HomeMy WebLinkAboutOrdinance #4501 - Redevelopment Agreement with William Vincent & Carol Vincent 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 15'm DAY OF SEPTEMBER, 2025, ADOPTED ORDINANCE NO. 4501, A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 15TH DAY OF SEPTEMBER,2025.
(SEAT")
:yNDREAj. MITH-WALTERS
ITY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 4 5 01
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
BUSINESS DEVELOPMENT DISTRICT NO. I REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
WILLIAM VINCENT
and
CAROL VINCENT
(82 N. MAIN ST.)
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
ON THE 15TH DAY OF SEPTEMBER,2025.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS,
THIS 15TH DAY OF SEPTEMBER,2025.
EFFECTIVE: SEPTEMBER 15,2025
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ORDINANCE NO. 4501
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
WILLIAM VINCENT
and
CAROL VINCENT
(82 N. Main St.)
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 William Vincent, individually,
and Carol Vincent,individually (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 Business District Redevelopment Agreement shall be effective the date of its approval on
the 15' day of September,2025.
4. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
(The remainder of this 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 15`h day of September,2025.
MAYOR & ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT
Dave Pickel (/
Andra Chamberlin
Patrick Ketcham 1�
Ralph Grimm !�
Greg Gossett ✓
Justin Nelson
John Lovell (�
Angela Hale q/
Kent A.McDowell,Mayor
TOTAL VOTES
APPROVED: Lzf-d WDate / / 2Z-/ 2025
Kent .Mc o ll,Mayor,City of Canton
9 ATTEST: 4 ate: / / I a /2025
rndr(ea J. Smit -Walters, City Clerk, City of Canton
ATTACHMENTS:
1. EXHIBIT A. City of Canton,Illinois Business Development District No. 1 Redevelopment
Agreement by and between the City of Canton and William Vincent and Carol Vincent.
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EXHIBIT A
CITY OF CANTON, ILLINOIS
BUSINESS DEVELOPEMNT DISTRICT NO. 1
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
WILLIAM VINCENT
and
CAROL VINCENT
(82 N. Main St.)
5
CITY OF CANTON, ILLINOIS
BUSINESS DEVELOPMENT DISTRICT NO. 1
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, ILLINOIS
and
WILLIAM VINCENT
and
CAROL VINCENT
(82 N. Main St.)
SEPTEMBER 15, 2025
CITY OF CANTON,ILLINOIS
BUSINESS DEVELOPMENT DISTRICT NO. 1
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON,ILLINOIS
and
WILLIAM VINCENT
and
CAROL VINCENT
(82 N.Main St.)
THIS AGREEMENT (including Exhibits, hereinafter referred to as the "Agreement") is
entered into this 15`h day of September,2025,by the City of Canton(the"City',an Illinois Municipal
Corporation, Fulton County, Illinois, and William Vincent, individually, and Carol Vincent,
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
(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
District by approving Ordinance No. 4307 and further ratified the First Amendment on October 5,
2022 by approving Ordinance No. 4315;and
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
WHEREAS, the Developer has acquired tide to real property located within the Business
District at 82 N.Main St.(PIN 09-08-27-412-004),which is hereinafter referred to as the"Property,"
and based in part on incentives made available by the City, the Developer shall proceed to undertake
exterior and interior rehabilitation,renovations and repairs to the building located on the Property at
a total estimated cost of$200,000(the"Project");and
WHEREAS, as an incentive to undertake the Project, the Developer has requested
reimbursement for a portion of its BDD Eligible Costs as described in Exhibit "I"attached hereto
and as further evidenced by the Developer's Application for Reimbursement of Private BDD Eligible
Redevelopment Project Costs attached hereto as Exhibit"2;"and
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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 BDD incentives for the Project as set forth below;and
WHEREAS, in no event shall cumulative maximum reimbursements for the Developer's
BDD Eligible Project Costs under this Agreement exceed Fifty Thousand and 00/100 Dollars
($50,000.00);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
WHEREAS, the City is entering into this Agreement to induce the Developer to complete
the Project located on the Property.
