HomeMy WebLinkAboutResolution 2026-046Resolution No. 2026-46
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 ILC S 5165-1-1-2, 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 #1 ") 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 5111-74.4-1, et seq., (the "TIFAct"); and,
WHEREAS, the City had been informed by the Williams Group, LLC, an Illinois limited
liability company (the "Developer") that it has submitted an offer to acquire the property
commonly known as 123 East Hydraulic, Yorkville, which property is located within the
Downtown Project Area 41 (the "Subject Property"), and, upon acquisition, to redevelop the
Subject Properties for commercial uses (the "Project"); and,
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WHEREAS, the Developer has advised the City that it will not be able to proceed with
the Project without financial assistance from the City for certain extraordinary "Redevelopment
Project Costs" as defined by the TIF Act incurred in connection with the Project; and,
WHEREAS, the 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 be
considered subject to certain conditions; and,
WHEREAS, this Resolution is intended to allow the Developer to incur certain costs
relating to the redevelopment of the Properties that may be considered Redevelopment Project
Costs, prior to approval of any ordinance 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:
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, 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 in furtherance of the
redevelopment project and plan for the overall 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
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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 Developer by the City shall be
contingent upon the authority, restrictions, terms and conditions imposed by the TIF Act.
Section 5. 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
12" day of May, A.D. 2026.
KEN KOCH
ARDEN JOE PLOCHER
CHRIS FUNKHOUSER
RUSTY CORNEILS
this
Attest:
AYE
AYE
AYE
AYE
?JCTY CLERK
11
DAN TRANSIER
CRAIG SOLING
MATT MAREK
RUSTY HYETT
AYE
AYE
AYE
ASSENT
APPROVED by me, as Mayor of the United City of Yorkville, Kendall County, Illinois
day of
r
Y CLERK
Resolution No. 2026-46
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