HomeMy WebLinkAboutOrdinance #4440 -(never fully executed) redevelopment agreement between the city and the joseph companies/brad m joseph 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 21ST DAY OF JANUARY, 2025 ADOPTED ORDINANCE NO. 4440, A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 21' DAY OF JANUARY,2025.
(SEAL)
NDREA J.SMITH-WALTERS
ITY CLERK
CITY OF CANTON, ILLINOIS i.
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ORDINANCE NO. 4 4 4 0
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A I,
BUSINESS DEVELOPMENT DISTRICT NO. I REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON,FULTON COUNTY,ILLINOIS
and (;
THE JOSEPH COMPANIES,INC.
and
BRAD M.JOSEPH
(2073 N. MAIN ST. "STARBUCKS SITE")
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
ON THE 21ST DAY OF JANUARY,2025.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
THIS 21ST DAY OF JANUARY, 2025.
EFFECTIVE:JANUARY 21,2025
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ORDINANCE NO. 4440
CITY OF CANTON, ILLINOIS
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A BUSINESS DEVELOPMENT DISTRICT NO. 1
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
THE JOSEPH COMPANIES,INC.
and
BRAD M.JOSEPH
(2073 N. Main St. "Starbucks Site")
WHEREAS, the Mayor and City Council of the City of Canton, Fulton County, Illinois (the
"City"), have hereby determined that the Canton, Illinois Business Development District No. 1
Redevelopment Agreement by and between the City of Canton and The Joseph Companies, Inc.,
an Illinois Corporation and Brad M. Joseph (collectively the "Developer") attached hereto as
Exhibit `A,"is in the best interest of the citizens of the City of Canton.
NOW THEREFORE,be it ordained by the Mayor and City Council of the City of Canton,
Illinois,in the County of Fulton, as follows:
1. The City of Canton, Illinois Business Development District No. 1 (the "Business District")
Redevelopment Agreement 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
the Business District Redevelopment Agreement attached hereto and the City Clerk of the
City of Canton is hereby authorized and directed to attest such execution.
3. The Mayor is hereby further authorized to approve a single forty-five (45) day extension of
the Developer's obligation to complete the Project and verify eligible expenses if such
extension is requested by the Developer in writing on or before April 30,2025.
4. The Business District Redevelopment Agreement shall be effective the date of its approval on
the 21" day of January,2025.
5. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
(The remainder of thi page is intentionally left blank.)
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PASSED APPROVED AND ADOPTED by the Mayor and City Council of the City of
Canton this 121' day of January, 2025.
MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT
Angie Lingenfelter
Andra Chamberlin
Patrick Ketcham
Ralph Grimm
Greg Gossett X
Justin Nelson
John Lovell
Angela Hale X
Kent A.McDowell,Mayor
TOTAL VOTES 8
APPROVED: Date A/ M/20X 5'
Mayor, an o ,
ATTEST: Date:
i4CIerk, City ef Canton
ATTACHMENTS:
1. EXHIBIT A. City of Canton,Illinois Business Development District No. 1 Redevelopment
Agreement by and between the City of Canton and The Joseph Companies, Inc. and Brad M.
Joseph.
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EXHIBIT A
CITY OF CANTON,ILLINOIS
BUSINESS DEVELOPEMNT DISTRICT NO.1
REDEVELOPMENT AGREEMENT o
by and between
THE CITY OF CANTON
and
JOSEPH URBANA INVESTMENTS,LLC
and
BRAD M.JOSEPH
and
WILLIAM P.JOSEPH
(2073 N.Main St. "Starbucks Site")
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CITY OF CANTON, ILLINOIS
BUSINESS DEVELOPMENT DISTRICT NO. 1
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, ILLINOIS
and
JOSEPH URBANA INVESTMENTS, LLC
and
BRAD M.JOSEPH
and
WILLIAM P.JOSEPH
k (2073 N. Main St. "Starbucks Site")
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II, JANUARY 21, 25 0
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CITY OF CANTON,ILLINOIS
BUSINESS DEVELOPMENT DISTRICT NO.1
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON,ILLINOIS
and
JOSEPH URBANA INVESTMENTS,LLC
and
BRAD M.JOSEPH
and
WILLIAM P.JOSEPH
(2073 N. Main St. "Starbucks Site")
THIS AGREEMENT (including Exhibits, hereinafter referred to as the "Agreement") is
entered into this 21" day of January,2025,by the City of Canton (the"City"),an Illinois Municipal
Corporation, Fulton County, Illinois, and Joseph Urbana Investments, LLC, an Illinois Limited
Liability Company, Brad M.Joseph,individually, and William P.Joseph,individually (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 encourage development,job creation,and/or the full utilization of real estate;
and
` WHEREAS,pursuant to the Illinois Business District Development and Redevelopment Act
t (65 ILCS 5/11-74.3-1 et seq.), as amended (the "Act"), the City established the Canton Business
(' Development District No. 1 (the "Business District" or "BDD") on March 15, 2022, by approving
Ordinance No. 4281;and
WHEREAS,on September 30,2022,the City approved the First Amendment to the Business
j District by approving Ordinance No. 4307 and further ratified the First Amendment on October 5,
2022 by approving Ordinance No.4315;and
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WHEREAS, pursuant to Illinois Statute 65 ILCS 5/8-1-2.5, the City has the authority to
appropriate and expend funds for economic development purposes;and
WHEREAS,pursuant to the Act,the City has the authority to incur eligible business district
project costs and may enter into agreements with developers to reimburse them for their eligible
business district project costs;and
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WHEREAS, the Developer shall acquire title to real property located within the Business
District at 2073 N.Main St."Starbucks Site" (PIN 09-08-15-204-009),which is hereinafter referred
to as the "Property,"and based in part on incentives made available by the City, the Developer shall
I' proceed to prepare said site for the construction and operation of a new commercial building for the
purpose of locating a Starbucks Coffee Company facility thereon at a total estimated cost of
$2,195,485 (the"Project");and
WHEREAS, as an incentive to undertake the Project, the Developer has requested
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reimbursement for a portion of its BDD Eligible Costs as described in Exhibit"1"attached hereto
and as further evidenced by the Developer's Application for Reinrbnisenrent of Private BDD Eli
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Redexlop vent Pr jea Costs attached hereto as Exhibit "2;"and
WHEREAS, the Developer's proposed Project is consistent with the land uses of the City
and the Business District Plan as adopted;and
WHEREAS, the City and the Developer (the "Parties") have agreed that the City shall
provide a forgivable loan to the Developer for the reimbursement of a portion of the Developer's
BDD Eligible Project Costs ( as set forth in Exhibit "1"attached hereto and verified pursuant to
Section "E"below) of an amount not to exceed Three Hundred Thousand and 00/100 Dollars
