HomeMy WebLinkAboutOrdinance #4516 - BDD Redevelopment Agreement with William Vincent and Carol Vincent ( 82 N. Main St.) 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 2�D DAY OF DECEMBER,2025 ADOPTED ORDINANCE NO. 4516 ,A TRUE
AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 2ND DAY OF DECEMBER,2025.
(SEAL)
tIDRI�Aj. MITH-WALTERS
Y CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 4516
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION
OF THE FIRST AMENDMENT TO
BUSINESS DEVELOPMENT DISTRICT (BDD)NO. 1
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 2ND DAY OF DECEMBER, 2025.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS,
THIS 2ND DAY OF DECEMBER, 2025.
EFFECTIVE: DECEMBER 2,2025
ORDINANCE NO. 4516
CITY OF CANTON, ILLINOIS
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF THE FIRST AMENDMENT TO A
BUSINESS DEVELOPMENT DISTRICT (BDD) 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 First Amendment to a BDD 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 First Amendment to City of Canton BDD 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
said Redevelopment Agreement 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 September 30,2026.
4. The Redevelopment Agreement shall be effective the date of its approval on the 2"d day of
December, 2025.
5. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
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PASSED APPROVED AND ADOPTED by the Mayor and City Council of the City of
Canton this 2❑d day of December, 2025.
MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT
x
David Pickel
x
Andra Chamberlin
x
Patrick Ketchum
x
Ralph Grimm
x
Greg Gossett
x
Justin Nelson
x
John Lovell
x
Angela Hale
x
Kent A. McDowell,Mayor
TOTAL VOTES 8
APPROVED: Date / 2025
Ke t AA4cEowell,Mayor, City of Canton
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ATTEST: - Date: _h:�-/ --y—/2025
14nea Smith-Walters, City Clerk, City of Canton
ATTACHMENT:
1. EXHIBIT A. First Amendment to BDD Redevelopment Agreement by and between the
City of Canton and William Vincent and Carol Vincent (82 N. Main St.).
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EXHIBIT A.
CITY OF CANTON, ILLINOIS
FIRST AMENDMENT TO A
BUSINESS DEVELOPMENT DISTRICT (BDD) NO. 1
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, ILLINOIS
and
WILLIAM VINCENT AND CAROL VINCENT
(82 N. MAIN ST.)
THIS FIRST AMENDMENT (including Exhibits, hereinafter referred to as the
"Agreement as amended")is entered into this 2'day of December,2025,by and between the City of
Canton (the "City', an Illinois Municipal Corporation, Fulton County, Illinois, and William
Vincent,individually,and Carol Vincent,individually(collectively the"Developer").Hereinafter the
City and the Developer, for convenience,may collectively be referred to as the"Parties.".
PREAMBLE
WHEREAS, the City has the authority to promote the health, safety,and welfare of the City
and its citizens and to 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 seg.), 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 title 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, pursuant to the BDD 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
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eligible business district project costs;and
WHEREAS,on September 15,2025,the City approved Ordinance No. 4501 and executed a
Redevelopment Agreement (the "Redevelopment Agreement"), wherein the City agreed to extend
BDD incentives to the Developer for the reimbursement of certain eligible project costs to be incurred
by the Developer on property located 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, the Parties hereby agree to Amend the Redevelopment Agreement as set forth
below.
AMENDMENT
NOW, THEREFORE, for good and valuable consideration, the receipt of which is
acknowledged,the Parties agree as follows:
A. AMENDMENT TO SECTION "A. PRELIMINARY STATEMENTS"
Section A(4) of the Redevelopment Agreement shall be deleted in its entirety and replaced with the
following:
1. The Developer agrees to complete the Project and verify eligible project costs as required in
Section "E"below on or before September 30,2026, subject to exception of Force
Majeure as described in Section `I"of this Agreement as herein amended.
B.AMENDMENT TO SECTION"B. INCENTIVES"
Section B(4)shall be inserted by this First Amendment to the Agreement as follows:
4. In the event the current lease by and between the Developer and the operator of the Camino
Real(current commercial tenant) terminates and the business vacates the building during the
term of this Agreement,the Developer shall be deemed to be in compliance with Section B(e)(i)
if a new lease is secured by the Developer with a tenant who is operating a comparable sales-
tax generating retail-restaurant business in the building within one-hundred twenty (120)
days following said termination of the current lease.
C. AMENDMENT TO
SECTION "E. PAYMENT OF ELIGIBLE PROJECT COSTS"
Section E(1) of the Redevelopment Agreement shall be deleted in its entirety and replaced with the
following:
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'D to provide evidence of all BDD Eligible
Project Costs incurred by it with respect to the Project on or before September 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),
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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, including initial remedial BDD eligible repairs and
renovation costs incurred for this Project on or after September 12,2024. Absent the City's
written consent for an extension provided to the Developer, any costs submitted after
September 30,2026,will not be eligible for reimbursement.
Section E(1)(a)is hereby added to the Redevelopment Agreement by this First Amendment:
a. Absent the City's written consent for an extension provided to the Developer, any
costs submitted after September 30, 2026, will not be eligible for reimbursement.
Upon receiving written request from the Developer on or before September 30,2026,
the Mayor may grant to the Developer one extension of up to forty-five (45) days to
complete the Project and comply with Section "E(1)"as amended above.
D. AMENDMENT TO
SECTION "I.TIME;FORCE MAJEURE"
Section I of the Redevelopment Agreement shall be deleted in its entirety and replaced with the
following:
For this Agreement,time is of the essence. The Developer agrees to complete the Project on
or before September 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 `7T"of the Redevelopment
Agreement. However,the Developer and the City shall not be deemed in default with respect to any
obligations of this Agreement on its part to be performed if the Developer or 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.
E. AMENDMENT TO
"EXHIBIT 3 PROMISSORY NOTE"
Exhibit 3 `Pmmissog Note"of the Redevelopment Agreement shall be deleted in its entirety and
replaced with "Exhibit I"attached hereto.
F. PRIOR AGREEMENT TERMS APPLY
All terms of the Redevelopment Agreement and any Exhibits attached thereto shall apply to this First
Amendment and remain effective unless specifically modified by this First Amendment to the
Redevelopment Agreement.
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THIS FIRST AMENDMENI'TO THE REDEVELOPMENT 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 Cite of Canton, Illinois.
CITY ( DEVELOPER
CITY OF CANTON, ILLINOIS,an Illinois WILLIAM VINCENT,individual
:Municipal Corporation +
BY-
�� '--w
William Vincent
B1':
K1a�•or J
Datc: /� ''-a� Date:
ATTESTED BY: CAROL VINCENT, individual]?
� c
r
BY:
its Clerk Carol Vincent ..
Date: /4Z -5-01S Date:
EXHIBIT 1.ATTACHED: Promisson- Note as emended
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EXHIBIT 1
PROMISSORY NOTE AS AMENDED
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' 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' day of September, 2025 and
Amended on the 2'day of December,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. Subject to Section B(4)of the Agreement as amended,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
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_ �.
I
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 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`h)
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 conccrning
this Note shall,at the sole election of the Lender,be adjudicated in Fulton County,Illinois.
CITY BORROWER
CITY OF CANTON,ILLINOIS,an Illinois WILL VINCENT,indi dually
Municipal Corporation '
BY:
am Vincent 7
BY. ��a --
ND
May ate: �� G
l 5 Date:
ATTESTED BY:
CARO NCEN vi8ualk-
BY: Ca 1 mt / j
Clerk
Date: A
Date:
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