AGREEMENTS
NOW, THEREFORE, for good and valuable consideration, the receipt of which is
acknowledged,the Parties 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 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
the Act,unless indicated to the contrary.
a. For the purpose of this Agreement, "Business District Revenues" shall be defined
as the City's One Percent(1%)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 "1"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
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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 agrees to complete the Project and verify eligible project costs as required in
Section "E"below on or before April 30, 2026, 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 "I" and Exhibit "2" are completed in
compliance with all applicable ordinances and building codes of the City, the Camino Real
restaurant facility is open and operating, and the eligible project costs have been verified by
the Developer pursuant to Section "E"below.
6. Each of the Parties represents that it has taken all actions necessary to authorize its
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:
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'
an amount not to exceed Twenty-Five Percent (25%) of costs incurred for the Project, or
the sum of Fifty Thousand and 00/100 Dollars ($50,000.00), whichever is less, 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:
a. An amount not to exceed Twenty-Five Percent (25%) of costs incurred for the
Project,or the sum of Fifty Thousand and 00/100 Dollars ($50,000.00),whichever
is less, 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 Fifty Thousand and 00/100 Dollars ($50,000.00) of
BDD Eligible Project Costs pursuant to Section "E"below,whichever occurs later.
b. A separate Promissory Note is attached hereto as Exhibit"3".
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 five (5) years from the date the loan funds are
disbursed to the Developer hereunder.
e. One-fifth(1/5)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
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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 timely complete the Project and maintain constant,
continuous operation of the Camino Real restaurant or a comparable 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.
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.
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, William Vincent, and Carol
Vincent 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 this
Agreement or the Note,the Developer sells or conveys all or a portion of the
Property, then William Vincent, and Carol Vincent 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. In no event shall the total cumulative reimbursements provided for in Paragraph 1 above
exceed, in the aggregate, Fifty Thousand and 00/100 Dollars ($50,000.00). 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 William and Carol Vincent Special Account ("Special Account") and then paid to
the Developer as set forth in this Agreement.
3. The Parties agree that the City is relying on the financial ability and wherewithal of the
Developer to complete the Project. As signatories to this Redevelopment Agreement,William
Vincent and Carol Vincent warrant that all of the information contained herein and in their
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
Costs pursuant to Section `B"above exceed Fifty Thousand and 00/100 Dollars ($50,000.00) 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
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 Verification of Eligible Project Costs form attached hereto as
Exhibit "4"(also referred to as the "Requisition's to provide evidence of all BDD Eligible
Project Costs incurred by it with respect to the Project on or before April 30, 2026.
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 from each of the parties entitled to
payment with respect to work done for the Project, or other proofs payment for such bills,
statements, or invoices for such costs. Absent the City's written consent for an extension
provided to the Developer, any costs submitted after April 30, 2026 will not be eligible for
reimbursement.
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. 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.
4. The Developer shall use such sums received as reimbursement for BDD Eligible Project Costs
only to the extent permitted by law 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.
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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
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.
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
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 respect 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.
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
Developer, nor 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.
H.DEFAULT;CURE;REMEDIES
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
compensate the Non-defaulting Party's for the Defaulting Parry's breach of this 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 Municipal Sales Tax
Revenues payable under the terms of this Agreement.
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In the event a Defaulting Parry 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
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 a Non-defaulting Party specifying the nature of the
default, provided, however, with respect to those non-monetary 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.
I.TIME; FORCE MAJEURE
For this Agreement,time is of the essence. The Developer agrees to complete the Project on
or before April 30,2026, 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 `74." 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.
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
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. PREPAYMENTS
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
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.
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M. 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.
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 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 (31 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 William and Carol Vincent
`/o City Clerk 8036 Gunnery Circle
2 N.Main Street Indianapolis,IN 46278
Canton,Illinois 61520 Ph: (949) 350-8791
Ph: (309) 647-0065
With copy to City BDD Administrator. Vah copy to.
