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Ordinance #2052
a 1 ORDINANCE NO. aO5 ~ CITY OF CANTON, ILLINOIS AN ORDINANCE TO APPROVE THE FIRST AMENDMENT TO THE REDEVELOPMENT PLAN AND PROJECTS FOR THE CANTON INTERNATIONAL HARVESTER SITE PROJECT AREA TAX INCREMENT FINANCING DISTRICT ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 22"d DAY OF NOVEMBER, 2011. ORDINANCE NO. ~ V-~ ~'' CITY OF CANTON, FULTON COUNTY, ILLINOIS AN ORDINANCE TO APPROVE THE FIRST AMENDMENT TO THE REDEVELOPMENT PLAN AND PROJECTS for the CANTON INTERNATIONAL HARVESTER SITE PROJECT AREA TAX INCREMENT FINANCING DISTRICT PREAMBLE WHEREAS, the statutes of the State of Illinois by the "Tax Increment Allocation Redevelopment Act", 65 ILCS 5/ 11-74.4'-1 et.req., as amended, hereinafter referred to as the "TIF Act", provide for municipalities to create within their corporate boundaries tax increment financing redevelopment areas and to amend such areas; and WHEREAS, the City of Canton, Fulton County, Illinois (the "City") by its duly elected Mayor and City Council heretofore adopted a Redevelopment Plan and Projects; designated a Redevelopment Project Area; and adopted Tax Increment Financing pursuant to the TIF Act known as the City of Canton International Harvester (IH) Site Project Area Tax Increment Financing District (the "Canton IH TIF District") on the 6`" day of July, A.D., 2004; and WHEREAS, the City desires to further implement tax increment financing pursuant to the TIF Act by amending the Canton IH TIF District Redevelopment Plan and Projects (First Amendment) to add public and private projects and increase the total estimated redevelopment project costs set out in the Redevelopment Plan; and WHEREAS, the First Amendment increases the total estimated Redevelopment Project Costs set out in the Original 2004 Redevelopment Plan by no more than 5% after adjustment for inflation from the date the plan was adopted through the remaining life of the TIF District as permitted by Section 5/11-74.4-5(c) of the TIF Act; and WHEREAS, the First Amendment hereby renames the "International Harvester Site Project Area" as "Canton 1 -Downtown/5th Avenue TIF District" and shall be hereinafter referred to as the "Canton TIF District I"; and WHEREAS, subsequent to the formation of the Canton IH TIF District, the City entered into Redevelopment Agreements to assist in the private redevelopment of properties within the Redevelopment Project Area for the benefit of the citizens of the City; and WHEREAS, the City has also developed public projects within the Redevelopment Project Area for the benefit of the citizens of the City; and WHEREAS, the City has entered into agreements for the administration of the Redevelopment Plan and Projects; and WHEREAS, the City wishes to ratify, confirm and incorporate all private redevelopment agreements, public projects, and other eligible redevelopment projects and costs into the TIF Plan and Projects for the Canton IH TIF District and, to the extent required by the Act, to amend and incorporate them in the TIF Plan and Projects of the Canton IH TIF District; and WHEREAS, the First Amendment to the Redevelopment Plan and Projects as set forth does not alter the exterior boundary or add additional parcels of property to the Redevelopment Project Area; substantially affect the general land uses proposed in the Redevelopment Plan; or increase the number of inhabited residential units to be displaced from the Redevelopment Project Area to a total of more than 10 units; and WHEREAS, subsequent to amending the Canton IH TIF District, the City may also create other TIF Districts which are contiguous to the original TIF District and it is contemplated in each of these TIF Districts that eligible redevelopment costs in those TIF Districts may be paid or reimbursed from increment generated within the original TIF District and increment generated within those individual Districts may be used to pay or reimburse eligible costs of the original TIF District; and WHEREAS, pursuant to Section 11-74.4-6(e) of the Act, on September 14, 2010 the City held a Public Meeting to: advise the public; taxing districts having real property in the Redevelopment Project Area; taxpayers who own property in the Redevelopment Project Area; and residents in the Area as to the City's intent to prepare an amendment to the Redevelopment Plan and Projects and to receive public comment; and WHEREAS, on August 30, 2010, due notice in respect to such Public Meeting was given pursuant to Section 11-74.4-6 (e) of the Act, such notice being given to: taxing districts having real property in the Redevelopment Project Area; taxpayers who own property in the Redevelopment Project Area; each residential address in the Area; and registrants on the Interested Parties Registry; and WHEREAS, pursuant to Section 11-74.4-5 of the Act, on October 11, 2011, the City convened a Joint Review Board to consider the proposal and the Joint Review Board met on said date and recommended that the City Council approve the First Amendment to the Redevelopment Plan and