Ordinance 2009-88 at0-
Orclinance A'o. --
ORDINANCE APPROVING A FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT
FOR THE DOWNTOWN REDEVELOPMENT PROJECT AREA
(BRIDGE STREET DEVELOPMENT)
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City') received
a proposal from Bridge Street Plaza, Inc. and Bridge Street Plaza, II, LLC (the "Developers").
for the redevelopment of property located at 109 -111 and. 101 to 105 Bridge Street, which
property is within the Yorkville Downtown Redevelopment Project Area as designated by
Ordinance No. 2006 -47 pursuant to the Tax Increment Allocation Redevelopment Act (65 ILLS
5/11-74.4-1 el seq.). and,
WHEREAS, the Developers demonstrated to the City that this proposal would require
extraordinary costs to accomplish the development including: demolition of the existing buildings
and construction of parking facilities. and, but for financial assistance from the City, the
development is not economically viable and,
WHEREAS, in order to induce the Developer to proceed with the proposal, the Mayor
and City Council determined that it was in the best interest of the City and the health, safety,
morals and welfare of the residents of the City to provide financial assistance to the Developer
and on July 9, 2009, entered into the Redevelopment Agreement for the Downtown Yorkville
Redevelopment Project Area which provided among other things, that the Developer complete
certain aspects of the Project on or before certain dates, and,
WHEREAS, the Developer has now requested an extension of thirty (30) days to
perform the demolition of the structures located at 109 -111 Bridge Street due to problems
involving the utilities servicing said property; and the Mayor and City Council have determined
that given the circumstances, the Developer's request for an extension is reasonable.
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NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Council of the
United City of Yorkville, Kendall County. Illinois, that the First Amendment to the
Redevelopment Agreement for the Downtown Redevelopment Project Area as presented to this
meeting and attached to this Ordinance, is hereby approved and the Mayor and City Clerk are
hereby authorized to execute and deliver said Agreement and undertake all actions as may be
required to implement its terms.
ADOPTED this 22 day of December. 2009.
APPROVED:
Mayor
AYES
NAYS: O
ABSENT: C
Atfesl:
it C �rk
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FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT FOR THE
DOWNTOWN YORKVILLE REDEVELOPMENT PROJECT AREA
This First Amendment (the "Amendment ") to the Redevelopment Agreement (the
"Original Agreement ") dated the 9 1h day of July, 2009, by and among the United City of
Yorkville, Kendall County, Illinois, a municipal corporation (hereafter the "City "), Bridge Street
Plaza, Inc., an Illinois corporation and Bridge Street Plaza II, LLC (hereafter the "Developers ")
is entered into this 22 day of December, 2009.
WITNESSETH:
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS
5/11- 74.4 -1 et seq.) (the "Act ") the City entered into the Original Agreement with the Developers
who had acquired certain properties located at West Hydraulic Avenue and Bridge Street as
depicted and identified in said Original Agreement (the "Subject Property "), for the purpose of
inducing the Developers to improve the Subject Property (the "Project "), all as described in
detail in the Original Agreement; and,
WHEREAS, the Developers have informed the City that additional time is required to
proceed with the demolition of certain structures included in the Project due to problems arising
with the coordination of the utilities serving the Subject Property; and,
WHEREAS, the Developers believe that an extension of sixty (60) days should be
sufficient to permit completion of demolition of certain structures as required in the Original
Agreement.
NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants hereinafter set forth, the parties agree as follows:
Section 1. Incorporation. The representations and recitations set forth in the preambles
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hereto are material to this First Amendment to the Redevelopment Agreement and are hereby
incorporated into and made a part hereof as though fully set forth in this Section I and said
representations and recitations constitute the understandings of the City and the Developers.
Section 2. Amendment to the Conditions Precedent to the Obligations of the City.
A. The Developers represent and warrant that, in accordance with the requirements
of the Original Agreement, they have submitted to the City a budget for the demolition of
structures at 109 -111 Bridge Street (the "Demolition ") and a commitment demonstrating the
ability to pay for said demolition in the amount of $132,000.00.
B. The Developers represent that they have obtained all required permits and
approvals and will complete the Demolition in accordance with the approved permits and all
applicable ordinances of the City and laws of the state.
C. The City agrees to amend the requirements set forth in the Original Amendment
to complete the Demolition for a period of sixty (60) days or March 1, 2010.
Section 3. All other terms of the Original Agreement remain in full force and effect.
Section 4. Counterparts. This First Amendment may be executed in two or more
counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Redevelopment
Agreement to be executed by their duly authorized officers on the above date at Yorkville,
Illinois.
United City of Yorkville, an Illinois
municipal corporation
By: �/1' ) all
l
Mayor
Attest:
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Bridge Street Plaza, Inc.
By: I C.�
President
Attest:
wau"4
Secretary
Brid e Street Plaza, II, LLC
By:
Attest:
Secretary
yorkville / first amendment bridge street redevelop.agm
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