Jacob&Klein,Ltd. and
The Economic Development Group,Ltd.
1701 Clearwater Avenue
Bloomington,Illinois 61704
Ph: (309) 664-7777
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
had against the City, its officers, agents and employees, in excess of any specific sum agreed by the
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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.
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
Notwithstanding anything in this Agreement to the contrary,this Agreement shall expire upon
full release of the loan as described in Exhibit "J"attached hereto. The Agreement shall expire
sooner upon default by the Developer of this Agreement or the Note after applicable notice and cure
periods.
T. II.LINOIS 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.
lSeconhne: '/llalarc.il6nnis.�aic/.
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3. Warranty of�S'gnatories: 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. Counte arts: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.
5. 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
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 WILLIAM VINCENT,in vidual
Illinois I I pal o oration
BY: 11.
BY: C4 % dliam Vincent
Mayo l Z
I Date:
Date
CAROainc
CENT,indiddually
ATT ED BY: BY:
aent
erk / / ry 1r � 1
Date:
1[--! b `25. Date 1
EXHIBITS:
Exhibit 1. Estimated BDD Eligible Project Costs.
Exhibit 2.Applicadon for BDD Benefits as submitted by%Klilliam Vincent,and Carol Vincent.
Exhibit 3. Promissory Note.
Exhibit 4.Request for Verification of Eligible Project Costs.
11
t
EXHIBIT 1
PROPERTY DESCRIPTION AND
ESTIMATED BDD ELIGIBLE PROJECT COSTS
William Vincent and Carol Vincent
City of Canton, Fulton County, Illinois / Canton BDD No. 1
Project Description: Developer shall proceed to undertake exterior and interior
rehabilitation, renovations and repairs to the building located on the
Property at a total estimated cost of$200,000.
Property: 82 N. Main St.,Canton,Illinois
PIN 09-08-27-412-004 / SECT/LOT: 15 JONES FIRST
ADDITION BEGSWINTSCNMAIN WCHEST S 33 1 2 W TO
ALLEY N 37 M OR L E TO POB
P—Wv 09-08-27 412.004
UNTOt.•
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4 �- CANSOk:Lc15=0
` 0503-27-112-005 ADS Ok
3'C 5S S N
�=e5T5 33 33 1?::70AL=v
�81.27-lt\2G0, -
)9-08 N.412-0s N37f:'03LE-0P03
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06
49 08 !1• 007 ---
Estimated BDD Eligible Project Costs:
Exterior building improvements (material and contracted labor).................. $34,693
Interior building improvements (material and contracted labor).........................................................$165,307
Total Estimated BDD Eligible Project Costs....................................................
NOTE: The total, cumulative reimbursement of BDD Funds for BDD Eligible Project Costs payable by
the City to the Developer as set forth in this Redevelopment Agreement shall not exceed $50,000.00.
Appliances such as washers and dryers shall not be eligible for reimbursement with BDD funds.
12
EXHIBIT 2
APPLICATION FOR BDD BENEFITS RELATING TO PRIVATE BDD
ELIGIBLE REDEVELOPMENT PROJECT COSTS
as submitted by
WILLIAM VINCENT and CAROL VINCENT
(82 N. Main St.)
(See follasving pager as attached)
13
City of Canton,Illinois
Canton Business Development District(BDD)No.1 rrau„rra nsrmzz�
City of Canton,Illinois/7 N.Main St.,Canton,IL 61520 Ph:(309)647-0065
APPLICATION FOR REIMBURSEMENT OF
PRIVATE BDD ELIGIBLE REDEVELOPMENT PROJECT COSTS
Applicant dame:(1'[d CAM applicant`ailinglddres�.7 � C�'f1(�P�t)Cif ,G �� V&�trn_ its —E A (}k
-77
9
Applicant Da}vmePh ( _g,Qj \opjcsntEmailAddrassCQTAoACr jI,7
Subject Property's Site Address: ZOA ManS Rn n - J1 Lo I JQ a
Subfea
t
Property's Fulton County Property Tax ID# C)9 —n 5t —Z 7 —Y/ 2
I
Property Chvner Name(s)If different than Applican•:SYQ f'n
Type of Propem(conk aBtbai dAji!i}. ❑Commcrctd'Retail; ❑Pmfessuvial Offue; ❑ [ndustnal;)(Res,derda!
