HomeMy WebLinkAboutOrdinance #4398 - Redevelopment Agreement between The City of Canton and Nagle Accounting & Tax Service CERTIFICATE
THE UNDERSIGNED CERTIFIES THAT SHE IS THE CITY CLERK FOR THE CITY
OF CANTON, ILLINOIS, AND THAT THE BOARD OF TRUSTEES AT A REGULARLY
CONSTITUTED MEETING OF SAID BOARD OF TRUSTEES OF THE CITY OF CANTON
ON THE 16T-; DAY OF APRIL, 2024, ADOPTED ORDINANCE NO. 4398, A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 16T`I DAY OF APRIL,2024.
_ (SEAL)
J�qDI WALTERS-SMITH
ITY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 4 3 9 8
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
NAGLE ACCOUNTING&TAX SERVICE,INC.
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
ON THE 16TH DAY OF APRIL, 2024.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS,
THIS 16TH DAY OF APRIL, 2024.
EFFECTIVE: APRIL 16,2024
CITY OF CANTON, ILLINOIS: ORDINANCE NO. 4398
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
NAGLE ACCOUNTING&TAX SERVICE,INC.
(150 Martin Ave. Office Expansion Project)
BE IT ORDAINED BY THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
THAT:
1. The Redevelopment Agreement with Nagle Accounting&Tax Service,Inc.,attached hereto
as Exhibit `A"is hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of the
City said Redevelopment Agreement and the City Clerk of the City of Canton is hereby
authorized and directed to attest such execution.
3. The Redevelopment Agreement shall be effective the date of its approval on the 16' day
of April,2024.
4. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
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PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,
Fulton County, Illinois, on the 16`' day of April, 2024, 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
Andra Chamberlin
Patrick Ketcham
Ralph Grimm
Greg Gossett
Justin Nelson
John Lovell
Angela Hale
Kent A.McDowell,Mayor
TOTAL VOTES 8
APPROVED: Date: t /—a/2024
K nt A. McDowell, Mayo , ty of Canton
IL z(4
ATTEST: i— , Date: /1�/2024
�ndi Walters-Smith, City Clerk, City of Canton
ATTACHMENTS:
EXHIBIT A. REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF CANTON AND
NAGLE ACCOUNTING&TAX SERVICE,INC. (150 Martin Ave.Office Expansion Project).
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EXHIBIT A
CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON .
and
NAGLE ACCOUNTING&TAX SERVICE, INC.
(150 Martin Ave. Office Expansion Project)
iv
CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
NAGLE ACCOUNTING & TAX SERVICE, INC.
(150 Martin Ave. Office Expansion Project)
APRIL 16, 2024
CANTON TAX INCREMENT FINANCING (TIF) DISTRICT 3
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
NAGLE ACCOUNTING&TAX SERVICE, INC.
(150 Martin Ave. Office Expansion Project)
THIS TIF REDEVELOPMENT AGREEMENT (including Exhibits) is entered into this
16`h day of April,2024,by the City of Canton (the"City',an Illinois Municipal Corporation,Fulton
County, Illinois, and Nagle Accounting & Tax Service, Inc., an Illinois Corporation (the
"Developer"). Hereinafter the City and the Developer, for convenience,may collectively be referred
to as the"Parties."
