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Home My WebLink About#4164 Stinauer Family - - ---- - --- -.--"_CERTIFICATE - -- - - THE UNDERSIGNED CERTIFIES THAT SHE IS THE CITY CLERK FOR THE CITY OF CANTON,ILLINOIS,AND THAT THE CITY COUNCIL AT A REGULARLY CONSTITUTED MEETING OF SAID CITY COUNCIL OF THE CITY OF CANTON ON THE 3RD DAY OF SEPTEMBER,2019 ADOPTED ORDINANCE NO. 4164,A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS DAY OF SEPTEMBER, 2019. (SEAL) DIANA PAVLEY-ROCK CITY CLERK CITY OF CANTON, ILLINOIS ORDINANCE NO. 4164 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF CANTON, FULTON COUNTY, ILLINOIS AND STINAUER FAMILY DENTISTRY, INC. -AND - - - STINAUER RENTALS,LLC PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 3RD DAY OF SEPTEMBER, 2019. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS, THIS 3RD DAY OF SEPTEMBER, 2019. -EFFECTIVE. SEPTEMBER 3, 2019 CITY OF CANTON, ILLINOIS ORDINANCE NO. 4164 _ _ rCANTOT 2.-_RT,.9/-CHESTIVUT_-STREET--_ - - TAX INCREMENT FINANCING DISTRICT AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE TAX INCREMENT FINANCING (TIF) DISTRICT REDEVELOPMENT AGREEMENT by and between - THE CITY OF CANTON, FULTON COUNTY, ILLINOIS and STINAUER FAMILY DENTISTRY, INC. and - _ -- - - STINAUER-RENTALS', LEC - - - - - -- - ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY,ILLINOIS ON THE 3RD DAY OF SEPTEMBER,2019. CITY OF CANTON, ILLINOIS: ORDINANCE NO. 4164 CANTON 2- RT. 9/CHESTNUT STREET TIF DISTRICT AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE TAX INCREMENT FINANCING (TIF) DISTRICT REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON and STINAUER FAMILY DENTISTRY, INC. --- STINAUER RENTALS, LLC The Mayor and City Council of the City of Canton, Fulton County, Illinois, an Illinois municipality(the"City"),have determined that this First Amendment to the Redevelopment Agreement is in the best interest of the citizens of the City of Canton. THEREFORE,be it ordained by the Mayor and City Council of Canton,Illinois,in the County of Fulton,as follows: 1. The First.Amendment to the TIF Redevelopment Agreement with Stinauer Family Dentistry, Inc.,and Stinauer Rentals,LLC (collectively,the"Developer")attached hereto as 8kbib&A is hereby approved. 2. The Mayor is hereby authorized and directed to enter into and execute on behalf of the City said First Amendment to the Redevelopment Agreement and the City Clerk of the City of Canton is hereby authorized and directed to attest such execution. 3. The First Amendment to the Redevelopment Agreement shall be effective the date of its approval on the Yd day of September,2019. 4. This Ordinance shall be in full force and effect from and after its passage and approval as required by law. [the remainder of this page is intentionally blank] Page 2 of 3 PASSED APPROVED AND ADOPTED by the Mayor and City Council of the City of Canton this 3`d day of September,2019. MAYOR AND CITY AYE VOTE NAY VOTE ABSTAIN ABSENT COUNCIL Ryan Mayhew X Angie Lingenfelter X Jeff Fritz X Craig West X Quin Mayhew — X _ Justin Nelson X John Lovell X. Angela Hale X Kent A.McDowell,Mayor TOTALS 7 0 0 1 ��JAPPROVED: Date --/ —/ 2019 a ATTEST: � Date: / / 2019 ity Cler�CityTfCanton Attachment. EXHIBIT A. First Amendment to"the Redevelopment Agreement by and between_the_ City of Canton and Stinauer Family Dentistry,Inc.,and S'tinauer Rentals,LLC. 1-1.\C.'AN70N\C✓1V10N2K79-CLeslaiti.VA ,omenientr\S"tinarrerDenticlt ncendedKllA-20/9\CanrouT/1'2_.SlinurrerDen/i�Yr}_A endedRDAOninanie 13 -11uS W201J.rajrd Page 3 of 3 CITY OF CANTON CANTON 2 - RT. 9/CHESTNUT STREET TAX INCREMENT FINANCING DISTRICT FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON, FULTON COUNTY, ILLINOIS and STINAUER FAMILY DENTISTRY, INC. and STINAUER RENTALS, LLC SEPTEMBER 3, 2019 CITY OF CANTON CANTON 2- RT. 9/CHESTNUT STREET TAX INCREMENT FINANCING (TIF) DISTRICT FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT by and between CITY OF CANTON and STINAUER FAMILY DENTISTRY, INC.AND STINAUER RENTALS,LLC THIS FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT is entered into this 3'day of September,2019,by and between the CITY OF CANTON (the"City"), an Illinois Municipal Corporation,Fulton County,Illinois;and STINAUER FAMILY DENTISTRY, INC_.,an_Illin_ois Corporation,and STINAUER„RENTALS,LLC,an Illinois Limited Liability Company (collectively,the"Developer"). PREAMBLE WHEREAS, the City has the authority to promote the health, safety,and welfare of the City and its citizens, and to prevent the spread of blight and deterioration and inadequate public facilities, by promoting the development of private investment property thereby increasing the tax base of the City and providing employment for its citizens;and WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4 et seg.,as amended(the"Act"),the City