Anticipaccd Project Stet Date: and Estimated Project Completion Dam. I �
INumber of new jobs,if anv,that will be created as a result of this Project: Full-time Part-time 2
I
Ne,annual retal sales andcipated to occur,if any',as a result of the proposed imptovemenrs: S
To;a1 Pro crud Investment for Project:Snf which Sy`11s land/bolding improvements.
Estimated BDD Eligible Project Costs(attar)deWkd list and dercmPtren,ar AV/!as bidr ferrontrarted amrk):
Professional fees.' engineering,arctutecrural,legal,accounting,plans,marketing .-..-5
?. Acquisidon cost of land and buildings purchased after 3/13/2022........_...........................5
3. Site preparation(e;g.,demolition,excavation,lcveung/grading of land...................._..._....5
4. Ecterior rehab,repair,remodeling„reconstruction of existing
i. Interior rehab,repair,remodeling,reconstruction of cacanc,uaderuti!ized spire...........5�7
i
6- Construction of new building................................................................................... .�_... _3
i
7 Construction or repair of ptivuc puking lot and/or dnvew-2t..................................._.......i
i
t
S. Construction or repair of public infrastructure........._.
I
TOTAL ESTIMATED BDD ELIGIBLE PROJECT COSTS:.................................
FOR UTF LSE: !
5�;,:ad xvpccanon receiver 7c•bc Cite tit Car:�r n❑ca:r-- i
Ctrs F.•Arc-.C,,=.i:rcc
I
Xurc.i.::xtn:a:aa,. __ ar.:. ar•;.+.,ter.. .;rA, l
I
BD!) rnnvarded ro r_.�-'c 3DD 1r^r.i--r
Doc.:\ P , _d Radccaucrn nz \tr a-cr _ __ -.:ec BDD Es~^ie F.Occ:Ctst;: S
\r,:r,uor rcirr.bcrscl�v CGi'tt: n dace'
r
•I'
14
PLEASE READ THE FOLLOWING REQUIREMENTS CAREFULI Y
BDD reimbursements are provided for BDD-eligible project costs (ptusuant to 65 ILCS -)%'1 -13-1 et. try. as
amended, the "Act") and only for such eligible project costs that are incurred and verified for redevelopment
ptolecss undertaken within the designated BDD No. I Redevelopment Project Area. AD ADD Applacanons are
rcvttwed by cite CirVs I.tttance Committee pnor to approval of a wrinen redevelopment agreement by the Canton
Citt•Couned and all tetrrnbutsemem:-b}•the Cary are subtec to the availability of funds.
I Oniv properties located within the Canton Business Developrnent Dsstdct No I Redevelopment Project
Area(the"BDD Area"or"Ara' as departed below are eligible to apply for BDD assurance To verify a
property•is located within the the BDD Area,contact the Spoon River Pai o mt
mership for Ecnne Devc.opment
for ussstance: 48 N. \fun Street. Cantos, IL 615?A; Ph: ('iU 647-2677; or sr-id email inquiries to
mspivaAcantt>nanois.ot¢,oc visit online ar:hh1Ws://wwvw cantonWinois orv/econotrue-deceknpment/.
7
, ar
i
Ott l.mtan F3osus.:Dcvdopn:er!JV,tu<t No.�iFirst.lmantirt.tn: _
IS
2 All applicants are to attach a description of the planted improverents,estimated costs(contractor
bids,if arty)of the project,and the project schedule. Conceptual sketches,pttotugtaphs and drawings
arc encourager The Can•resen e>'he right to tequest additional information,including,but not!united tu,
him-the pnapern will be uulucd,e.g..commercial,residential,n-pe of business;etc)after tl,c renova:rons
are completed.