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 property thereby increasing the tax base of the City and
providing employment for its citizens; and
WHEREAS, pursuant to 65 ILCS 5/8-1-2.5, a municipality may appropriate and expend
funds for economic development purposes, including without limitation for commercial enterprises
that are deemed necessary or desirable for the promotion of economic development within the
community;and
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-
74.4.4 et seq., 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 owners for certain costs from resulting increases in real estate tax revenues;and
WHEREAS, on April 15, 2017, recognizing the need to foster the development, expansion
and revitalization of certain properties which are vacant, underutilized, or undeveloped, the City
adopted Tax Increment Financing under the Act, approved a Redevelopment Plan and designated a
Redevelopment Area known as the Canton Tax Increment Financing District 3 (the "TIF
District"); and
WHEREAS,on August 20,2019,the City approved the First Amendment to the TIF District
Redevelopment Plan,Projects and Area; and
WHEREAS, a property owned by the Developer is located at 150 Martin Avenue, Canton,
Illinois (PIN 09-08-27-417-008, the "Property" and as further described in Exhibit "1"attached
hereto) and is within the TIF District Redevelopment Project Area,as amended;and
WHEREAS, the Developer is proceeding with plans to undertake the renovation and
expansion of structures on the Property, requiring a total estimated investment of $655,261, and
employing approximately 4-FTE positions (the"Project"),and the Developer is doing so based upon
incentives made available by the City;and
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WHEREAS, it is the intent of the City to encourage economic development which will
increase the real estate tax base of the City,which increased incremental taxes will be used,in part, to
finance incentives to assist development within the TIF District;and
WHEREAS, the Developer's proposed Project is consistent with the TIF District
Redevelopment Plan and Projects for the Redevelopment Project Area and shall further conform to
the land uses of the City as adopted;and
WHEREAS,pursuant to Section 5/11-74.4-4(b) of the Act,the City may make and enter into
all contracts with property owners, developers, tenants, overlapping taxing bodies, and others
necessary or incidental to the implementation and furtherance of the Redevelopment Plan;and
WHEREAS, pursuant to Section 5/11-74.4-40) of the Act, the City may incur project
redevelopment costs and reimburse developers who incur redevelopment project costs authorized by
a redevelopment agreement and further defined in Section 5/11-74.4-3(q) of the Act,including those
Estimated TIF Eligible Project Costs as herein listed in the attached Exhibit "1" of this
Redevelopment Agreement;and
WHEREAS, the Developer requested that incentives for the development be provided by
the City from incremental increases in real estate taxes of the City generated from its Project and the
City agreed to such incentives; and
WHEREAS,the City has determined that this Project requires the incentives requested as set
forth herein and that said Project will, as a part of the Plan,promote the health, safety and welfare of
the City and its citizens by attracting private investment to prevent blight and deterioration and to
generally enhance the economy of the City;and
WHEREAS, the City has reviewed the conditions of the Property and has reason to believe
that the costs of the necessary public and private improvements to be incurred by the Developer in
furtherance of the Project are eligible project costs under the Act and are consistent with the
Redevelopment Plan of the City; and
WHEREAS, the Parties have agreed that the City shall reimburse the Developer Sixty-Five
Percent (65%) of the annual "net"incremental increase in real estate tax revenues derived from the
Developer's Project for reimbursement of the Developer's Estimated TIF Eligible Project Costs as
set forth in Exhibit "1"attached hereto. Such reimbursement shall commence with the real estate
tax increment derived from the real estate taxes assessed in the first year that Developer's
improvements are assessed and real estate tax increment is generated by the Project,and shall continue
only for the current remaining life of the TIF District (tax year 2040 payable 2041), or upon the
Developer's receipt of the maximum reimbursement amount of One Hundred Ten Thousand and
00/100 Dollars ($110,000.00)as set forth in Exhibit'I"attached hereto,whichever occurs first;and
WHEREAS,in no event shall cumulative maximum reimbursements for the Developer's TIF
Eligible Project Costs under this Agreement exceed of One Hundred Ten Thousand and 00/100
Dollars ($110,000.00); and
WHEREAS, in consideration of the execution of this Agreement, the Developer is
completing the Project as set forth in Exhibit "VI and
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WHEREAS, the City is entering into this Agreement having encouraged and induced the
Developer to proceed with the Project located on said Property.
AGREEMENTS
NOW,THEREFORE,the Parties,for good and valuable consideration,the receipt of which
is acknowledged,agree as follows:
A. PRELIMINARY STATEMENTS
1. The Parties agree that the matters set forth in the recitals above are true and correct and form
a part of this Agreement.
2. Any terms which are not defined in this Agreement shall have the same meaning as they do in
the Act,unless indicated to the contrary.
3. The Developer shall remain in compliance with all municipal ordinances relating to property
development,property condition,zoning, subdivision and building codes. Failure to cure the
violation of any such ordinance within thirty(30) days upon being provided written notice of
the same by the City shall be cause for the City to declare the Developer in Default and
unilaterally terminate this Agreement, except where such failure is not reasonably susceptible
to cure within such 30-day period,in which case the Developer shall have such additional time
to cure as is reasonably necessary, provided that the Developer has commenced such cure
within such 30-day period and continues to diligently prosecute the same to completion.
4. The Developer shall complete the Project within twelve (12) months from the date this
Agreement is executed, subject to extension due to Force Majeure (defined below in Section
"M'). The Project shall be deemed to be complete when the new expansion has been
constructed and occupied.
