HomeMy WebLinkAboutOrdinance #0598~ ~~
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~`' AN ORDINANCE AnPROVIPIG THE FULTON SQUARE REDEVELOPMENT LEASE AND AUTHORLZING
AND DIRECTING THE MAYOP. AND CITY CIrERK TO EXECUTE SAID LEASE ON BEHALF OF THE
CITY OF CANTON.
WHEREAS, the City of Canton has entered into negotiations with
Fulton Square Corporation, a not-for-profit Illinois Corporation, relative
to the lease of certain real property to Fulton Square Corporation which
real property is located on the south side of the Fulton Square property
and is generally described as:
A part of the Southeast quarter (SEA) of Section 27, Township 7 North,
Range 4 East of the Fourth Principal Meridian, more particularly described as
follows:
Commencing at the Northeast corner of Lot 96 of the Original Town Add-
ition to the City of Canton, as recorded in the County Clerk's Office
of Fulton County, Illinois, the point of beginning; thence Southerly a-
long the East line of Lots 96, 97, and 108 of said Old Town Addition,
extended thirty-three (33) feet, more or less to the centerline of
Chestnut Street; thence Westerly along the centerline of Chestnut Street
216.5 feet; thence Southerly parallel with the West line of Lot 9 of
Nathan Jones First Addition to the City of Canton, 63.0 feet; thence
Westerly parallel with the South line of Lot 107 of said Original Town
Addition, 146.5 feet, more or less, to a point 96 feet South of the
Southwest corner of Lot 107 of said Original Town Addition; thence North-
erly along the West line of Lots 107, 98, and 95 of said Original Town
Addition, 467.25 feet; thence Easterly along the North line of said Lot
95 and Lot 96 of said Original Town Addition, 363.0 feet, more or less,
to the point of beginning; excepting therefrom the North half (N~), more
or less, containing 1.79 Acres, more or less.
WHEREAS, the City of Canton has power pursuant to Chapter 24, Section
11-76-1 and 2 of the Illinois Revised Statutes to enter into a lease agreement
with Fulton Square Corporation whereby Fulton Square Corporation is to redevelop
the leased property after due notice has been given;
WHEREAS, the City of Canton has given notice by publication required by
Chapter 24, Section 11-76-2 of the Illinois Revised Statutes;
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WHEREAS, the City Council has reviewed the terms of the proposed
Redevelopment Lease and a copy of said Lease is marked "EXHIBIT A" and
incorporated by reference into this ordinance;
WHEREAS, the real property in question to be leased is currently
vacant and without private or public use, except the southwestern portion
thereof in respect to which there are three buildings on the premises which
are used for commercial uses. When the Redevelopment Lease becomes
effective, the present buildings will or will have been removed and the
Lessee is to develop on this site a commercial facility, the first build-
ing, or if the construction is staged, the first stage building or build-
ings to contain a minimum interior retail space of not less than 40,000
square feet. All buildings, when erected, shall have as their primary and
subesequent use the offering of goods and services at retail ~oith a possible
secondary use of office space.
WHEREAS, it is in the public interest to lease the aforedescribed real
property to Fulton Square Corporation pursuant to the terms of the Redevel-
opment Lease marked "EXHIBIT A".
NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Can-
ton, Illinois:
SECTION 1. That the Redevelopment Lease, Exhibit A, is hereby approved,
said lease to be subject to and effective pursuant to the terms
and conditions set forth therein.
SECTION 2. That the Mayor and the City Clerk of the City of Canton are
hereby authorized and directed to execute the Redevelopment Lease
on behalf of the City of Canton.
SECTION 3. That this Ordinance shall be in full force and effect after
its passage by the City Council of the City of Canton, Illinois and
approval by the Mayor thereof.
PASSED by the City Council of the City of Canton, Illinois and
APPROVED by the Mayor thereof this o~ ~- dayof , 1977.
APPROVED: ~'
MAYOR
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