3. All projects undertaken with BDD Funds must comply with applicable Gty of Canton design guidelines,
iooiug ordinances and btdlding codes
a. A -C enarrt-Applicant of a budding for which the reimbursement of leasehold improvements is requested
tiuougi BDD prods muss: provide written consent from the Ptoperr: Owner for all proposed
mtprovements(see Appendiv A).
•2-
15
15. The City of Canton reserves the right to accept BDD Appaeations from those Applicants who undertake
eprojects the Cin'deems to be compliant with the Act and for projecrs that the Cif beLeves will further
stimulate the ripe of redevelopment-hat is consistent with the Canton Business Devclopmcnt District Nu. i
I Redevelopment Plan,and Projects. The Canton City Council shall eSerCise its authotity pursuant to the
Act m reimburse private redevelopment project costs in u,eh amounts that au deemed to be in the bc:r
interests of the citizens of the City of Carron.
1 5. AppGcana must,in advance of receiving BDD funds:a)verity that the most recent real estate ua bill(s)
have been paid for the Prupert);and b) verify BDD eligible project costs in an amount equal to ur greater
man the amount approved by the City CnUntil, BDD Funds are paid by the City of Canton to
Applicants:
a. with whom the City Council has approved a written redevelopment agreement bry 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
j Applicant — no exceptions. The City's obligation hereunder to pay BDD funds for eligible
I project costs is a limited obligation to be paid solely from the Canton BDD No. 1 Special Tax
Mucation fund,unless otherwise specified in the redevelopment agraement.
l7. It is the understanding of the Cin-and t:ie App';icanr that the position of the Illinois Department of Labor is
rhsu the Illtr is Prevailing W"agc.let does nor currently apply to sales ta.incentives,such as BDD Funds, `
rhat are received by private Developers as reimbursement for BDD Eligible Project Costs.This position of I
the Department of Labor is available online au
ts incurred b% the• Developer within a public nghouf-wry or for
\tic project cos
which the imprutemcnts arc intended to bt:dedicated to the Cin,ate subject to the Prevailing Wage Act.
R. All Rpplicat!nns are suhjecr to review by the Cin-Finance Committee print to City-Council approval
The undersigned certifies and warrants 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 terms
and conditions provided herein_ 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.
\pplicanr Signarure. ;�A` LAY I!'L[ Date:
0;L—\ppltcan:i,the Owner WSubject Prnpert:
:1 Applicanr is Tenant of Subject Propertl for which.4pprudiv.-I has been completed and attached hereto. `
I
i
I
I
i
1
16
i_
82 Main St
Canton, IL 61520 LABOR EXPENSE
MATERIAL
EXPENSES BILLY JAMES DAVID
Exterior
Address large boarded up windows lest 53,500) Restaurant
Resolve restaurant lea■nit grease exhaust far leakage Restaurant
Restaurant Awning 5 7,000
Awring sjppert backboard S 350 5 300
Rep'•ace or paint all damaged ertenor doors and hardware 5 450 $ 100 S 400
Replace/repair all extenur wood with exterior grade material $ 800 5 300
Ensure exterior doors have thresholds and weathe•shields $ _,CW $ 175
Concrete step side entra^ce $ 400 5 300 5 200
New mail boxes $ 268 $ 50
Roof resurfaced $ 15,000 5 3,000
New A/C for restaurant($2.500 split with Scott) $ 2,500
Instal Exterior transmwindow S 125
buy and paint new Awning backboard S 250 5 25
