HomeMy WebLinkAbout#5104 TIF/RHC Invst & P. VOHB RESOLUTION NO. 5104
A RESOLUTION APPROVING AN ASSIGNMENT OF TIF REDEVELOPMENT
AGREEMENT BETWEEN RHC INVESTMENTS LLC. AND PHILLIPS VOHB LLC-
CANTON FACILITY SERIES
WHEREAS, on April 18, 2017, the City Council of the City of Canton, Illinois, voted to
approve a TIF Redevelopment Agreement between RHC Investments, LLC ("RHC") and the
City of Canton regarding the 6.153 acres of the northwest development block of the former
International Harvester site;
WHEREAS, since that time, it has been determined by RI-IC that given the property is
deemed a Brownfield by the Illinois Environmental Protection Agency, it is in RBC's best
interest to assign the property to a separate legal entity identified as Phillips VOHB LLC-Canton
Facility Series ("VOHB"), which has the same ownership as RHC;
WHEREAS, the TIF Redevelopment Agreement allows RHC to assign the agreement
with the City's approval; and
WHEREAS, the City Council has determined that it is in the best interests of the citizens
of Canton to agree to the assignment of the TIF Redevelopment Agreement between RHC
Investments, LLC and Phillips VOHB LLC-Canton Facility Series.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF CANTON,ILLINOIS,AS FOLLOWS:
1. That the Assignment of TIF Redevelopment Agreement related to 6.153 acres on the
northwest development block of the former International Harvester site, Canton, Illinois
is attached hereto and incorporated herein as Exhibit "A" is hereby approved by the
Canton City Council.
2. That the Mayor for the City of Canton, Illinois, or his designee, is hereby authorized and
directed to execute said assignment on behalf of the City of Canton.
3. That this Resolution shall be in full force and effect immediately upon its passage by the
City Council of the City of Canton, Illinois and approval by the Mayor thereof.
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NLR Documents/Resolution
04/24/2017
PASSED by the City Council of the City of Canton, Illinois this 25 day of April 2017.
AYES: Aldermen Mayhew, West, Hale, Lovell, Ellis
NAYS: None
ABSTAIN: Alderman Putrich
ABSENT: Alderman Nelson
APPROVED:�
Jeffre-y�A I ayor
ana Pavley-Rock, City Clerk
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NLR Documenis/Resolution
04/24/2017