($300,000.00) to be paid from the Canton BDD No. 1 Special Tax Allocation Fund as specified below
in Section "C"Licentive,,and
WHEREAS, to the extent the Developer sufficiently incurs BDD Project Costs as set forth
in Exhibit "1"attached hereto and verified pursuant to Section "E"below, the City shall also
annually reimburse the Developer One Hundred Percent (100%) of the annual Business District
Revenues generated by the Developer's Project which is located on the Property during calendar years
2025 through 2034, or up to a cumulative additional reimbursement not to exceed One Hundred
Forty Thousand and 00/100 Dollars ($140,000.00),whichever occurs first;and
WHEREAS, in no event shall cumulative maximum reimbursements for the Developer's
BDD Eligible Project Costs under this Agreement exceed Four Hundred Forty Thousand and
00/100 Dollars ($440,000.00);and
WHEREAS, the City has determined that this Project requires the incentives requested and
that said Project will promote the health, safety and welfare of the City and its citizens by attracting
private investment to redevelop under-utilized property, to provide employment for its citizens,and
generally to enhance the local economy;and
WHEREAS,in consideration of the execution of this Agreement and in reliance thereon,the
Developer is prepared to redevelop said property;and
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WHEREAS, the City is entering into this Agreement to induce the Developer to complete
the Project located on the Property.
AGREEMENTS
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NOW, THEREFORE, for good and valuable consideration, the receipt of which is
acknowledged,the Parties agree as follows:
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r 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 and are to be construed as binding statements of this Agreement.
2. Any terms which are not defined in this Agreement shall have the same meaning as they do in
j the Act,unless indicated to the contrary.
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a. For the purpose of this Agreement, "Business District Revenues" shall be defined
as the City's One Percent(10/6) rate of Business District Retailers' Occupation Tax
and Business District Service Occupation Tax(65 ILCS 5/11-8-5) imposed on
businesses located within the Business District and the Developer's Property.
b. For the purpose of this Agreement, "BDD Eligible Costs" shall mean those costs
eligible for reimbursement under the Business District Development and
Redevelopment Act and as are further described in Exhibit "I"and Exhibit `2"
attached hereto.
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 cute 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
�I within such 30-day period and continues to diligently prosecute the same to completion.
4. The Developer agrees to complete the Project and verify eligible project costs as required in
Section "E"below on or before December 31,2025, subject to exception of Force Majeure
as described in Section "I"below.
5. For the purpose of this Agreement, the Developer's Project will be deemed to be complete
when the improvements described in Exhibit "P' and Exhibit 12" are completed in
compliance with all applicable ordinances and building codes of the City,the Starbucks Coffee
Company facility is open and operating, and the eligible project costs have been verified by
jthe Developer pursuant to Section `B"below.
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6. Each of the Parties represents that it has taken all actions necessary to authorize its
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representatives to execute this Agreement.
B. INCENTIVES
In consideration for the Developer completing its Project,the City agrees to extend to the Developer
( the following incentives to assist the Developer's Project:
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1. In exchange for a promissory note to be issued by the Developer to the City as set forth in
Exhibit"3"attached hereto, the City agrees to loan to the Developer (also, the"Borrower")
the sum of Three Hundred Thousand and 00/100 Dollars ($300,000.00) from the Canton
BDD No. 1 Special Tax Allocation Fund to assist the Developer with the redevelopment of
the Property and related BDD eligible project costs. The terms and conditions for the loan
shall be as follows:
Ea. The full Loan amount of$300,000.00 shall be paid to the Developer from the Canton
BDD No. 1 Special Tax Allocation Fund within thirty (30) days following the
completion of the Project and verification of a minimum of Three Hundred Thousand
Dollars and 00/100($300,000.00)of BDD Eligible Project Costs pursuant to Section
"E"below,whichever occurs later.
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b. A separate Promissory Note is attached hereto as Exhibit"Y
c. The interest rate for the note shall be Three Percent(3%) per annum and shall begin
to accrue on the date the loan funds are disbursed to the Developer.
d. The term of the note shall expire seven (7) years from the date the loan funds are
disbursed to the Developer hereunder.
e. One-seventh (1/7) of the principal amount of the loan, plus any accrued interest
thereon,shall be forgiven annually by the City commencing one(1) year from the date
the loan funds are disbursed to the Developer and continuing on said date of each year
thereafter for the term of the loan,provided the Developer has been at all times in full
compliance with every term of this Agreement,including the following:
i. The Developer shall complete the Project and maintain constant,continuous
operation of the Starbucks Coffee Company facility located on the Property
from the time the Project is complete and continuing for the term of this
Agreement.
ii. The Developer shall annually provide verification of the payment of the real
{ estate taxes for the property during the term of this Agreement.
j iii. The Developer does not file for bankruptcy or otherwise become insolvent
during the term of this Agreement.
iv. The Property or any portion thereof shall not become the subject of
foreclosure proceedings during the term of this Agreement.
f. v. The Developer shall verify adequate property insurance on the Property is
maintained during the term of the loan to cover the replacement cost of the
completed Project.
vi. As signatories to this Agreement and the Note,Joseph Urbana Investments,
LLC,Brad M.Joseph,and William P.Joseph shall be guarantors for the Note
f' and shall be jointly and severally liable in the event of a default thereof by the
Developer. If,during the term of this Agreement or the Note, the Developer
sells or conveys all or a portion of the Property, then Joseph Urbana
Investments, LLC, Brad M. Joseph, and William P. Joseph shall remain as
guarantors for the Note and shall be jointly and severally liable in the event of
a default thereof by any assignee or successor of the Developer, unless
otherwise agreed to in writing by the City.
vii. The Developer agrees to add the City as an insured on the loan policy of the
title commitment issued upon the closing of the Property.