dumpstcrs 5 1.500
Total Exterior
S 34,693
MATERIAL
Interior Common areas 1 EXPENSES BILLY JAMES DAVID
Stairs leve ed,cleaned,and painted $ 200 $ 600
finish piaster and drywah repairs in common areas and stairs $ B00 5 1,600
Repair/replace damaged and m,ssmit door trim 5 500 5 1,000
Repair ceiling damage caused ny roofers 5 1,500 $ 1100C
Pant main hallway S 700 $ 1,00C
instau new lightin in s•.a,rways and main hall 5 575 5 2.50C
ins-a I small lignt outside each appt $ 300 S 750
New numbers on each poor 5 SO $ 100
repair.hat!way floors 5 2.000 S 1.500
install new halway Flooring $ 2,200 $ 1.50C
insatl security cameras $ 1,3C0 5 1,O00
Create sitting area in hailway(iighting,cnairs and tables) S 500 $ 300
Replace ceiling tiles $ :00
replace interior doors 5 700
repair/replace n6inents $ 500
rekev acts 5 160
fire alarms and security 5 1,800
extinguishers 5 33'
lame's Quote for his work S 3.60C
MATERUiL
Laundry EXPENSES BILLY JAMES I DAVID
Washers 5 2,000 $ 200
Dryers 5 2,000 5 200
Cabinents 5 400 $ 400
Eletncal 5 1,000 S "SC()
PI,rmbing 5 800 5 1,250
drywall $ SW $ 1,000
caintirg 5 30D 5 500
floor ($1.50/sq f0 5 1.SW 5 500
New Doors and locks 5 400 S 350
venong $ 400 $ 600
',water heater S 560 5 3W
total Interior S 20,725 S 4,191 S 3,600 S 19,650
S 48,166
17
82 MAIN STREET APARTMENTS
46 sr tl8 a^ a10
Kmmb .r.rrwn L.bol Done o��u tabor Dnec labor DOI .,bur Uone Labar D-e
>i raffRtM aMr 250 400 ,r SO Ion % 250 900 5n 70n X ADO 500
Evaluate a9 r for leaks and staas too too % 100 100 % 100
Repair tat or tom 300 ISO 300 ISO % 3DO ISO 3n0 ISO % 300 150
Replace N broken win atswe the m se mead 300 200 3Dn 200 300 200 300 200 700 SOO
stepisatall dw or ml W*"iw door, 1%0 SO ISO SO ISO 50 % 300 200
papal,car can cabinet doors,drawers and hardware 400 300 NEW 200 IOD % 200 Ion NEW IGO 5o NEW 75 2D NEW
A a9 broken et 900 50 NEW 650 SO % 90O SO NEW 500 50 NEW 900 SD NEW
R apG Rear soft sublloorin 1200 EDO Ilan R00 % 1700 Roo 1100 90n NEW 1500 100 NEW
R holes and mks wn9 200 100 2DO 100 % 200 100 ISO 400 %%X 100 300
task"ON chictla al Outlets a"In fah work Order 75 200 75 200 % 75 200 75 200 % 100 30D
Fmu"all apb a""aeatd rNh maw hardwre/►[FrksOlfS too 25 100 2S too 25 300 2S % inn 75
Ensure all units have smoke and carbon memedde detaclat 7•i 2% 7S 25 % 75 IS 75 25 % 75 25
ensure a9 knot have 11"er M In kMtben 30 30 30 30 % 30
check and 0 plumbingISO 5SO ISO 550 % 150 SSD 150 550 % tan 400
usaffade pattuoean M9ah and ranl9at 200 1o0 200 100 X 20D too 300 100 % SDD 250
untlN new al 375 100 375 ]00 X 375 100 375 )00 % 250 lOD
lyaw o,"„wleied slrowet/kerh 250 350 400 zoo % 250 ISO 300 )sn % 400 Soo
►atrs FRclren cnbMn4 SO 100 % 50 100 ><
Remove drape ua4 drywall
%
Remove tensor on wall and dmMN repairs
pall bath 50 Ion s0 too X 50 100 50 Ion %
Instill view bath window
custainsadded 100 2S Ian 25 % too 2S 300 25 X 100 2S
Main lament construction dCWI out Ion San % % 30n 200
Remove and septic*sollsd rub Room
Install leaded stallOa Isom wind— — -'—
alstMeioWs, 0114E►AIR 7S 100 100 300 % 75 too X ion 2DD
wall hralecs Installed ISO SO ISO 50 % 150 50 400 301)
Nme door on utility doset(bitold
30n 1000
sun new electric tints for I is and fans
instill new kitchen cabineats w/new salt and faueet 400 ISO 400 IV) 1 125 SO X 750 qOD
9ulld slew interim walls,rooms,w4ndows 1 OD0 2 S110
Move building rlrr tr lral hoses 500 500
IOTAI TOTAL TOTAL AL TOTAL
