Resolution 2011-18 Resolution No. 2011- /8
A RESOLUTION OF THE UNITED CITY OF YORKVILLE,
KENDALL COUNTY, ILLINOIS,TO INDUCE THE REDEVELOPMENT OF
CERTAIN PROPERTY 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, etseq.); 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 "Project Area") and adopted tax increment financing for the payment and financing of
redevelopment project costs incurred within the Project Area 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 has been informed by Imperial Investments, LLC, an Illinois
corporation (the "Developer"), that it proposes to acquire certain properties within the
"downtown district" of the City, all of which are in the Project Area and comprise approximately
17 acres (the "Subject Property"); and,
WHEREAS, the Developer has informed the City that it would like to redevelop the
Subject Property by demolishing certain buildings; and rehabilitating certain buildings; and,
constructing new buildings for residential and commercial uses (the "Project"); and,
WHEREAS, the Developer has also informed the City that the ability to proceed with
the Project requires financial assistance from the City for certain costs for improvements that
would be incurred in connection with the Development 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 approval of any ordinance authorizing the execution of a redevelopment
agreement pertaining to the Subject Property with the City, wherein reimbursement for such
costs may be considered between the parties subject to certain conditions; and,
WHEREAS, the Developer desires such costs related to the redevelopment of the
Subject Property 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" as such term is defined in the TIF Act; and,
WHEREAS, this Resolution is intended to allow the Developer to incur certain costs
relating to the redevelopment of the Subject Property that may be considered "Redevelopment
Project Costs" as such terns is defined in the TIF Act, prior to approval of any ordinance
authorizing the execution of a redevelopment agreement pertaining to the Subject Property 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" as such term is defined in the TIF Act, in connection with the development of the
Subject Property incurred prior to the approval and 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 in accordance with the redevelopment project and plan
for the Project Area, provided that such costs constitute "redevelopment project costs" as defined
by the TIF Act; and, that the development of the Subject Property shall be consistent with 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, or a successor or assignee of the Developer which provides for the development 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 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
day of C S , A.D. 2011.
CITY CLERK
ROSE ANN SPEARS \ _ DIANE TEELING ~(
GEORGE GILSON JR. Y y JACKIE MILSCHEWSKI
1/
CARLO COLOSIMO MARTY MUNNS
CHRIS FUNKHOUSER _� LARRY KOT
c� Approved by me, as Mayor of the United City of Yorkville, Kendall County, Illinois, this
1 day of ��q;�� 2011.
MAYO