2. The City shall also reimburse the Developer for a portion of its other BDD Eligible Project
Costs, which have been verified pursuant to Section "E" below, with such additional
reimbursements payable from One Hundred Percent(100%) of the annual Business District
Revenues generated by the Developer's Project which is located on the Property beginning
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January 1,2026 and continuing through December 31,2035,or up to a cumulative additional
reimbursement not to exceed One Hundred Forty Thousand and 00/100 Dollars
($140,000.00),whichever occurs first.
a. The Developer agrees to cooperate with the City and complete and/or execute, or
cause any of its tenants to complete and/or execute, any forms or documents
necessary for the City and its consultants and employees to calculate the annual
Business District Revenues generated by any new businesses located on the Property.
The Developer, furthermore, hereby gives its consent to the City to share such
Business District Revenue information with any such consultants and/or employees
as is necessary to administer and audit this Agreement.
b. Any payments determined to be due under this Section shall be reduced by the amount
of any and all collection fees imposed upon the City by the State of Illinois or the
Illinois Department of Revenue for collection of the Business District Revenues.
Payment shall be accompanied by a statement executed by the City Treasurer or other
appropriate official or officer,setting forth the calculation of such payment.
i. The reimbursement of Business District Revenue provided for hereunder shall
be made annually from the Business District Revenue received by the City and
solely from the Developer's Project generated during the calendar year.
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c. Payments pursuant to this Section `B(2)" shall cease upon any default by the
Developer of any term or condition set forth in this Redevelopment Agreement or the
Note.
3. In no event shall the total cumulative reimbursements provided for in Paragi _phs 1 and 2 above
exceed, in the aggregate, Four Hundred Forty Thousand and 00/100 Dollars
($440,000.00). Such funds shall be allocated to and when collected shall be received by the
City Treasurer for deposit in a separate account within the Special Tax Allocation Fund for
the Business District designated as the Joseph Urbana Investment, LLC Special Account
("Special Account") and then paid to the Developer as set forth in this Agreement.
4. The Parties agree that the City is relying on the financial ability and wherewithal of the
�i Developer to complete the Project. As signatories to this Redevelopment Agreement, Brad
M. .Joseph and William P. Joseph warrant that all of the information contained in their
I respective personal financial statements provided by them to the City for review is true and
accurate,and that either of them will promptly update the City of any material change in such
financial position(s).
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C. LIMITATION OF INCENTIVES TO DEVELOPER
In no event shall the maximum cumulative reimbursements for the Developer's BDD Eligible Project
is Costs pursuant to Section `B"above exceed Four Hundred Forty Thousand and 00/100 Dollars
($440,000.00) as set forth herein.
D. OBLIGATIONS AND RESPONSIBILITIES OF DEVELOPER
1. The Developer shall timely complete the Project located on the Property. Failure of the
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Developer to timely complete such the Project as set forth herein will result in the denial of
the reimbursements to be otherwise made hereunder.
2. The failure of the Developer to provide any information reasonably required herein after
notice from the City,and the continued failure to provide such information within 30 days to
the City after such notice shall be considered a material 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 forgoing information.
3. The Developer agrees to execute any and all documents necessary to effectuate the provisions
of this Agreement.
E. PAYMENT OF ELIGIBLE PROJECT COSTS
1. To receive the incentives set forth in Section `B" above, the Developer must submit
documentation using the Request for Ven f cation of Eligible Pr eject Costs form attached hereto as
Exhibit 'V"(also referred to as the "Requisition") to provide evidence of all BDD Eligible
Project Costs incurred by it with respect to the Project on or before December 31, 2025.
Satisfactory evidence of such costs shall include verified bills or statements of suppliers,
contractors, or professionals together with mechanic's lien waivers (whether partial or full),
cancelled checks, statements or invoices marked paid fiom each of the parties entitled to
payment with respect to work done for the Project, or other proofs payment for such bills,
I statements, or invoices for such costs. Absent the City's written consent for an extension
provided to the Developer, any costs submitted after December 31, 2025 will not be eligible
for reimbursement.
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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
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I the patties entitled to a payment that is the subject of the Requisition as required by the City.
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3. Any BDD Revenues not required to be paid to the Developer under the terms of Paragraph
"1"above shall be available to the City for any purpose set forth in the TIF Redevelopment
Plan and allowed by the TIF Act.
E 4. The Developer shall use such sums received as reimbursement for BDD Eligible Project Costs
only to the extent permitted by la�v and the BDD Act and may allocate such funds for any
purpose for the terms of this Agreement or the term of the Canton Business Development
District No. 1,whichever is longer.
5. The City's BDD 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
will not be unreasonably withheld. If a Requisition is disapproved by the
the Requisition
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.
6. All BDD Eligible Project Costs approved shall then be paid by the City from the appropriate
Special Tax Allocation Fund to the Developer, or to others as directed by the Developer,
pursuant to the BDD Redevelopment Plan and as allowed by Illinois Law. The City shall pay
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such approved Eligible Project Costs,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.
7. The Parties acknowledge that the determination of Eligible Project Costs, and, therefore,
qualification for reimbursement hereunder are subject to changes or interpretation made by
amendments to the BDD 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 tespcct as to obtaining approval of Eligible
Project Costs.
8. The Developer may submit for prior approval by the City as Verified Eligible Project Costs
under the BDD Act estimates of costs before they are incurred subject to later confirmation
by actual bills.
F. LIMITED OBLIGATION OF CITY
The City's obligation hereunder to reimburse the Developer as stated herein is a limited
obligation to be paid solely from the Canton BDD No. 1 Special Tax Allocation Fund. 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 nor obligate the City to utilize its taxing
authority to fulfill the terms of this Agreement.
