Resolution 2022-42 Resolution No. 2022-42
A RESOLUTION OF THE UNITED CITY OF YORKVILLE,KENDALL COUNTY,
ILLINOIS,TO INDUCE THE REDEVELOPMENT OF A CERTAIN PROPERTY WITHIN
THE YORKVILLE DOWNTOWN REDEVELOPMENT PROJECT AREA#2
(KEH Development Two, 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 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 (collectively, the
"Corporate Authorities'), pursuant to Ordinance Nos. 2018-23, 2018-24, and 2018-25,
respectively, adopted on March 27, 2018, approved a redevelopment plan and project (the
"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#2(the "Redevelopment Project Area'); and adopted tax
increment allocation financing for the Redevelopment Project Area; and,
WHEREAS, KEH Development Two, LLC, an Illinois limited liability company (the
"Developer") has submitted a proposal to the City to acquire a certain property located within the
Redevelopment Project Area and commonly known as 121 East Van Emmon Street and identified
by parcel numbers 02-33-154-013, -014 and -018, and has informed the City that it intends to
substantially redevelop and repurpose the Subject Property and the structures thereon (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, or the Developer's assignees, 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, or the Developer's
assignees, 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
hereinafter 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", as such term is defined in the TIF Act, in connection with the proposal of the
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Developer, or the Developer's assignees, to undertake the Project, incurred 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 Resolution No. 2019-07 passed by the City Council on March 12, 2018,
including the Subject Property is hereby amended to delete the Subject Project as listed on Exhibit
A attached hereto.
Section 4. 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 5. That any financial assistance rendered to the Developer or the Developer's
assignees by the City shall be contingent upon the authority, restrictions, terms and conditions
imposed by the TIF Act.
Section 6. That this Resolution shall be in full force and effect upon its passage and
approval as provided by law.
Passed by the City Council of the United City of Yorkville, Kendall County, Illinois this
27tn day of September, A.D. 2022.
CI Y CLERK
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KEN KOCH AYE DAN TRANSIER AYE
ARDEN JOE PLOCHER AYE CRAIG SOLING AYE
CHRIS FUNKHOUSER AYE MATT MAREK AYE
SEAVER TARULIS AYE JASON PETERSON AYE
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois
this t1' day of 0 eto ,( , A.D. 2022.
MAYOR
Attest:
CIT CLERK
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