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Resolution 2021-13 Resolution No. 2021-13 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#2 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 ILC S 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. 2018-23 and thereafter, by Ordinance No. 2018-24, designated the area 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, all of said Ordinances being adopted on April 10,2018,pursuant to the Tax Increment Allocation Redevelopment Act,65 ILCS 5/11-74.4-1, et seq., (the"TIFAct"); and, WHEREAS, the City had been informed by Imperial Investments, Inc., an Illinois corporation in 2017, that it had acquired certain properties within the Project Area (the "Properties"), as listed on Exhibit A attached hereto and made a part hereof, which properties it intended to redevelop by demolishing certain buildings and constructing new buildings; and, WHEREAS, Imperial Investments, Inc., has now advised the City that rather than redeveloping the Properties, it has sold them to Fox River Group, LLC, an Illinois limited liability company (the"Potential Developer") who may redevelop the Properties in the future; and, Resolution No.2021-13 Page 1 WHEREAS, the Potential Developer has requested the opportunity to preserve the right to request future reimbursement of eligible"redevelopment project costs"as permitted by the TIF Act upon undertaking the redevelopment of the Properties because its ability to proceed would require financial assistance from the City; and, WHEREAS, the Potential Developer would like to incur certain costs in connection with the future redevelopment of the Properties prior to the approval of any ordinance authorizing the execution of a redevelopment agreement with the City,wherein reimbursement for such costs may i be considered subject to certain conditions; and, WHEREAS, this Resolution is intended to allow the Potential Developer to incur certain costs relating to the redevelopment of the Properties that may be considered "Redevelopment Project Costs" as such term is defined in the TIF Act, prior to approval of any ordinance i authorizing the execution of a redevelopment agreement with the City, subject to the condition 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: I 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 I Project Costs as such term is defined by the TIF Act, in connection with the redevelopment of the Properties incurred prior to the approval and execution of a redevelopment agreement 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 Properties shall be consistent with the redevelopment project and plan for the overall Project Area. Resolution No.2021-13 Page 2 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 Potential Developer which provides for the development or redevelopment of the Properties in accordance with the terms and conditions to be negotiated by the parties. Section 4. That any financial assistance rendered to the Potential 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 9t'day of March, A.D. 2021. CITY CLERK KEN KOCH AYE DAN TRANSIER AYE JACKIE MILSCHEWSKI AYE ARDEN JOE PLOCHER AYE CHRIS FUNKHOUSER AYE JOEL FRIEDERS AYE SEAVER TARULIS AYE JASON PETERSON AYE �� APPROVED by me, as Mayor of the United City of Yorkvi endall County, Illinois dZ this day of MA�P('�N , A.D. 2021. J ` MAYOR Attest: CITY CLERK Resolution No.2021-13 Page 3 EXHIBIT A ax 4 sh' t d € 1 - 11 , _ k Source: sr, i.gitalGiobe, GeoEye a hs4ar Geogr- e Cf�IE�S Arli"pis DS,USDA U� �S eroGR I'D, IGN, nd the GIS Use's munity_n�,..,y_