5. All reimbursements of tax increment financing funds payable by the City for Developer's
verified TIF eligible project costs shall be paid to Nagle Accounting & Tax Service, Inc.,
unless otherwise directed in writing by the Developer, or assigned pursuant to Section "N"
below.
6. Each of the Parties represents that it has taken all actions necessary to authorize its
representatives to execute this Agreement.
B. ADOPTION OF TAX INCREMENT FINANCING
The City has created a Tax Increment Financing District known as "Canton TIF District 3"
which includes the Developer's Property. The City has approved certain Redevelopment Project
Costs,including the types described in Exhibit"I"for the Developer's Project which shall be known
as the "Nagle Accounting&Tax Service, Inc. Project."
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C. INCENTIVES
In consideration for the Developer purchasing the Property and completing the Project as set
forth herein, the City agrees to extend to the Developer the following incentives to assist the
Developer's Project:
1. The City shall reimburse the Developer Sixty-Five Percent (65%) of the annual "net"
incremental increase in real estate tax revenues derived from the Developer's Project for
reimbursement of the Developer's Estimated TIF Eligible Project Costs as set forth in
Exhibit "1"attached hereto. Such reimbursement shall commence with the real estate tax
increment derived from the real estate taxes assessed in the first year that Developer's
improvements are assessed and real estate tax increment is generated by the Project,and shall
continue only for the current remaining life of the TIF District (tax year 2040 payable 2041),
or upon the Developer's receipt of the maximum reimbursement amount of One Hundred
Ten Thousand and 00/100 Dollars ($110,000.00) as set forth in Exhibit "1"attached
hereto,whichever occurs first. These funds are to be allocated to and when collected shall be
paid to the City Treasurer for deposit in a separate account within the Special Tax Allocation
Fund for the Canton TIF District 3 designated as the Nagle Accounting&Tax Service,Inc. Special
Account("Special Account").
a. "Net" real estate tax increment is defined as increases in annual real estate tax
increment derived from the Developer's Project after payment of the proportionate
amount of administrative fees and costs incurred by the City and payments pursuant
to TIF District Intergovernmental Agreements,if any. The Developer's proportionate
amount is calculated by dividing the increment generated by the Developer's Project
by the total TIF District increment.
b. Reimbursement of real estate tax increment to the Developer by the City as described
in this Section "C"shall be conditioned upon the Developer providing information
pursuant to Section "E"and Section "F"below.
c. This Agreement may be amended at any time,if approved in writing by the Parties.
D. LIMITATION OF INCENTIVES TO DEVELOPER
1. The Developer shall be reimbursed by the City for all Eligible Project Costs permitted by the
Act (subject to a limitation of$110,000.00) from the real estate tax increment generated by
this Project located on the Property and deposited into the Special Account, but only for the
term of the Agreement and only from the Property included in this Project and currently
owned by the Developer at that location. The parties may add additional phases and eligible
project in excess of the amount authorized by this Agreement upon mutual agreement.
2. It is not contemplated nor is the City obligated to use any of its proportionate share of the
monies for any of the Developer's Eligible Project Costs but,rather,the City shall use its sums
for any purpose under the Act as it may in its sole discretion determine.
3. The Developer agrees to substantially complete the project, subject to Force Majeure, as
defined below.
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E. PAYMENT OF ELIGIBLE PROJECT COSTS
1. Payment to the Developer for TIF Eligible Project Costs as set forth by the Act,shall be made
by a Requisition for Payment of Private Development Redevelopment Costs (Exhibit 'T",
"Requisition") submitted from time to time by the Developer to the City's TIF Administrator
Jacob &Klein,Ltd.,with copy to The Economic Development Group,Ltd. (collectively, the
"Administrator"), and subject to the Administrator's approval of the costs and to the
availability of funds in the Special Account.
2. All Requisitions must be accompanied by verified bills or statements of suppliers,contractors,
or professionals together with mechanic's lien waivers (whether partial or full) from each of
the parties entitled to a payment that is the subject of the Requisition as required by the City.
3. For the Developer to receive reimbursement of Eligible Project Costs as described in
Section "C"for costs it has incurred in any year as set forth in Paragraphs "1"and "2"
above, the Developer must submit such proposed eligible costs to the City by March
1 of the following year. If there are no accumulated outstanding costs previously submitted
and approved by the City and if the Developer does not submit such proposed eligible costs
by this deadline, the Developer will forfeit reimbursement of such costs from the prior year's
real estate tax increment to be paid in the current year.Any approved eligible costs submitted
after this deadline will be eligible for reimbursement from the next year's real estate increment
receipts.