S 6,030 S 41215 $ 10.235 S 4.75S S ).375 15 9,130 S 5.510 S 3.SY%IS 9,0S5 S a.490 S 3.425 IS 7,90S S 9,71110 S 9,194 S 11.475
82 MAIN STREET APARTMENTS
CANTON, IL 61520
NS a2 N3 M4 p5
Apartments a 1-Al labor Done a 1-11 Labor Durso Lahnr Donn labor Doer labor Done
Scni chiplarg parfates,resurface,and perm 750 2000 2SO Soo X 250 400 400 Soo X
Ewksate all mortip for kris and stains 200 X 200 X too too X
Repair cel platter and/or dks SOD 1000 100 130 X 300 ISO 300 ISO K
Re ace all broken w:ndows/assure they act sealadhNmmed 3SOO 2000 300 200 200
eeploce ap darneritend or ur"Ong Interior doors 450 100 X X 4SO ISO X
Repok or retabuce a0 tabiner doers drown and held— 650 SOD X NEW 400 300 NEW 75 20 NEW
Re ah re lax all boon appliances S110 50 X 900 SO 450 S0 NEW 900 50 NEW 600 SO NEW
Repairrr lane all darned Oaurin W)CIUding soft subilloollng 2400 10001 NEW 1200 Boo 11100 1000 NEW 1200 Soo 1500 2000 NEW
Repair holes and missIng waV d all Inc.higher ceilings) 1500 SO(lo X X 200 100 5o SO X
Ensure all electrical outlets are In safe working order ISO 350 X 75 200 400 X 75 200 30 too X
Ensure all apts are rekeyed with new hardware/PEEPHOLES 50 2 20 25 X too 75 X
Ensure all units have smoke and carbon moaixide detactort 75 2S 7S 25 X X 75 25 7S 25 X
ensure all units have fire esd ukhers In kitchrn 30 0 3D 30 X 3n 30 X
Check and repair damaged plumbing125 300 75 100 X ISO SSO X ISO 550 7S ISO X
upgrade bathroom toilets and vanities son 100 235 210 X ISO too X 200 100 275 260 X
Install newcdli II his/fans 750 2SD 30 5o X 750 so X 150 too 475 330 X
Newor remodeled shower/bath 300 3D0 200 300 NEW SD 0 X 250 ISO X
l kitchen obinents 7S _ 45 too X
Remove drop ce0i Install d aD
Remove texture nn walls aM d an re airs
alnt bath 50 100 X 25 10O 50 100 SO X
Install new bath window 100 300 X 100 100
hilnds/curtains added 250 100 100 150 250 X 50 25 100 25
Haul tenant construcflon debris out 250 ISO SO 250 X 31O X
Remove and replace soiled sub floor X
Install leaded lass transom window Ion 200 X
Install cksets(OR REPAIR), So 10EIAL
too 100 75 100 Ina IOO X
weal heaters Installed 150 5o 150 5o 1%0 50 15D SO
New door on utlBty dosetlbifoid)
run new alectrle lines for lights and lam 100 too
Install new kNchencabinent,w/new sink end faucet Soo 100 100 ISO New 300 ISO 750 900
J.—labor 2500
MISC Ubor and materials 2756
TOTAL TOTAL TafAL ITOTAL
fUfRl S 15,161 S 9L97S If g 36 S 3,960 S I.92S $ 7,IIA9 S 3,675 7,715 $ 0,400 S S,7SS S 4,ISO f ilms S 5,430 S am![ 9 13,795
ESTIMATED PROJECT COST
Total for rehab an all 10 apartments: S 117,143
Total for rehab on cllterlor BMWs: f 34,693
ToMl for rehab on common nMas: S M,166
Gland Total $ 200,000
EXHIBIT 3
PROMISSORY NOTE
FOR VALUE RECEIVED, William Vincent and Carol Vincent (collectively, the
`Borrower"), promise to pay the City of Canton, Fulton County, Illinois, an Illinois Municipal
Corporation (the "Lender's the principal sum of up to Fifty Thousand Dollars ($50,000.00) 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 82 N. Main St., Canton, Illinois (PIN 09-08-27-412-004 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 William Vincent and Carol
Vincent (the"Redevelopment Agreement") entered into the 15`h day of September,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 five (5) 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-fifth (1/5) of the principal balance of up to $50,000.00, 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
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.
