f the United City of Yorkville, Kendall County,
Illinois this day of Q(�G , 2019.
Awl M/-Z-
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Mayor V ,
Attest:
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City Clerk
Resolution No.2019- 07
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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
Exhibit B
02-32-282-003
02-32-282-004
02-32-282-005
02-32-282-006
02-33-154-013
02-33-154-014
02-33-154-018
02-33-377-007
02-33-377-008
02-33-377-009
02-33-377-020
02-33-377-021
02-33-377-022
02-33-377-023
02-33-377-024
02-33-377-033
02-33-377-034