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HomeMy WebLinkAboutResolution #3188RESOLIJT I ON (~. 3188 A RE90L.iJT I ON APPFm1/ I NG AN AL~E.F]uENf ~tVYEFJV TF-E CITY OF C~W1~pV MD H 1 DDi]V S , I NIC. FOR THE Rk7~1/AT I ON OF iaAFM HALL AND DIRECTING THE MAYOR AND CITY CLERK TO E~CU1E AND DELIVER SAID AC~EpuENT ON 8l-]-IALF OF THE CITY OF G4MTON, I LL I ND I S . W-EFiEA.S, the Conmunity and Industrial Development Committee of the Canton City Council has determined that it is necessary and in the best interest of the City of Canton to enter into an agreement with Hidden Treasures, Inc., an Illinois corporation, for the renovation of LIAI-M Hall, as hereto attached and herein incorporated as Exhibit "A"; and, W-ERF1~S, the Canton City Council has made a similar determination. NiC7VU, ll-EREFORE, 13E I T RESOLVED BY THE CITY OOINC 1 L OF THE CITY OF CAIVrO1V, Fulton County, I I I inois as follows: 1. That the agreement, hereto attached as Exhibit "A" between the City of Canton and Hidden Treasures, Inc., is hereby approved. 2. That the Mayor and City Clerk are hereby authorized and directed to execute and deliver said agreement on behalf of the City of Canton, Illinois. 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. PASSED by the City Council of the City of Canton, Fulton County, Illinois at a regular meeting this 17th day of August 1993, upon a roll call vote as follows: AYES: Alder~z ~)~, r~Y~ Bohler, Meade, Sarff, Phillips, Molleck. NAYS: None. ABSENT: Alderman Cony. AP ~~ ~~ Donald E. Edwards, Mayor ATTEST: Nancy Whit ,City Clerk RAHABILITATION AGREII~.NT FOR DAHM HALL THIS AGREEMENT is made at Canton, Illinois, by and between the CITY OF CANTON, an Illinoia municipal corporation, with its principal office at 210 East Chestnut Street, Canton, Illinois, and HIDDEN TREASURES, INC., an Illinois corporation, with its principal place of business at 715 South Second Avenue, Canton, Illinois, and is for the purpose of setting forth the agreement of the parties concerning the rehabilitation of a building which is currently located in the central business district of the City of Canton, Flton County, Illinois. 1. The parties rely upon the promises of each other and the agreements contained herein as sufficient consideration for this Agreement. 2. HIDDEN TREASURES, INC. agrees that it will rehabilitate the building which is commonly known as Dahm Hall and is located at the corner of First Avenue and Elm Street, Canton, Illinois, and is legally described as the West 42 feet of Lot 35 in Jones' Second Addition to the City of Canton. 3. It is hereby agreed and understood that property taxes are outstanding on the aforementioned property. In some instances, these delinquent taxes have been sold and in other instances, forfeited. The CITY OF CANTON agrees to bring said taxes current by payment through the tax increment financing district funds. HIDDEN TREASURES, INC. will be responsible for tax accruing from the date of the signature of this Agreement and also for any special assessments levied after said date. ~. The CITY OF CANTON does not hold legal title to this property. It does agree to provide at its own expense a commitment for title insurance and it agrees to facilitate the obtaining of Quit-claim deeds from the parties in interest to HIDDEN TREASURES, INC. These deeds will be obtained and the commitment issue within g0 days next following the signing of this agreement. HIDDEN TREASURES, INC. will be excused from further obligations under this agreement in the event the CITY OF CANTON is unable to obtain the Quit-claim deeds or the title insurance commitment showing title in the persons who appear as grantors in said deeds within 90 days after the signing of this agreement. 5. HIDDEN TREASURES, INC. plane to refurbish both the interior and exterior of Dahm Hall and to convert same into an apartment building. To this end it has prepared a planned progress schedule which is attached as Exhibit A attached hereto and made apart hereof. Should HIDDEN TREASURES, INC. fail to accomplish the refurbishing, it may convey the property and liquidate the interest as it sees fit provided that the CITY OF CANTON shall be secured for the monies advanced by it for taxes. 