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G. 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
j; Developer, not shall the City be obligated to make payments to any contractor, subcontractor,
{{ mechanic,or materialman providing services or materials to the Developer for the Project.
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fr; H.DEFAULT; CURE;REMEDIES
l: In the event of a default under this 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") shall have an action for damages, or in the event damages would not fairly
-defaulting Party's for the Defaulting Party's breach of this Agreement,the Non-
compensate 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 Municipal Sales Tax
Revenues payable under the terms of tlus Agreement.
In the event a Defaulting Party shall fail to perform a monetary covenant which it is required
to perform under this Agreement,it shall not be deemed to be in default under this 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 non-monetary covenant as and when it is required to
r under this 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 allon-defaulting Patty specifying the nature of the
with respect to those non-monetary defaults which are not capable of
default, provided, however,
being cured within such thirty(30) day period,it shall not be deemed to be in default if it commences
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curing within such thirty (30) day period, and thereafter diligently and continuously prosecutes the
cure of such default until the same has been cured.
I.TIME;FORCE MAJEURE
For this Agreement,time is of the essence. The Developer agrees to complete the Project on
or before December 31,2025,subject to extension due to Force Majeure(defined below). Failure to
do so shall be cause for the City to declare the Developer in default and unilaterally terminate the
Agreement after notice and the opportunity to cure as provided in Section `H." 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 the 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 or any other cause beyond the
reasonable control of the Developer or the City.
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J.ASSIGNMENT
The rights (including,but not limited to, the right to payments contemplated by Section `B"
of this Agreement) and obligations (or either of them) of the Developer under this Agreement may
1 only be assignable upon the express written permission of the City in its sole discretion,and provided
that any assignee has the financial capability of undertaking the Project.
k K. PREPAYMENTS
E Should the annual BDD Revenue generated by the Project be sufficient to pay all the
Developer's BDD Eligible Project Costs prior to the expiration of the term of this Agreement, City
may,in its sole discretion,elect to pay all or a portion of the then remaining future reimbursements in
a single lump sum payment.
L.WAIVER
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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.
M. SEVERABILITY
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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.
N.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
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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"i) day from and including the date of posting,if mailed by registered
or certified mail, return receipt requested,with postage prepaid or (iii) the next business day if sent
overnight delivery using a nationally recognized delivery service,addressed as follows:
TO CITY TO DEVELOPER
City of Canton Joseph Urbana Investments,LLC
City Clerk `/o Brad M.Joseph,President
2 N.plain Street 5001 N.University St.
Canton,Illinois 61520 Peoria,IL 61614
Ph: (309) 647-0065 Ph: (309)322-6447
IFitl)cope to 0�BDDAdi)rinistrator• Brad M.Joseph
5001 N.University St.
Jacob&Klein,Ltd.and Peoria,IL 61614
The Economic Development Group,Ltd. Ph: (309)339-6286
1701 Clearwater Avenue
Bloomington,Illinois 61704 William P.Joseph
Ph: (309) 664-7777 10530 N.Osage Ct.
Peoria,IL 61615
with cope to:
Miller,Hall&Triggs,LLC
`/o Christopher D. Oswald,Attorney
416 Main Street,Suite 1125
Peoria,IL 61602
Ph: (309) 671-9600
O. SUCCESSORS IN INTEREST
Subject to the provisions of Section `J"above, this Agreement shall be binding upon and
inure to the benefit of the Parties hereto and their respective successors and assigns.
P.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.
Q. 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
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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,
G 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.
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R. 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.
S. TERM OF THE AGREEMENT
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Notwithstanding anything in this Agreement to the contrary, this Agreement shall expire on
December 31, 2035. The Agreement shall expire sooner upon default by the Developer of this
Agreement or the Note after applicable notice and cure periods.
T. ILLINOIS PREVAILING WAGE ACT
It is the understanding of the Parties that the position of the Illinois Department of Labor(the
"Department") is that the Illinois Prevailing Wage Act does not apply to Sales Tax Reimbursements
received by private developers as reimbursement for private redevelopment project costs. This
position of the Department is stated as an answer to a FAQ section on the Department's website.'
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. seg.), 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.
U. 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. Amendments to this Agreement. Developer and the City agree that they may amend this
�! Agreement at any time by their mutual consent which amendment must be in writing and
executed by the Parties.
3. 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.
4. 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.
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I' 'See online: burs://labor.illinnis.�+oc/.
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5. Choice of Law/Venue: This Agreement shall be governed by and construed in accordance 1
with the laws of the State of Illinois with venue lying in the Circuit Court of Fulton County,
Illinois
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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.
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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 JOSEPH URBANA INVESTMENTS,LLC,
Illinois Municipal Corporatio an Illinois Limited Liability Company
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BY: BY:
ay r Brad M.Joseph,Pr ident
Date: Da e: 12 5'
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BRAD M.JOSEPH,individually j
ATT
STED BY:
BY: CZ
? — Brad M.Joseph
ty Clerk d 1,2
Date:
Date: � /' � �
WILLIAM P.JOSEPH,individuall
BY:
William P.Joseph
Da
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EXHIBITS:
Exhibit 1. Estimated BDD Eligible Project Costs.
Exhibit 2. Application for BDD Benefits as submitted by Joseph Urbana Investments, LLC, and Brad M.
Joseph.
Exhibit 3. Promissory Note.
Exhibit 4.Request for Verification of Eligible Project Costs.
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EXHIBIT 1
PROPERTY DESCRIPTION AND
ESTIMATED BDD ELIGIBLE PROJECT COSTS
Joseph Urbana Investments,LLC,Brad M.Joseph, and William P.Joseph
City of Canton,Fulton County,Illinois / Canton BDD No. 1
Project Description: Developer shall acquire title to real property located within the
Business District at 2073 N. Main St. "Starbucks Site,and based in
part on incentives made available by the City, the Developer shall
proceed to prepare said site for the construction and operation of a
new commercial building for the purpose of locating a Starbucks
Coffee Company facility thereon at a total estimated cost of
$2,195,485.