4. Any real estate increment not required to be paid to the Developer under the terms of
Paragraph "3"above shall be available to the City for any purpose set forth in the TIF Plan
and allowed by the Act.
5. The Developer shall use such sums as reimbursement for Eligible Project Costs only to the
extent permitted by law and the Act and may allocate such funds for any purpose for the terms
of this Agreement or the term of the TIF District whichever is longer.
6. The Administrator shall approve or disapprove a Requisition by written receipt to the
Developer within thirty (30) business days after receipt of the Requisition. Approval of the
Requisition will not be unreasonably withheld. If a Requisition is disapproved by the
Administrator,the reasons for disallowance will be set forth in writing and the Developer may
resubmit the Requisition with such additional information as may be required and the same
procedures set forth herein shall apply to such re-submittals.
7. All TIF Eligible Project Costs approved shall then be paid by the City from the Special
Account to the Developer, or to others as directed by the Developer, pursuant to the
Redevelopment Plan and as allowed by Illinois Law. The City shall pay such approved eligible
Costs annually, provided the Developer has satisfied the terms of this Agreement and costs
which exceed the amount available to pay the Developer shall carry forward, until paid,
without further action of the Developer. Payment shall be made within forty-five (45) days
after approval subject to the terms if this Agreement and after receipt of the increment
generated by the Developer's Redevelopment Project from the County.
8. The Parties acknowledge that the determination of Eligible Project Costs, and, therefore,
qualification for reimbursement hereunder are subject to changes or interpretation made by
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amendments to the Act, administrative rules or judicial interpretation during the term of this
Agreement.The City has no obligation to the Developer to attempt to modify those decisions
but will assist the Developer in every respect as to obtaining approval of Eligible Project Costs.
9. The Developer may submit for prior approval by the City as TIF Eligible Project Costs under
the Act estimates of costs before they are incurred subject to later confirmation by actual bills.
F. ANNUAL VERIFICATION
OF TAX INCREMENT AND JOBS CREATED
1. It shall be the sole responsibility of the Developer, or its designee, to annually provide to the
City,as requested in writing,copies of all PAID real estate tax bills for the Property.
2. The annual reimbursement of real estate tax increment by the City to the Developer as set
forth in Section "C"above shall be conditioned upon the Developer providing the City with
the numbers of jobs added or maintained by the Project for a particular year if requested to
do so by the City for that year.
3. The failure of Developer to provide any information required herein after written notice from
the City, and the continued failure to provide such information within (30) days after such
notice, shall be considered a breach of this Agreement and shall be cause for the City to deny
payments hereunder to the Developer, which payments are conditional upon receipt of the
foregoing information.
G. REIMBURSEMENT OF DEVELOPER INCENTIVE AMOUNTS RECEIVED
IF CITY IS REQUIRED TO REFUND MONIES DUE TO FILING OF
DEVELOPER TAX OBJECTION OR ASSESSMENT APPEAL
1. If a refund of tax increment (including any accrued statutory interest thereon) is potentially
due from the City's TIF Fund as the result of any tax objection, assessment challenge, filing
for a property tax exemption under Section 200/15-86 of the Illinois Property Tax Code or
appeal to the Illinois Property Tax Appeal Board (PTAB),issuance of a certificate of error or
other such action, including any appeals therefrom, concerning the potential reduction of
assessed value of the Property, the City may at its sole discretion withhold the Developer's
share of any such possible refund (including any accrued statutory interest thereon) from
future reimbursements calculated to be paid to the Developer under this Agreement.
Furthermore, the Developer is hereby obligated to provide written notice to the City within
five (5) business days of its filing any such objection, assessment challenge or formal appeal
to the PTAB or other such action, including any appeals therefrom, that could potentially
reduce the assessed value of the Property. Failure to provide such notice shall be considered
a breach of this Agreement and shall be cause for the City to deny payments hereunder to the
Developer.
2. Any funds withheld by the City under this Section "G"shall be deposited by it into a separate
interest-bearing bank account. Upon final determination of the assessed value of the Property,
the City shall pay to the Developer the principal amount due under this Agreement as
recalculated. The City shall be entitled to retain any interest earned on the account as partial
payment for the administration of the account due to the delay of the determination of the
final evaluation and recalculation of the benefits due the Developer under this Agreement.