6. HIDDEN TREASURES, INC. agrees to complete the refurbishing of Dahm Hall within a period of three years. During the refurbishing process, HIDDEN TREASURES, INC. agrees to comply with the codes of the CITY OF CANTON concerning zoning, building, health and safety. In the event that HIDDEN TREASURES, INC. complies with the provisions of this Agreement by refurbishing Dahm Hall within three years it will be excused from repayment to the CITY OF CANTON of monies furnished by the CITY OF CANTON for payment of the past taxes in its entirety. 7. The parties have developed a three-year progress schedule outlining the timetable for refurbishing Dahm Hall. A copy of said plan is attached as Exhibit A to this Agreement and is incorporated herein by this reference. If HIDDEN TREASURES, INC. is not in compliance with the schedule, then the CITY OF CANTON may give thirty (30) days written notice to HIDDEN TREASURES, INC. to correct the deficiencies and delays within the following sixty (60) days. If at the end of the sixty (60) days HIDDEN TREASURES, INC. is not back on schedule as defined by the attached Exhibit A, then the CITY OF CANTON may, by writing delivered to HIDDEN TREASURES, INC., declare the tax monies advanced to be due and owing to the CITY OF CANTON and proceed to obtain the security pledges by this Agreement if necessary. In the event HIDDEN TREASURES, INC. returns to schedule under the attached Exhibit A, then this Agreement will be in full force and effect. The parties may amend the attached schedule to adjust the timetable for refurbishing only by express agreement of the parties. If Exhibit A is amended by agreement of the parties, the Amended Exhibit A shall control as the schedule for refurbishing Dahm Hall. 8. The CITY OF CANTON agrees to grant HIDDEN TREASURES, INC. a variance to use Dahm Hall as an apartment building for multi residential occupation. It is understood that this is a special use under the Canton Municipal Code. It is understood that this variance must be granted by the City Council following recommendation of the Planning & Zoning Commission and the parties agree to cooperate in accomplishing this rezoning. In the event the variance is not granted within 90 days next following the signing of this Agreement the failure shall excuse HIDDEN TREASURES, INC. from its obligations under this Agreement. 9. HIDDEN TREASURES, INC. will be responsible for insurance on the property, and the CITY OF CANTON shall be named as an additional insured to the extent of the monies advanced for the payment of taxes. A certificate of insurance shall be filed with the CITY OF CANTON prior to any payment of back taxes. 10. In all instances the improvements to be carried out by HIDDEN TREASURES, INC. shall be in accordance with the Canton Municipal Code, where applicable. 11. All notices required by this Agreement shall be delivered to the CITY OF CANTON at the City Building, 210 East Chestnut Street, Canton, Illinois, and to Michael A. Hall, Attorney for HIDDEN TREASURES, INC., at Swain, Johnson & Gard, 411 Hamilton Boulevard, Suite 1900, Peoria, Illinois 61602. IN WITNESS the parties have affixed their signatures at Canton, Illinois, on this day of , 1993• CITY OF CANTON HIDDEN TREASURES, INC. DA.HiVi BUII.DING PLANNED PROGRESS SCHEDULE 1. Wait for: clear title, multi-res. variance 2. Repair roof 3. Scrape, tuck point exterior 4. Repair, paint exterior S. Replace double hung windows 6. Clear out interior 7. Finish eight apartments TOTAL AGREID RENOVATION 3 months 2 months 2 months 2 months 2 months 1 month 24 months 36 months Specific order is not completely guaranteed due to such factors as weather conditions, scheduling conflicts, delays in material availability and the like which may be out of our control. The progress schedule is intended to be used as a reference for both parties, in achieving the overall target date.