Property: 2073 N. Main St. "Starbucks Site",Canton,Illinois
PIN 09-08-15-204-009
SECT/LOT: 03 VIAL-MARTS SUBDIVISION -1.00 ACRE-
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i Estimated BDD Eligible Project Costs:
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Professional Fees (e.g.,engineering,architectural,legal,accounting,plans)...............................$150,000
LandAcquisition..................................................................................................................................$235,000
Site Preparation (e.g.,demolition,excavation,leveling&grading)..............................................$200,000
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Construction of new building.........................................................................................................$1,135,485
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Construction or repair of private parldng lot/driveway.................................................................$425,000
Construction or repair of public infrastructure.................................................................................$503000
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Total Estimated BDD Eligible Project Costs t................................................
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i The total,cumulative reimbursement of BDD Funds for BDD Eligible Project Costs payable by the City to the Developer as set forth
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in this Redevelopment Agreement shall not exceed$440,000.00.
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EXHIBIT 2
APPLICATION FOR BDD BENEFITS RELATING TO PRIVATE BDD
ELIGIBLE REDEVELOPMENT PROJECT COSTS
as submitted by
JOSEPH URBANA INVESTMENTS, LLC,THE JOSEPH COMPANIES, INC., BRAD
M.JOSEPH,AND WILLIAM P.JOSEPH
(2073 N. Main St. "Starbucks Site")
(See following pages as attached)
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City of Canton,Illinois
Canton Business Development District(BDD)No.1(maLrrlird-3/ts12022)
City of Canton,Illinois/2 N.Main St.,Canton,IL 61520 Ph:(309)647-0065
APPLICATION FOR REIMBURSEMENT OF
PRIVATE BDD ELIGIBLE REDEVELOPMENT PROJECT COSTS
Applicant Name:Brad Joseph
Applicanthli ingAddress:5001 N University St,Peoria,IL 61614
Applicant Daytime Pltone:309-339-6286 -AppHc-.intEmaBAcidress:bradjoseph@djoseph.com
Subject Property's Sit.Address:2073 N Main St,Canton,IL
Subject Property's Pulton County Property Tax ID#09-08-15-204-009
( Property Owncr Namc(s)if diffctcnt than Applicant:EasyCompany Holdings,LLC(mg r-Randy Klinedinst)
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Type of Property(rbedkalllhalapfity): ACommercial/Retail; ❑Professional Office; ❑ Industrial; El Residential
Anticipated Project Start Date:4/1/2024 and Estimated Project Completion Date: 12/1/2024
I Number of new jobs,if any,that will be created as a result of this Project: Full-thee 5 Part-tine 15
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New annual retail sales anticipated to occur,if any,as a result of the proposed improvements: $1.800,000
Total Projected Investment for Project:$2,195,485 of which$1,810,485 js land/building improvements.
Estimated BDD Eligible Project Costs(rrtladb detailed list and demrililion,as well as Lidr for toulrrnled work):
p 1. Professional fees(e.g.,engineering,architectural,legal,accounting,plans,marketing).....$
150 000
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i 2. Acquisition cost of land and buildings purchased after 3/15/2022...................................... 235,000$
I' 3. Site preparation(e.g.,demolition,excavation,leveling/grading of land)..............................$200,000
� 4. Exterior rehab,repair,remodeling,reconstruction of existing buildings.............................$
0
5. Interior rehab,repair,remodeling,reconstruction of vacant,underutilized space............$0
6. Construction of new building......................................................................................................$_Ll15,485
7. Construction or repair of private parking lot and/or driveway..............................................$425,000
i; 8. Construction or repair of public infrastructure................. ..... ................................$50,000
TOTAL ESTIMATED BDD ELIGIBLE PROJECT COSTS: $2,195,485
FOR CITY USE:
Signed application received by the City of Canton on date•._/_/ by
City Fin,uue Committee lteconunctidaOon: ❑Approved for Amount:$ on date:
Notes/instructions: (aaarb more Mail ar ncrdrd)
❑ Denicd for reason; (allarb mon(felad ar widt)
BDD Application forwarded to City's BDD Administrator on date.
Date of Approved Redevelopment Agreement:_/_/ Verified BDD P.ligible Project Costs: $
Amount reimbursed by City to Applicant:$ by Check No. on date:_/_/
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PLEASE READ THE FOLLOWING REQUIREMENTS CAREFULLY
BDD reimbursements are provided for BDD-cGgible project costs (pursuant to 65 ILCS 5/11-74.3-1 et. ng.as
amended,the "Act') and only for such eligible project costs that are incurred and verified for redevelopment
projects undertaken within the designated BDD No.I Redevelopment Project Area. All BDD Applications are
reviewed by the City's Finance Committee prior to approval of a written redevelopment agreement by the Canton
City Council and all reimbursements by the City are subject to the availability of funds,
1. Only properties located within the Canton Business Development District No.1 Redevelopment Project
Area(the"BDD Area"or"Area")as depicted below are eligible to apply for BDD assistance.To verify a
property is located within the BDD Area,contact the Spoon River Partnership for Economic Development
for assistance; 48 N. Main Street, Canton,IL 61520, Pb: (309) 647-2677; or send email Inquiries to
mspivana cantonillinois.orc,'or visit online at:httus;/hvww.cantonillinois.ore/economic-dnvelopntcnt/.
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Ills Canton Business Dcvclopmenl District No.I(FirstAntendment)
"AVP[I1.61 V12
„_,-• September70,7022A+MmJcd
2. All applicants are to attach a description of the planned Improvements,estimated costs(contractor
bids,if any)of the project,and the project schedule. Conceptual sketches,photographs and drawings
are encouraged. The City reserves the right to request additional information,including,but not limited to,
how the property will be utilized(e.g.,commercial,residential,type of business,etc)after the renovations
are completed.
3. All projects undertaken with BDD Funds must comply with applicable City of Canton design guidelines,
zoning ordinances and building codes.
4. A'1'enant-AppBcant of a building for which the reimbursement of leasehold improvements Is requested
through BDD Funds must provide written consent from the Property Owner for all proposed
Improvements(sec AppendlxA).