has the authority to provide incentives to owners or prospective owners of real property to develop,redevelop,and rehabilitate such property by reimbursing the owner for certain costs from resulting increases in real estate tax revenues and enter into contracts with developers necessary or incidental to the implementation of its redevelopment plan pursuant to 65 ILCS 5/11-74.4-4(b) and (j);and WHEREAS, pursuant to 65 ILCS 5/8-1-2.5 the City is authorized to appropriate and expend funds for economic development purposes,including,without limitation,the making of grants to any other governmental entity or commercial enterprise that are deemed necessary or desirable for the promotion of economic development within the municipality;and WHEREAS,on February 6,2012,recognizing the need to foster the development,expansion and revitalization of certain properties which are vacant,underutilized or obsolete or a combination thereof, the City approved a Redevelopment Plan and Projects,designated a Redevelopment Project Area and adopted Tax Increment Financing under the Act for the Canton 2 - RT. 9/Chestnut Street TIF District (the"TIF District");and WHEREAS, on December 3, 2013, the City and Developer, Stinauer Family Dentistry, Inc., entered into a Redevelopment Agreement (the "Original Agreement"), wherein the City agreed to extend incentives to provide reimbursement of certain TIF eligible project costs for the Developer's Project on the real property located at the corner of Locust Street and North 5ffi Avenue, Canton, Illinois (Parcel Identification Numbers 09-08-26-307-006; 09-08-26-307-007, and 09-08-26-307-008) (the"Property");and 1 WHEREAS, the Developer, Stinauer Family Dentistry, Inc.,previously agreed to construct and operate a new professional dental clinic on the Property(the"Project"),based upon incentives made available by the City; and WHEREAS, Stinauer Rentals, LLC has also incurred substantial TIF Eligible Project Costs in connection with the Developer's Project described in the Original Agreement;and WHEREAS,Stinauer Family Dentistry,Inc.has Yequested that Stinauer Rentals,LLC be added as a party to the Original Agreement so that Stinauer Rentals,LLC may also be reimbursed, for its TIF Eligible Project Costs in connection with the Project as set forth in the Original Agreement;and WHEREAS, the City hereby agrees to include Stinauer Rentals, LLC as a Developer under the Original Agreement provided the Developers'cumulative share of the"net"increment shall not exceed 50% of the"net"real estate tax increment and provided the reimbursements paid to any and all of the -- -- -__ Developers-hereunder--s-hall-not exceed-the.--total cumulative-amount of_OneJ-Iundred Seventy-Five--- Thousand eventy-Five_Thousand Dollars and No Cents ($175,000.00) as set forth in the Original Agreement;and WHEREAS,it is the intent of the City to encourage economic development which will increase the real estate and municipal tax bases of the City and the tax bases of other taxing bodies, which increased incremental taxes will be used,in part,to finance incentives to assist redevelopment projects undertaken within the TIF District;and WHEREAS, the City has the authority under the Act to incur Redevelopment Project Costs ("Eligible Project Costs")and to reimburse Developer for such costs pursuant to 65 ILCS 11-74.4-40); and WHEREAS, the Parties agree to Amend the terms of the Original Agreement executed on December 3,2013,as set forth below. FIRST AMENDMENT A.AMENDED DEFINITION OF "DEVELOPER" The term "Developer" in the Original Agreement, and any exhibits thereto, shall mean, collectively, Stinauer Family Dentistry,Inc. and Stinauer Rentals,LLC. - B. AMENDED "D. INCENTIVES" Section D of the Original Agreement is hereby amended by adding the following paragraph 2: 2. All of the Developers,Stinauer Family Dentistry,Inc.and Stinauer Rentals,LLC,hereby direct the City to make all reimbursements for TIF Eligible Project Costs (whether incurred by Stinauer Family Dentistry,Inc.,or Stinauer Rentals,LLC) pursuant to this Agreement to the original Developer, Stinauer Family Dentistry,Inc. C. PRIOR AGREEMENT TERMS APPLY All terms of the Original Agreement and any Exhibits to the Original Agreement shall apply to this Amendment and remain effective unless specifically modified by this First Amendment to the 2 Redevelopment Agreement. IN WITNESS WHEREOF the Parties hereto have caused this First Amendment to the Redevelopment Agreement to be executed by their duly authorized officers on the above date at Canton,Illinois. CITY DEVELOPER CITY OF CANTON, STINAUER FAMILY DENTISTRY, INC., an Illinois Municipal Corporation: an Illinois orp oration s BY: BY: or.. NAME: �0��✓ f— t'1� TITLE: ATTES City Clerk and STINAUER RENTALS, LLC, an Illinois Limited bility Company BY: II NAME: / TITLE: 3