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3. If it appears to the City that it will be unable to recover the Developer's share of any such
refund (including any accrued statutory interest thereon) from the remaining future
reimbursements due the Developer under this Agreement, the Developer shall reimburse the
City for the Developer's remaining unpaid share of such refund within thirty (30) days upon
receiving written demand of the same from the City.
4. Notwithstanding anything contained in this Agreement to the contrary, the obligations
contained in this Section `G"shall remain in effect for the remaining life of the TIF District,
whether the TIF District expires upon the current expiration of the Redevelopment Plan and
Projects adopted by the City (tax year 2040 payable 2041) at an earlier time if the City passes
an ordinance terminating the TIF District; or at a later time if the TIF District is legislatively
extended. Furthermore, the obligations set forth in this Section G shall survive the expiration
of the TIF District if a tax objection or other such action taken by the Developer is pending
prior to the expiration of the TIF District and shall continue until final disposition of such
action.
H. LIMITED OBLIGATION
The City's obligation hereunder to pay the Developer for Eligible Project Costs is a limited
obligation to be paid solely from the Special Account. Said obligation does not now and shall never
constitute an indebtedness of the City within the meaning of any State of Illinois constitutional or
statutory provision and shall not constitute or give rise to a pecuniary liability of the City or a charge
or lien against any City fund or require the City to utilize its taxing authority to fulfill the terms of this
Agreement.
I. CITY PUBLIC PROJECTS
The City intends to use part or all of its share of the Project's real estate increment for other
public projects within the TIF District or within contiguous TIF Districts as allowed by law.The City
shall be eligible for reimbursement of the cost of doing so,as well as other eligible costs incurred by
the City in the TIF District.
J. LIMITED LIABILITY OF CITY
TO OTHERS FOR DEVELOPER'S EXPENSES
There shall be no obligation by the City to make any payments to any person other than the
Developer, nor shall the City be obligated to make direct payments to any other contractor,
subcontractor, mechanic, or materialman providing services or materials to the Developer for the
Developer's Project.
K. COOPERATION OF THE PARTIES
1. The City and the Developer agree to cooperate fully with each other when requested to do so
concerning the development of the Developer's Redevelopment Project. This includes
without limitation the City assisting or sponsoring the Developer, or agreeing to jointly apply
with the Developer,for any grant,award,subsidy or additional funding which may be available
from other governmental sources as the result of the Developer's or City's activities. This also
includes without limitation the Developer assisting or sponsoring the City, or agreeing to
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jointly apply with the City,for any grant,award,or subsidy which may be available as the result
of the City's or the Developer's activities.
2. The Parties agree to take such actions,including the execution and delivery of such documents,
instruments, petitions, and certifications (and, in the City's case, the adoption of such
ordinances and resolutions), as may be necessary or appropriate, from time to time, to carry
out the terms, provisions, and intent of this Agreement and to aid and assist each other in
carrying out said terms,provisions, and intent.
3. The Parties shall cooperate fully with each other in seeking from any or all appropriate
governmental bodies all approvals (whether federal, state, county or local) required or useful
for the construction or improvement of property and facilities in and on the Property or for
the provision of services to the Property, including, without limitation, wetland mitigation,
gas, telephone, and electric utility services,roads, highways, rights-of-way,water and sanitary
sewage facilities,and storm water disposal facilities.
L. DEFAULT; CURE; REMEDIES
In the event of a default under this Redevelopment Agreement by any party hereto (the
"Defaulting Party"), which default is not cured within the cure period provided for below, then the
other Party (the "Non-defaulting Party"), may have an action for damages, or,in the event damages
would not fairly compensate the Non-defaulting Parties for the Defaulting Party's breach of this
Redevelopment Agreement,the Non-defaulting Party shall have such other equity rights and remedies
as are available to them at law or in equity.Any damages payable by the City hereunder shall be limited
to the real estate tax increment payable to the Developer under the terms of this Agreement.
In the event a Defaulting Party shall fail to perform a monetary covenant which it is required
to perform under this Redevelopment Agreement, it shall not be deemed to be in default under this
Redevelopment Agreement unless it shall have failed to perform such monetary covenant within thirty
(30) days of its receipt of a notice from a Non-defaulting Party specifying that it has failed to perform
such monetary covenant. In the event a Defaulting Party fails to perform any nonmonetary covenant
as and when it is required to under this Redevelopment Agreement, it shall not be deemed to be in
default if it shall have cured such default within thirty (30) days of its receipt of a notice from a Non-
defaulting Party specifying the nature of the default, provided, however, with respect to those
nonmonetary defaults which are not capable of being cured within such thirty (30) day period,it shall
not be deemed to be in default if it commences curing within such thirty(30) day period,and thereafter
diligently and continuously prosecutes the cure of such default until the same has been cured.
