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Home My WebLink AboutOrdinance #4317 - Redevelopment Agreement between the City of Canton and Jacob & Brooke Postin 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 6TH DAY OF DECEMBER, 2022,ADOPTED ORDINANCE NO. q 3 l-1 ,A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 6TH DAY OF DECEMBER,2022. _ (SEAL) PIDI WALTERS ACTING CITY CLERK CITY OF CANTON, ILLINOIS ORDINANCE NO. '-I 3 1 1 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT BYAND BETWEEN THE CITY OF CANTON,FULTON COUNTY,ILLINOIS AND JACOB POSTIN AND BROOKE POSTIN PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS, ON THE 6"H DAY OF DECEMBER,2022. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS, THIS 61;DAY OF DECEMBER,2022. EFFECTIVE: DECEMBER 6,2022 CITY OF CANTON,ILLINOIS: ORDINANCE NO. l CANTON 1—DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING(TIF) DISTRICT AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON and JACOB POSTIN and BROOKE POSTIN BE IT ORDAINED BY THE CITY OF CANTON,FULTON COUNTY, ILLINOIS THAT: 1. The First Amendment to the TIF Redevelopment Agreement with Jacob Postin and Brooke Postin (ExhrbitA) attached hereto 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 TIF 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 TIF Redevelopment Agreement shall be effective the date of its approval on the 6`'day of December,2022. 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] PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton, Fulton County,Illinois,on the 6'day of December,2022,and deposited and filed in the Office of the City Clerk of said City on that date. MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT Angie Lingenfelter K ' Andra Chamberlin Jeff Fritz Ralph Grimm Greg Gossett Justin Nelson John Lovell Angela Hale Kent A.McDowell,Mayor TOTAL VOTES g APPROVED: 4Date:�/*/2022 KA ent . McDowell,Mayor ATTEST: Date:-J,;1�-/-4_/2022 19,L,liwal ers,Acting City Clerk ATTACHMENTS: EXHIBIT A. FIRST AMENDMENT TO TIF REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF CANTON AND JACOB POSTIN AND BROOKE POSTIN. CITY OF CANTON CANTON 1 - DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING DISTRICT FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON, FULTON COUNTY, ILLINOIS and JACOB POSTIN and BROOKE POSTIN DECEMBER G, 2022 CITY OF CANTON CANTON 1-DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING (TIF)DISTRICT FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT by and between CITY OF CANTON and JACOB POSTIN AND BROOKE POSTIN THIS FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT is entered into this 6`'day of December,2022,by and between the CITY OF CANTON (the "City"), an Illinois Municipal Corporation, Fulton County, Illinois; and JACOB POSTIN AND BROOK POSTIN (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 orincidental to the implementation of its redevelopment plan pursuant to 65 ILCS 5/11-74.4-4(b) and 0);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 July 6, 2004, 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 International Harvestor Site Project Area,(currently known as the Canton-1 Downtown/5th Avenue TIF District)(the"TIF District"); and WHEREAS,on May 17,2022,the Parties 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 property located at 29 East Side Square,Canton,Illinois (PINS 09-08-27-410- 013 and 09-08-27-410-014);and WHEREAS,the Developer,Jacob Postin and Brooke Postin,previously agreed to rehabilitate the building located on said Property(the"Project")based upon incentives made available by the City;and 1 WHEREAS,JBP Properties, LLC has also incurred substantial TIF Eligible Project Costs in connection with the Developer's Project described in the Original Agreement;and WHEREAS,Jacob Postin and Brooke Postin have requested that JBP Properties,LLC be added as a party to the Original Agreement so that JBP Properties, LLC may also be reimbursed for TIF Eligible Project Costs incurred in connection with the Project as set forth in the Original Agreement; and WHEREAS, the City hereby agrees to include JBP Properties, LLC as a Developer under the Original Agreement provided the Developer's share of the "net"increment shall not exceed that set forth in the Original Agreement;and WHEREAS,it is the intent of the City to encourage economic development which will increase the teal 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 as set forth below. AMENDMENT A.AMENDED DEFINITION OF "DEVELOPER" The term"Develope?"in the Original Agreement,and any exhibits thereto,shall mean,collectively,Jacob Postin,Brooke Postin,and JBP Properties,LLC. B. AMENDED "C. INCENTIVES" Sedim C of the Original Agreement is hereby amended by adding the following paragraph 5: 5. The Developers,Jacob Postin,Brooke Postin,and JBP Properties,LLC,hereby direct the City to make all reimbursements for TIF Eligible Project Costs(whether incurred by Jacob Postin, Brooke Postin,or JBP Properties,LLC)pursuant to this Agreement to JBP Properties,LLC. C. PRIOR AGREEMENT TERMS APPLY All terms of the Original Agreement shall apply to this First Amendment and remain effective unless specifically modified by this First Amendment to the Redevelopment Agreement. 2 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, JBP Pro ernes, LLC, an Illinois Limited an Illinois Municipal Corporation: Liabili -ompany: BY: I lam- BE " Mayo NNAME: �/i GtC�b ATTEST: G C4 Clerk TITLE: /`"�G V(u GP✓ AND JA B OSTIN G AND BROOKE POSTIN 3