The Borrower shall be deemed in Default of this Promissory Note if the Borrower:
i. Fails to timely complete the Project and maintain constant, continuous
operation of the Camino Real restaurant or a comparable 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,William Vincent and Carol Vincent shall be guarantors for the Note and
20
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 a portion of the Property,then William
Vincent and Carol Vincent 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
Redevelopment Agreement and does not cure said default or breach on or before the thirtieth (30')
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
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,William Vincent and Carol Vincent 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 WILLIAM VINCENT,individually
Municipal Corporation
BY:
William Vincent
BY:
Mayor Date:
Date:
ATTESTED BY:
CAROL VINCENT,individually
BY:
City Clerk Carol Vincent
Date:
Date:
ZI
EXHIBIT 4
PRIVATE REDEVELOPMENT PROJECT
REQUEST FOR VERIFICATION OF ELIGIBLE PROJECT COSTS
Requisition No
Developer/Requestor name: Date submitted: / /20_
Developer/Requestor mailing address:
Developer daytime phone: Email address:
This request for verification of eligible project costs relate to a written Redevelopment Agreement approved on
/ /20 by and between and
(Municipality) (Developer)
Project Name and Site Address:
Property PIN(s) as found on most recent real estate tax bill.
❑ Applicable Tax Increment Financing(TIF) 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 terms in the Redevelopment Agreement.
List of Project Costs Incurred Pursuant to the Redevelopment Agreement and Paid by the Developer for which Verification
of Eligibility is Hereby Requested:
Proof of '
Involee(s) Payment
Description Amount Paid Attached Attached'
- $ ❑
$ I ❑
$ G ❑
$ ❑
$ -
$ ❑
$ ❑ C
$
Total Amount Requested for Verification of Eligible Costs: $
The undersigned hereby certifies and swears under oath that the following statements are true and correct:
1. the items herein provided as the "List of Project Costs Incurred Pursuant to the Redevelopment Agreement
and Paid by the Developer for which Verification of Eligibility is Hereby Requested"were incurred and/or
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.
22
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 Developer's 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.
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 Costs 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 be cause for the City to unilaterally terminate the Redevelopment Agreement.
BY: _ DAJE: —
Developer/Requestor Signature
Print Developer/Requester Name:
STATE OF ILLINOIS I
)SS
COUNTY OF I
1,the undersigned Notary Public,do hereby affirm that personally appeared before me on the day of
20 .and signed the above statement as a free and voluntary act and deed
Notary Public
Date of Commission Expiry: / 120
Revised 11/12/2024
THIS SECTION FOR MUNICIPAL USE
❑ Request reviewed by TIF/BDD Administrator for the Municipality: _ Date:__/— ___J20
(name and title)
❑ Request approved by authorized municipal official: __ _ —Date: / J20_.
(name and title)
❑ Project reviewed/inspected 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.
23