M. TIME; FORCE MAJEURE
For this Agreement, time is of the essence. The Developer agrees to complete the Project
within twelve (12) months following the date of execution of this Agreement. Failure to do so shall
be cause for the City to declare the Developer in default and unilaterally terminate this Agreement.
However, the Developer and the City shall not be deemed in default with respect to any obligations
of this Agreement on its part to be performed if the Developer or City fails to timely perform the
same and such failure is due in whole, or in part, to any strike, lock-out,labor trouble (whether legal
or illegal), civil disorder,inability to procure materials,weather conditions wet soil conditions, failure
or interruptions of power, restrictive governmental laws and regulations, condemnation, riots,
insurrections,war, fuel shortages,accidents, casualties,Acts of God, acts caused directly or indirectly
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by the City(or the City's agents,employees or invitees)when applicable to Developer or third parties,
or any other cause beyond the reasonable control of Developer or the City.
. N. ASSIGNMENT
The rights and obligations of the Developer under this Agreement shall be fully assignable
provided written notice is provided to the City and consent is obtained from the City Board of
Trustees prior to such assignment. The City shall not unreasonably withhold its consent provided
that the nature of the Project is not substantially changed and provided that the assignee is financially
capable of fulfilling the obligations of the assignor. No such assignment shall be deemed to release
the Developer of its obligations to the City under this Agreement unless the specific consent of the
City to release the Developer's obligations is first obtained in writing.
O. PREPAYMENTS
Should the annual incremental tax revenue generated by the Project be sufficient to pay all the
Developer's Eligible Project Costs prior to the expiration of the term of this Agreement, City may,in
its sole discretion, elect to pay all then remaining payments in a single lump sum payment.
P. WAIVER
Any party to this Agreement may elect to waive any remedy it may enjoy hereunder,provided
that no such waiver shall be deemed to exist unless the party waiving such right of remedy does so in
writing. No such waiver shall obligate such party to waive any right of remedy hereunder or shall be
deemed to constitute a waiver of other rights and remedies provided said party pursuant to this
Agreement.
Q. SEVERABILITY
If any section, subsection, term or provision of this Agreement or the application thereof to
any party or circumstance shall, to any extent, be invalid or unenforceable, the remainder of said
section, subsection, term or provision of this Agreement or the application of same to parties or
circumstances other than those to which it is held invalid or unenforceable, shall not be affected
thereby.
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R. NOTICES
All notices,demands,requests,consents,approvals or other instruments required or permitted
by this Agreement shall be in writing and shall be executed by the Party or an officer,agent or attorney
of the Party,and shall be deemed to have been effective as of(i) the date of actual delivery,if delivered
personally,or(ii) as of the third(3`d) day from and including the date of posting,if mailed by registered
or certified mail, return receipt requested, with postage prepaid or (id) the next business day if sent
overnight delivery using a nationally recognized delivery service,addressed as follows:
TO CITY TO DEVELOPER
City of Canton Nagle Accounting&Tax Service,Inc.
`/o City Clerk `/o William Nagle,President
2 N.Main St. 150 Martin Ave.
Canton,IL 61520 Canton,IL 61520
Ph: (309) 647-0020 Ph: (309) 338-2489
Fax: ((309) 647-2348 Fax: (309) 647-2763
Email: nat@naQleaccountin,,tax.com
With Copy to City TIFAdministrator.
With copy to:
Jacob&Klein,Ltd. and
The Economic Development Group,Ltd.
1701 Clearwater Avenue
Bloomington,Illinois 61704
Ph: (309) 664-7777
Fax: (309) 664-7878
S. SUCCESSORS IN INTEREST
Subject to the provisions of Section "N"above, this Agreement shall be binding upon and
inure to the benefit of the Parties hereto and their respective successors and assigns.
T. NO JOINT VENTURE,AGENCY, OR PARTNERSHIP CREATED
Neither anything in this Agreement nor any acts of the Parties to this Agreement shall be
construed by the Parties or any third person to create the relationship of a partnership,agency,or joint
venture between or among such Parties.