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5. The City of Canton reserves the right to accept BDD Applications from those Applicants who undertake
projects the City deems to be compliant with the Act and for projects that the City believes will further
stimulate the type of redevelopment that is consistent with the Canton Business Development District No, I
1 Redevelopment Plan,and Projects. The Canton City Council shall exercise its authority pursuant to the
Act to reimburse private redevelopment project costs in such amounts that are deemed to be in the best
interests of the citizens of the City of Canton.
G. Applicants must,in advance of receiving BDD funds:a)verify that the most recent real estate tax bill(s)
have been paid for the Property;and b)verify BDD eligible project costs in An amount equal to or greater
than the amount approved by the City Council. BDD Funds are paid by the City of Canton to
Applicante:
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A. with whom the City Council has approved a written redevelopment agreement by City
Ordinance;
b. upon completion of the Project and terms of the redevelopment agreement;and
c, following the verification of BDD eligible project costs that have been incurred by the
Applicant—no exceptions, The City's obligation hereunder to pay BDD funds for eligible
project costs is a limited obligation to be paid solely from the Canton BDD No.1 Special Tax
Allocation Fund,unless otherwise specified in the redevelopment agreement.
7. It is the understanding of tie City and the Applicant that the position of the Illinois Department of Labor is
that the Illinois Prevailing Wage Act does not currently apply to sales tax incentives,such as BDD Funds,
that are received by private Developers as reimbursement for BDD Eligible Project Costs.This position of i
die Department of Labor is available online At:)iLtRs:/hv%v%v2.illinois.gov/idol/FAQs/ll-,iges/prevoiling--
wage-faq.aspx#gstl(. Any project costs incurred by the Developer within a public right-of-way or for
which the improvements are intended to be dedicated to the City ate subject to the Prevailing Wage Act.
8, Ali Applications are subject to review by the City Finance Committee prior to City Council Approval.
The undersigned certifies and wartatits that to the best of his/her knowledge the information contained In
and attached to this Application Form is true,correct,and complete and furthermore agrees to the terns
and conditions provided hercht. Nothing contained In this BDD Application shall be construed by the
City or the Applicant or any third person to create the relationship of a partnership,agency,or joint venture
between the City and the Applicant.
Applicant Signature: Date:JL/ Z / Z•�
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❑Applicant is the Owner of Subject Property -W np?/r ,4 A„u Olt
❑Applicant is Tenant of Subject Property for which ApfividixA has been completed acid attached hereto.
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APPENDIX A
APPLICATION FOR REIMBURSEMENT OF
PRIVATE BDD ELIGIBLE REDEVELOPMENT PROJECT COSTS
City of Canton,Illinols/2 N.Main St.,Canton,IL 61520 Ph:(309)647-0065
(Complete loft and bollow portion of Ibis form only f the Applirant is not the Plnper}'Owner)
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TENANT-APPLICANT AFFIDAVIT
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We the undersigned are the Applicant and'i'enent of real Property located at the following address:
(PIN l;
and hereby disclose our intent as Tenant of said Property to incur certain eligible project costs as"Leasehold
Improvements"far which we are requesting the reimbursement from the Canton Dlrrimess Developucent District No.1
Special TaxAlloration Filed,pursuant to the terms and conditions provided herein,
BY: Date:
(Anlhoriged Tenant S&anrrr)
(Print Tenant Name)
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STATE OF ILLINOIS `
COUNTY OF FULTON
I,die undersigned Notary Public,do hereby affirm that personally nppenrcd before me on the_day of
,and signed die above Statement as a free and voluntary net and dced.
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Notay pablie
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PROPERTY OWNER-LANDLORD AFFIDAVIT
As the owner of the above-described real Property,I hereby provide the Tenant my consent to undertake the
proposed"Leasehold Improvements"on the Property,whereby the Tenant shall incur certain eligible project costs
for which the Tenant is requesting reimbursement from the Canton 13rrrinm Dwelopmrent DBlricl No. 1 Special 1i4V
Alloerrtiom Fund pursuant to the terms and conditions provided herein.
iFurthermore,as a signatory to this Application,I do hereby direct the City of Canton to make the BDD grant
payment awarded by the City for this Project payable to the Tenant-Applicant.
BY: Date:
(Autllaixed Propelyy Owwer-Landlord Sigmahrre)
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(Print Property Owner-Landlord Name) i(
STATE OF ILLINOIS
COUNTY OF FULTON
I,the undersigned Notary Public,do hereby n(funi dial personaty a peared before me on the_tiny of
and signed the above Statement as a free and voluntary act and dced, j
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- GRAPHIC SCALE IN FEET N
vequity T,---, an Stecf C 20 40 80
==a m 2071 N Main St- CANTON,IL
��00.0.606W
ID Our Dur start Finish Float
Prec
nstruction
1010 • Signed L01 10d 10d 25NOV24 06DEC24 0 0 .Signed LOI ..
1020 Survey god 20d 09DEC24 07JAN25 0 0 SSurvey:;,::' :•:;
1030 Phase one 29d 2Dd09DEC24 07JAN25 15d 0 :—- one
1040 Soft test 2Dd 20d 09DEC24 07JAN25 15d 0'- »Soils test.:; - ,. -•
1200 BODaPPmvai 20d 20d 09DEC24 07JAN25 0 0 •O�BDOapprovaL'
._. .....................
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1050 Desi n 50% 25d 25d 23OEC24 2&IAN25 0 0 Design 50%
1140 Sign lease 25d 25d 08JAMS tiFE625 0 0
1050 Sbmcapproval an 50% 10d 10d 29JAN25 11 FEB25 0 0 :1 Sbux approval on 50%.
[i Design 100% '
1070 Design 100% 15d i5d 121-'E625 D4MAR25 0 0 :. .._. .
1080 Shvx approval on100% tOd 10dOSMAR25 18MAR25 9d 0 .. �Sbrtta-------:---pproval on 0% ---:.•_.•--•_ _____.._
1090 Bid Permit set 12d 12d OSMAR25 20MAR25 0 0 '"Bid perTH;sct ;
1100 Permit 15d 15d 05MAR25 25MAR25 4d 0 - l�Permit;
1110 Financing 2d 2d 21MAR25 24MAR25 2d D - OFlnancing
1120 Buyout 7d 7d 21MAR25 31 MAR25 0 0 '*Buyout- ••� . '
. .. .
