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ORDINANCE N0. `S !._1___.
E FULTON SQUARE PARKING LOT USE AGREEMENT AND
~ ORDINANCE APPROVING TH
IRECTING THE r1AY0R AND CITY CLERK TO EXECUTE SAID AGREE-
AUTHORIZING AND D
MENT ON BEHALF OF THE CITY OF Cp,NTOr1. uare
f Canton has entered into negotiations with the Fulton Sq
~EgEAg, the City o ranting the use
oration, relative to g
Corporation, a not-for-profit Illinois Corp
ert to Fulton Square Corporation which real property is
of certain real Prof y of the Fulton Square property and is
located on the north half, more or less,
generally described as: Township 7 North,
Quarter (SEA) of Section 27, articularly described
A part of the Southeast al Meridian, more p ro erty:
of the following described p P
Range 4 East of the Fjurmorerorcless, final Town Addition
as the North half (N'z
at the Northeast corner of Lot 96 of the rig the East
Commencing recorded in the County Clerk's Office of Fulton
of Canton, as inning; thence Southerly along
to the City the point of beg extended thirty-
County, Illinois, thence
line of Lots 96, 97, and 108 of said Old Town Addition,
feet, thence South-
ee 33) more or less to ChestnuteStreet 216h5sfeet~Stree ;
thr
Westerly along the centerline of
rallel with the West line of Lnt 9 of Nathan Jones First Ad it ess,
• ce Westerly parallel with the South
erly Pa 63.0 feet, the more or 1
to the City of Canton, 146.5 feet, _
line of Lot 107 of said Original Town Addition,
feet South of the Southwest COenWestfline oUf7Lotss107,098g1
to a point 96 along th along
nal Town Addition; thence Northerly
anal Town Addition, 467.25 feet; thence Easterly
and 95 of said Orig' containing 1.79 Acres,
orth line of said Lot 95 and Lot t9 of°beginning,glnal Town Addition,
the N to the porn
363.0 feet, more or less,
more or less.
Cit of Canton has power pursuant to Chapter 24, Section 11-76-
WHEREAS, the y Lot Use Agreement
and 2 of the Illinois Revised Statutes to enter into a Parking
iven;
with Fulton Square Corporation after due notice has been g ation required by Chap-
WHEREAS, the City of Canton has given the notice of publ
ter 24, 11-76-2 of the Illinois Revised Statutes; Lot Use
ro osed Parking
WHEREAS, the City Council has reviewed the terms of the p P
d a copy of said Use Agreement is marked "EXHIBIT A" and incorporated
Agreement an
by reference into this ordinance; vacant and with-
WHEREAS, the real property in question to be leased is currently
ivate or public use. When the Parking Lot Use Agreement becomes effective,
out pr a arking
reement, develop P
the City will, in accordance with the terms of the Ag
on the premises for public use and which may be used by the employees and
lot
customers of Fulton Square Corporation and its tenants;
WHEREAS, public expenditures for constructing the parking lot and related.
facilities up to an amount not to exceed $250,000 are in accord with the pre-
liminary studies and a proposed redevelopment plan for the area which may be
•
~, ~ ,. ~ +
. (2)
designated as a redevelopment area pursuant to the State Statute pertaining to
tax increment financing (Chapter 24, Section 11-74.4-1 et seq., Ill. Rev. Stats.)
WHEREAS, the proposed development by Fulton Square Corporation pursuant to the
Redevelopment Lease would not take place without the public expenditure for
parking facilities which are part of the proposed redevelopment plan;
WHEREAS, it is in the public interest to grant a use to the aforedescribed real
property to Fulton Square Corporation pursuant to the terms of the Parking Lot
Use Agreement marked "EXHIBIT A".
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CANTON, ILLINOIS:
SECTION 1. That the Parking Lot Use Agreement, "EXHIBIT A", is hereby
approved, said Agreement to be subject to and effective pur-
suant to the terms and conditions set forth therein. The
corporate authorities are hereby authorized to make expenditures
up to an amount not to exceed $250,000 for the parking lot and
related facilities pursuant to the terms of the Parking Lot Use
Agreement.
SECTION 2. That the Mayor and the City Clerk of the City of Canton are
hereby authorized and directed to execute the Parking Lot Use
Agreement 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 2nd day of August, 1977.
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APPROVED: T
MA OR
ATTEST: -,~~~~~ -
CITY LERK