U. LIMITATIONS OF LIABILITY
As it relates to this Agreement, no recourse under or upon any obligation, covenant or
agreement of this Agreement or for any claim based thereon or otherwise in respect thereof shall be
had against the City, its officers, agents and employees, in excess of any specific sum agreed by the
City to be paid to Developer, hereunder, subject to the terms and conditions herein, and no liability,
right or claim at law or in equity shall attach to or shall be incurred by its officers,agents and employees
in excess of such amounts, and all and any such rights or claims of Developer against the City, its
officers, agents and employees are hereby expressly waived and released as a condition of and as
consideration for the execution of this Agreement by the City.
V. ENTIRE AGREEMENT
The terms and conditions set forth in this Agreement supersede all prior oral and written
understandings and constitute the entire agreement between the City and the Developer with respect
to the subject matter hereof.
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W. TERM OF THE AGREEMENT
Notwithstanding anything contained herein to the contrary,this Agreement shall expire upon
Developer receiving the reimbursements pursuant to Section "C"or the current expiration of the
TIF District as of tax year 2040 payable 2041,whichever occurs first.
X. ILLINOIS PREVAILING WAGE ACT
It is the understanding of the Parties that the position of the Illinois Department of Labor is
that the Illinois Prevailing Wage Act does not apply to Real Estate Tax Increment Reimbursements
received by private developers as reimbursement for private redevelopment project costs. This
position of the Department of Labor is stated as an answer to a FAQ on its website at
https://Iabor.ilhnois.gov/. The Developer shall indemnify and hold harmless the City, and all City
elected or appointed officials, officers,employees,agents,representatives, engineers, consultants,and
attorneys (collectively,the"indemnified Parties"), from any and all claims that may be asserted against
the Indemnified Parties or one or more of them,in connection with the applicability, determination,
and/or payments made under the Illinois Prevailing Wage Act(820 ILCS 130/0.01 et. seq.),the Illinois
Procurement Code,and/or any similar State or Federal law or regulation. This obligation to indemnify
and hold harmless obligates Developer to defend any such claim and/or action, pay any liabilities
and/or penalties imposed,and pay all defense costs of City,including but not limited to the reasonable
attorney fees of City. Failure to comply with any of these requirements may cause all benefits
hereunder to be terminated by the City.
Y. OTHER GENERAL PROVISIONS
1. Titles of Paragraphs: Titles of the several parts, paragraphs, sections, or articles of this
Agreement are inserted for convenience of reference only and shall be disregarded in
construing or interpreting any provisions hereof.
2. Warranty of Signatories: The signatories of Developer warrant full authority to both execute
this Agreement and to bind the entity in which they are signing on behalf of.
3. Counterparts:This Agreement may be executed in counterparts,which when taken together
shall constitute a single signed original as though all Parties had executed the same page.
4. Choice of Law/Venue: This Agreement shall be governed by and construed in accordance
with the laws of the State of Illinois with venue lying in the Circuit Court of Fulton County,
Illinois.
The remainder of this page i.r intentionally left blank.)
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THIS AGREEMENT IS INTENDED TO BE A LEGAL DOCUMENT. AN ATTORNEY
AT LAW SHOULD BE CONSULTED PRIOR TO THE EXECUTION OF THIS DOCUMENT.
IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be executed
by their duly authorized officers on the above date at the City of Canton, Illinois.
CITY DEVELOPER
CITY OF CANTON, ILLINOIS,an Illinois NAGLE ACCOUNTING&TAX
Municipal Corporation SERVICE, INC., an Illinois Corporation
BY: G V W BY:
ay r William Nagle,President o
Date: /q1&2�� Date:
ATTE TED BY:
Tlerk
Date: 3 Z
Attachments:
Exhibit 1. Summary of TIF Eligible Project Costs; and
Exhibit 2. Request for Verification of TIF Eligible Project Costs by Nagle Accounting&Tax
Service,Inc.
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EXHIBIT 1
SUMMARY OF ESTIMATED TIF ELIGIBLE PROJECT COSTS
Nagle Accounting&Tax Service, Inc.
150 Martin Ave. Office Expansion Project
Canton TIF District 3, Canton,Illinois
Project Description: renovation and expansion of
structures on the Property,requiring a total estimated 6na
�D
investment of $655,261, and employing 4-FTE
positions.
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Property: 150 Martin Avenue, Canton,Illinois (PIN
09-08-27-417-008), and also further described as: a
SECT/LOT 19 JONES THIRD ADDITION S 82.