1170 Close on Property 3d 3d 25MAR25 27MAR25 2d 0 1 Close on Pmp�y:
ffllgo .�,en
ge 40d 40d 01APR25 26MAY25 134d 0 t�Vy Package
N 4d 4d 01APR25 04APR25 0 0 IMobS¢e
ILLconstruction shell&side 100d 100d 07APR25 25AU('25 0 D _ _ LL Construction shel&situ
60d 60d 26AUG2S 17NOV25 0 0 -SbuX T1,
siness 10d 1Dd 1BNOV25 01DEC25 0 0 Open for business
Start date ZSNOV24 Early bar
Finish date 01 DEC25 Progress bar
Data date 25NOV24 D.Joseph Construction Critical bar .
Run date . 26NOV24 Starbucks Canton,IL --Summary bar
Q Start milestone point
Page number 1A
0 Primavera rns.Inc- 0 Finish mlestone point
City of Canton BDD
Josephs
1112512024
Estimated BDD Eligible
Cost
1 Professional fees S 150.000
2 Acquisition cost S 235,000
3 Site prep S 200,000
4 Exterior rehab of existing bldg S -
5 Interior rehab of existing bldg S -
6 Construction of new bldg S 1.135.485
7 Construction of parking lot S 425,000
a Construction of infrastucture S 50.000
Total S 2,195,485
Description Construction Costs
General Conditions S 150,000
Surveying $ 10,000
Eatthwoe4fUtili ies S 200.000
Site Concrete S 325,000
t') Building Concrete S 75,000
W Landscaping S 35,000
Fences and gates S 5,000
Masonry S 60,000
Structural Steel S a5,000
Doors S 6,000
Windows S 50,000
Carpentry S 175,000
Exterior Siding S 50,000
Roofing S 85,000
EFTS S 30,000
Painting S 15.000
Signage S 45,000
Plumbing S 35,000
HVAC $ 60,000
Electric S 145.000
Subtotal S 1.641,000
Permits $ 10,000
Testing S 5,000
Design inc in professional fees
Bond not included
Insurance S 15,000
Overhead and Profit 8.50% S 139.485
Total 3 1,11:10,485
EXHIBIT 3
PROMISSORY NOTE
FOR VALUE RECEIVED, Joseph Urbana Investments, LLC, Brad M. Joseph, and
William P. Joseph (collectively, the `Borrower"), promise to pay the City of Canton, Fulton
County, Illinois,an Illinois Municipal Corporation (the "Lender") the principal sum of up to Three
Hundred Thousand Dollars ($300,000.00)with interest accruing on the unpaid principal at the rate
of three percent(3%) per annum. The aforementioned principal sum represents monies loaned by
the Lender to the Borrower for the reimbursement of Borrower's BDD Eligible Costs incurred as a
result of a Redevelopment Project located at 2073 N.Main St."Starbucks Site",Canton,Illinois (PIN
09-08-15-204-009 and the"Property"),within the Redevelopment Project Area and that is the subject
of a Business Development District No. 1 Redevelopment Agreement by and between the City of
Canton and Joseph Urbana Investments, LLC, ��7illiam P. Jospeh, and Brad M. Joseph (the
"Redevelopment Agreement") entered into the 21s`day of January, 2025.
The term of this Promissory Note shall commence on the date the reimbursements provided
for in Section `B"of the Redevelopment Agreement are disbursed to the Borrower and end on the
date that is seven (7)years from the date of such disbursement.
Provided that the Borrower is at all times in compliance with the Redevelopment Agreement
and this Promissory Note,One-Seventh(1/7) of the principal balance of up to$300,000.00,plus any
accrued interest thereon,shall be forgiven by the Lender each year during the term of this Promissory
Note, with the first date of forgiveness being the date that is one (1) year from the date of the
f' disbursement set forth in Section "B"of the Redevelopment Agreement and continuing on said date
of each year thereafter for the term of this Promissory Note. Provided that the Borrower does not
Default or otherwise breach this Promissory Note or the Redevelopment Agreement,the full principal
amount of this Promissory Note,plus any accrued interest thereon,shall be forgiven on the expiration
of this Promissory Note.
P The Borrower shall be deemed in Default of this Promissory Note if the Borrower:
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i. Fails to complete the Project and maintain constant, continuous operation of
the Starbucks Coffee Company facility located on the Property from the time
the Project is complete and continuing for the term of this Agreement.
ii. Fails to annually provide verification of the payment of the real estate taxes for
the property during the term of this Agreement.
iii. Files for bankruptcy or otherwise become insolvent during the term of this
Agreement.
iv. If the Property or any portion thereof becomes the subject of foreclosure
proceedings during the term of this Agreement.
v. Adequate property insurance on the Property is not maintained during the
term of the loan to cover the replacement cost of the completed Project.
vi. Any default by the Borrower/Developer of any term or condition set forth in
the Redevelopment Agreement. As signatories to this Agreement and the
Note, Joseph Urbana Investments, LLC, Brad M. Joseph, and William P.
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Joseph shall be guarantors for the Note and shall be jointly and severally liable
in the event of a default thereof by the Developer. If,during the term of the
Redevelopment Agreement or this Note,the Developer sells or conveys all or i
a portion of the Property, then Joseph Urbana Investments, LLC, Brad M.
Joseph, and William P.Joseph shall remain as guarantors for this Note and
shall be jointly and severally liable in the event of a default thereof by any
assignee or successor of the Developer,unless otherwise agreed to in writing
by the Lender.
