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Home My WebLink AboutResolution #0679<<~f i' yf ~ .~~ ~~ r ,. ~,. i L~ N0. R E S O L U T I O N (A Resolution approving a MEMORANDUM OF INTENT and directing the execution and delivery thereof on behe.lf of the City of Cantoh, Illinois) Whereas, Fulton Square Corporation has proposed the development and rede- velopment of certain areas in the business district of the City of Canton, Illinois; and, Whereas, the corporate authorities of the City of Canton, Illinois are of the opinion that said City and surrounding community would thereby benefit; and, Whereas, said Fulton Square Corporation and said City of Canton, Illinois have developed an instrument in writing, dated April 30, 1975, identified and by them known as "MEMORANDUM OF INTENT", whereby they together propose actions to be taken by each in the implementation of said development and redevelopment of said areas; and, Whereas, it is now the desire of .said corporate authorities to manifest the intention of said City to proceed in the premises hereof in the manner set forth in said Memorandum, NOW, THEREFORE, BE IT AND IT HEREBY IS RESOLVED BY THE CORPORATE AUTHOR- ITIES OF THE CITY OF CANTON, ILLINOIS as follows: That the Mayor of the City of Canton, Illinois be and he hereby is, to- gether with the Clerk of this City, to execute and deliver said N;EMOR.NDUM OF INTENT on behalf of the City ofCanton, Illinois. PASSED by the City Council of the City of canton, Illinois and APPROVED by the r;ayor thereof this 30th day of April, 1975• _._~ , APPROVED: ~~ ~ - ~. ~ --' , MAYOR. ~----_ ATTEST: ~/--r.-f-./~ t (' :,~.i- *; ~~ ~.fICLERR ~ ~ / s ME2~lORDANDUM OF INTEI~dT This Memorandum of Intent entered into this 30th day of April, 1975, by and between the City of Canton, Illinois, a municipal corporation, hereinafter referred to as "City", and the Fulton Square Corporation, an Illinois not-for- profit corporation, hereinafter referred to as "Corporation", WITNESSETH: Whereas, the Corporation was duly organized under the laws of the State of Illinois on the 11th day of January, 1974 as provided by the Gneral Not For Profit Corporation Act of Illinois, approved July 17, 1943, for the purpose of developing, redeveloping, promoting and improving commerce and industry in Canton, Illinois and thereby to better the entire Canton And Fulton County communities and is now in existence and good standing for the furtherance of such purpose; and, Whereas, City is also desirous of developing, redeveloping, promoting and improving business, commerce and industry in Canton, Illinois and thereby to better the entire community of Canton, Illinois and Fulton County, Illinois; and, Whereas, it is the desire of both City and Corporation to implement a plan therefor, NOW, THEREFORE, the parties hereto declare their intentions in the premi- ses as follows: 1. City proposes to take timely steps to vacate appropriate portions of East Chestnut Street between the west line of North First Avenue and the east line of North Main Street in the City of Canton, Illinois for the purpose of improving and constructing retail buildings in Areas A and B hereinafter describ- ed. 2. Corporation proposes to develop and construct retail facilities in East Chestnut Street between North First Avenue and North Main Street on the parcels to be vacated being described as Areas A and B as shown on a map attach- ed hereto and identified as Exhibit 1. 3. City proposes to timely lease each Area A and B to Corporation as need therefor arises in the implementation of the premises hereof for a period of not ~o exceed 60 years at a rental of $1.00 per year. 4. City proposes to purchase from Corporation Lots 95, 9b, 97, 98, 107 and lob in Nathan Jones First Addition to the City of Canton, Illinois, for the purpose of public parking for the sun of $1,150,000 to be obtained through the issuance of the special service area bonds and parking revenue bonds, hereinafter mentioned. City proposes to improve the said parking area in order to make it suitable for ground-level parking in substantial conformity with the proposed mall plan heretofore submitted to the City by the Corporation. 5. City intends to use its best efforts to provide for the financing of the purchase and improvement of the parking area with approximately 3475,000 of ., special service area bonds which will necessitate an annual total tax of approx- imately $40,000 to be levied in the total service area shown by Exhibit 2 attached hereto and the balance to be made up of approximately $825,OOYof park- ing revenue bonds. City proposes to issue the bonds as required to provide initially for acquisition of the parking lot described above and to improge one- half of said lot contemporaneously with the financing and construction of Area A by the Corporation, and the balance of said bonds to be issued in an amount sufficient to complete the improvement of said lot contemporaneously with the financing and construction of Area B. 6. Corporation proposes to immediately obtain commitments to finance re- tail buildings and other improvements in Areas A and B to which reference is made above. In the event it appears that financing one or both improvements would be more feasible under the provisions of Chapter 24, Section 11-74.2-1 through 19, City proposes to use its beat efforts to provide for the issuance of bonds under said provisions in an amount adequate to provide for the construction of improvements in Areas A or B, or both, as the case may be. In that connection, siumultaneously with the issuance of said bonds, the City proposes to lease the financed project or projects to the Corporation at rents approximately equal to principal and interest requirements on the bonds for a term not to exceed 30 years or the life of the bonds, whichever shall be shorter, with renewed provi- sions so that the aggregate lease term shall be 60 years. Any lease entered into between the City and Corporation shall contain a provision that all dir- ectors and officers of Corporation or a majority thereof shall reside within the corporate limits of the City of Canton, Illinois or shall have their princi- pal business activity or source of livelihood therein. 7. When Corporation has fullfilled all of the conditions contained in paragraph 6, then City will fulfmll all of the conditions contained in paragraphs 1, 3, 4 and 5, provided, however, that any lease between City and Corporation shall remain negotiable and the terms concerning the operation of the project shall be spelled out. It is hereby declared to be the intent of this document that all parties hereto shall bring themselve to a posture whereby financing arrangements are completed so that coc~mittal to the construction of a proposed mall and attendant facilities can be made in the territory hereinabove described as 9reas A and B. In witness .dhereof, the parties hereto have executed this N.emorandum of Intent the day and date above first appearing. 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