PW OD.G887117-0C2
�. oe-md as o.c�e
�) G�5 Rceeg 0.38
t...-� ,, I e_edC�e 150 t.44iTLY AVE
4�' e_ - [ANION i!81520
s �'& gross`nee OCO
�" - - homea•e a 000
-: — (arm ea•s 000
i _ ^erl'd fii70
NOV
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:. n NAGLE WILLIA61HA30LD
icy. ♦n y � o.�<rl add 150!.L1i'4V AVE
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Developer's Estimated TIF Eligible Project Costs:
Site preparation and demolition...........................................: $303672
.................................................
Rehabilitation/renovation/expansion of existing structures.............................................$25,000
Extension of utilities................................................................................................................$33,200
Public infrastructure improvements......................................................................................$35,400
Long-term interest(not to exceed 30% of total interest costs).........................................$79,320
TOTAL ESTIMATED TIF ELIGIBLE PROJECT COSTS'...........................$203,592
1 NOTE: The total,cumulative reimbursement of TIF real estate tax increment for TIF Eligible Project Costs payable
by the City to the Developer shall not exceed$110,000.00 for TIF eligible project costs incurred by the Developer,as set
forth in this Redevelopment Agreement. The line items set forth in this Exhibit"I"are not intended to place a total limit
on the described expenditures or intended to preclude payment of such other TIF eligible redevelopment project costs in
connection with the Developer's Project, provided the total amount of payment for all eligible redevelopment project
costs,public and private,shall not exceed the,total amount of$110,000.00 as set forth herein.
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EXHIBIT 2
PRIVATE PROJECT
REQUEST FOR VERIFICATION OF TIF ELIGIBLE PROJECT COSTS BY
NAGLE ACCOUNTING&TAX SERVICE,INC.
Date submitted:
Attention: City of Canton,IL TIF District Administrator
Re: TIF Redevelopment Agreement dated April 16,2024,by and between the City of Canton and
Nagle Accounting&Tax Service,Inc.
The City of Canton is hereby requested to disburse funds from the Special Tax Allocation Fund
pursuant to the above referenced Redevelopment Agreement in the following amount(s) to the
Developer and for the purpose(s) set forth in this Request for Verification of the Developer's TIF
Costs. The terms used herein shall have the same meanings as those terms in the Redevelopment
Agreement.
1. Request No.
2. Reimbursement payable to: Nagle Accounting&Tax Service,Inc.
3. Amounts requested to be reimbursed (attach additionalpages, if necessary):
Description of Developer's TIF Cost Amount
TOTAL:
4. The amount requested to be disbursed pursuant to this Request for Reimbursement will be
used to reimburse the Developer for Redevelopment Project Costs for the Project detailed in
Exhibit "1"of the Redevelopment Agreement.
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5. The undersigned hereby certifies and swears under oath that the following statements are true
and correct:
a. the amounts included in (3) above were made or incurred or financed and were
necessary for the Project and were made or incurred in accordance with the City
Codes;and
b. the amounts paid or to be paid, as set forth in this Request for Reimbursement,
represent a part of the funds due and payable for Developer's TIF Costs;and
c. the expenditures for which amounts are requested represent proper redevelopment
project costs as identified in the `limitation of Incentives to Developer" described in
Section `D" of the Redevelopment Agreement: have not been included in any
previous Request for Reimbursement; have been properly recorded on the
Developer's books; and are set forth with invoices attached for all sums for which
reimbursement is requested and proof of payment has been provided;and
d. the amounts requested are not greater than those necessary to meet obligations due
and payable or to reimburse the Developer for its funds actually advanced for
redevelopment project costs;and
e. the Developer is not in default under the Redevelopment Agreement and nothing has
occurred to the knowledge of the Developer that would prevent the performance of
its obligations under the Redevelopment Agreement.
f. Any violation of this oath shall constitute a default of the Redevelopment Agreement
and shall be cause for the City to unilaterally terminate the Redevelopment Agreement.
6. Attached hereto is a copy of Exhibit "1"of the Redevelopment Agreement, together with
copies of invoices and proof of payment of such invoices,including cancelled checks and/or
any lien waivers (to the extent applicable) relating to all items for which reimbursement is
being requested.
BY: (Developer)
Title:
❑REVIEWED BY CANTON TIF DISTRICT ADMINISTRATOR
BY:
Title: Date:
❑ APPROVED BY CITY OF CANTON,ILLINOIS
BY:
Title: Date:
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