In the event the Borrower is in Default under the terms of this Promissory Note or the i
Redevelopment Agreement and does not cure said default or breach on or before the thirtieth (30"') i
day after Lender gives Borrower written notice of Default thereof by personal delivery or certified
mailing, the outstanding principal amount, plus any accrued interest thereon, is immediately due to
the Lender and the Lender shall be entitled to all remedies permitted by law. Notice shall be deemed
given on the date of personal delivery or date of mailing,whichever applies. No delay or failure in i
giving notice of said Default or breach shall constitute a waiver of the right of the Lender to exercise
said right in the event of a subsequent or continuing Default or breach. Furthermore,in the event of
such Default or breach,Borrower promises to reimburse Lender for all collection and/or litigation
costs incurred by the City,including reasonable attorney fees and court costs, whether judgment is
rendered or not.
' As signatory to this Note,Joseph Urbana Investments,LLC,Brad M.Joseph,and William P.
Joseph each guarantees payment of this Promissory Note in the event the Borrower is in default
hereof.
This Promissory Note has been entered into and shall be performed in the City of Canton,
Fulton County,Illinois,and shall be construed in accordance with the laws of the State of Illinois and
any applicable federal statutes or regulations of the United States. Any claims or disputes concerning
this Note shall,at the sole election of the Lender,be adjudicated in Fulton County,Illinois.
CITY BORROWER
CITY OF CANTON, ILLINOIS,an Illinois JOSEPH URBANA INVESTIVIENTS,LLC,
lvlunicip Corporation an Illinois
`L� �ited 1 a•ili Company
_ BY: /
BY: Brad M.Joseph,Presi ent
� ayor
Date: Date: 2
ATTESTED BY: BRAD M.JOSEPH, div'duall
r BY: (�/
Brad M.Joseph
fty Clerk
I Date: .2" 1 "', Z
Date:
WILLIAM P.J SEPH,ind-v ua
BY:
William P.Joseph h-
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EXHIBIT 4
REQUEST FOR VERIFICATION OF ELIGIBLE PROJECT COSTS
(See folloming pager as attached)
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PRIVATE REDEVELOPMENT PROJECT
REQUEST FOR VERIFICATION OF ELIGIBLE PROJECT COSTS
Requisition No.
DeveloperlRequestor name: Date submitted: 1 120
DevelopedRequestor current mailing address:
Developer daytime phone: Email address:
This request for verification or eligible project costs relate to a written Redevelopment Agreement approved on
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by and between and
(MunlcipaGTy) (Developer
Project Name and Site Address:
Property PIN(s)as found on most recent real estate tax bill:
❑ Applicable Tax Increment Financing(rIF)District Name:
❑ Applicable Business Development District(BDD)Name:
This form is a request by the Developer to the Municipality for verification of eligible project costs which may be relied upon by the
Municipality In advance of future disbursements of funds,if any are payable,from the Special Tax Allocation Fund(s)pursuant to the
above referenced Redevelopment Agreement and applicable laws and statutes.The terms used herein shall have the same meanings
as those farms in the Redevelopment Agreement.
I List of Project Costs Incurred Pursuant to the Redevelopment Agreement and Paid by the Developer for which Verification of
Elinibilitv is Hereby Requested: Proof of
fInvoice(s) Payment
Description Amount Paid Attached Attached'
�. $ ❑ ❑
$ ❑ ❑
$ ❑ ❑
l $ ❑ ❑
$ ❑ ❑
1,
$ ❑ ❑
I $ ❑ ❑
Total Amount Requested for Verification of Eligible Costs: $
'Proof of payment may Include:bills,statements,invoices and/or waivers of lien marked as paid,signed,and dated by suppliers,contractors,or
professionals;processed/cancelled check or bank draft payments(i.e.,photocopies of both sides of check);or other proofs payment for costs as
may be requested by the Municipality.This information is to be attached to this form and available for review when submitted.
Page t of 2
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The undersigned hereby certifies and swears under oath that the following statements are true and correct:
t. the items herein provided as the'List of Project Costs Incurred Pursuant to the Redevelopment Agreement and Paid by the
Developerfor which Verification of Eligibility is Hereby Requested'were incurred and/or financed by the Developer as deemed
necessary and in furtherance of the Project,and such materials and or services for which said costs were incurred have been
applied to the Project in accordance with applicable City Codes and requirements of the Redevelopment Agreement,including
Exhibits and amendments,if any,attached thereto:and
2. the Project Costs for which amounts are herein requested for verification of eligibility represent proper redevelopment project
costs as identified in the"Limitation of Incentives to Developer'described in the Redevelopment Agreement,are not duplicated
from any previous Request for Verification of Eligible Project Costs,have been properly recorded on the Developers books,are
set forth herein with invoices and proof of payment attached for all sums for which reimbursement is requested;and
3. the amounts requested and set forth herein are not greater than those necessary to meet obligations due and payable or to
reimburse the Developer for its funds actually paid or advanced for such redevelopment project costs;and
4. the Developer is not in default per the terms of the Redevelopment Agreement,and nothing has occurred to the knowledge of
the Developer that would prevent the performance or fulfillment of its obligations under the Redevelopment Agreement.
I
The undersigned hereby certifies and warrants he/she Is of legal age and that to the best of his/her knowledge the Information contained in and
attached to this Request for Verification of Eligible Project Cosh Is true,correct,and complete and furthermore agrees to the statements and
representations provided herein.Any violation of this oath shall constitute a default of the Redevelopment Agreement and shall because for the
City to unilaterally terminate the Redevelopment Agreement.
BY: DATE:
Developer/Requestor Signature
Print Developer/Requestor Name:
STATE OF ILLINOIS )
)Ss
COUNTY OF )
I,the undersigned Notary Public•do hereby affirm that personally appeared before me on the_day of .20_
end signed the above slatament as a free and voluntary act and deed.
Notary Pa0IFC
f Date of Commisslon Exprry.• / 20
I THIS SECTION FOR MUNICIPAL USE
❑Request reviewed by TlF/BDD Administrator(or the Municipality: Date:_
(nome and title)
❑Request approved by authorized municipal official: Date:_/_ 20_
(nome and title)
i
❑Project reviewed/fnspected by authorized municipal official: Date:_/_/20_
(name and title)
❑Project completed pursuant to Municipal Code Requirements.
❑Project not completed pursuant to Municipal Code Requirements per attached report of authorized municipal official,
i,
RoWaed 10/232024
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