Resolution 2019-08 Resolution No. 2019-0D_
A RESOLUTION OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,
ILLINOIS, TO INDUCE THE REDEVELOPMENT OF CERTAIN PROPERTY WITHIN
THE YORKVILLE DOWNTOWN REDEVELOPMENT PROJECT AREA
(TIG Partners, L.L.C.)
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 its powers and in accordance with the requirements of 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,
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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
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"Redevelopment Plan") setting forth a plan for the development,redevelopment and revitalization
of the redevelopment project area; designated a redevelopment project area known as the
Downtown Redevelopment Project Area (the "Redevelopment Project Area"); and adopted tax
increment allocation financing for the Redevelopment Project Area; and,
WHEREAS,TIG Partners,L.L.C.,an Illinois limited liability company(the"Developer")
owns certain property located within the Redevelopment Project Area and commonly known as
227 Heustis Street, 133 E. Van Emmon Street, and 135 E. Van Emmon Street, as identified by
parcel index number 02-33-154-017 (the "Subject Property"), and has informed the City that it
intends to substantially renovate the interior and exterior of the buildings located on the Subject
Property(the "Project"); and,
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WHEREAS,the Developer has also informed the City that the ability to proceed with the
Project on the Subject Property requires financial assistance from the City for certain costs that
would be incurred in connection with the Project, 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 Project
prior to the adoption of any ordinance authorizing the execution of a redevelopment agreement
between the City and the Developer pertaining to the Subject Property, wherein which
reimbursement for such costs may be considered between the parties subject to certain conditions;
and,
WHEREAS, the Developer desires such costs related to the Project 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 Project that may be considered Redevelopment Project Costs under the TIF Act,
prior to the adoption of any ordinance authorizing the execution of a redevelopment agreement
between the City and the Developer, 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", as such term is defined in the TIF Act, in connection with the Project, incurred
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prior to the adoption of an Ordinance authorizing the execution of a redevelopment agreement with
the Developer, or a successor or assignee of the Developer,to be expenditures that are eligible for
reimbursement through the TIF Act to the extent the Project is in furtherance of the Redevelopment
Plan for the overall Redevelopment 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
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.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois,
this a day of IVI (A r'6 � ,A.D. 2019.
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CITY CLERK
CARLO COLOSIMO KEN KOCH
l
JACKIE MILSCHEWSKI A ARDEN JOE PLOCHER
CHRIS FUNKHOUSER y JOEL FRIEDERS
SEAVER TARULIS JASON PETERSON
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois,
this AY day of WRCH , A.D. 2019.
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MANOR
Attest:
ITY CLERK
Resolution No.2019- og
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