Projects; and WHEREAS, pursuant to Section 11-74.4-5 of the Act, on November 8, 2011 the City Council caused a Public Hearing to beheld relative to the First Amendment to the Redevelopment Plan and Projects at the Canton City Council Chamber, 50 N. 4`'' Avenue, Canton, Illinois; and WHEREAS, due notice in respect to such Public Hearingwas given pursuant to Section 11-74.4-5 and 6 of the Act, with notice being given on September 22, 2011 to Taxing Districts and to the State of Illinois Department of Commerce and Economic Opportunity by certified mail; by publication in the Canton Daily Ledger on October 18, 2011 and October 25, 2011; and on October 3, 2011 by certified mail to Taxpayers; and on September 29, 2011 by regular mail to residents in the Area; and on October 6, 2011 by regular U:S. mail to residences within 750 feet of the Redevelopment Project Area; and on October 6, 2011 to all registrants on the Interested Parties Registry; and WHEREAS, the City Council has determined that the implementation of the Redevelopment Plan as amended will increase the City's population, increase employment opportunities, increase the overall value and quality of life of the community for its residents, and by completing the Redevelopment Project, enhance the tax base of the taxing districts that extend into the Redevelopment Project Area; and WHEREAS, the City Council has reviewed the proposed Redevelopment Plan and Projects, Land Use and Zoning Map and Ordinances for the development of the municipality as a whole to determine whether the proposed Redevelopment Plan and Projects conform to the Ordinances of the municipality. WHEREAS, the proposed First Amendment is consistent with the Redevelopment Plan and Projects and has been reviewed by the Mayor and the City Council is generally informed of this Amendment. NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THAT: 1. The recitals set forth in the preamble to this Ordinance are hereby incorporated by reference as if fully set forth herein. 2. The First Amendment to the Canton IH TIF District Redevelopment Plan and Projects is hereby adopted and approved. A copy of the First Amendment to the Redevelopment Plan and Projects (Exhibit A) is attached to and made a part of this Ordinance. 3. The Origina12004 Redevelopment Plan and Projects previously adopted with regard to Tax Increment Financing District for the Canton International Harvester Site Project Area is hereby amended by this First Amendment to include the items set forth in ExhibitA attached hereto. All project cost estimates in ExhrbitA are in year 2011 dollars. In addition to the public and private project costs provided in this First Amendment, any bonds issued to finance the Projects may include an amount sufficient to pay customary and reasonable charges associated with the issuance of such obligations as well as to provide for capitalized interest and reserves as may be reasonably required. Adjustments to the estimated line item costs provided in the Amended Redevelopment Plan are expected. Each individual project cost and the resulting tax revenues will be re-evaluated as each project is considered for public financing under provisions of the Act. The totals of line items set forth in the First Amendment to the Redevelopment Plan are not intended to place a total limit on the described expenditures or intended to preclude payment of other eligible redevelopment project costs in connection with the redevelopment of the Area, provided the total amount .of payment for eligible redevelopment project costs shall not exceed the amount set forth herein or as adjusted pursuant to the Act. Adjustments may be made in line items within .the total, either increasing or decreasing line item costs for redevelopment. 4. The Origina12004 Redevelopment Plan and Projects are hereby amended to include all private redevelopment agreements, public projects, intergovernmental agreements, administrative agreements, and all other eligible redevelopment costs entered into or undertaken heretofore as permitted under the TIF Act and, further, all such agreements, projects and costs are hereby ratified. 5. The Redevelopment Plan and Projects is hereby amended to provide that eligible redevelopment project costs in any existing or future TIF Districts which may become contiguous to TIF District I may be paid or reimbursed from increment generated within TIF District I and increment generated within those individual TIF Districts may 4 be used to pay or reimburse eligible costs of TIF District I. 6. The Canton International Harvester Site Project Area is hereinafter known as the "Canton 1-Downtown/5th Avenue Tax Increment Financing (TIF) District". 7. All ordinances and parts of ordinances in conflict herewith are hereby repealed. 8. This Ordinance shall be in full force and effect from and after its passage and approval as provided by law. PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton, Illinois, on the 22"d day of November, A.D., 2011, and deposited and filed in the Office of the City Clerk of said City on that date. MAYOR & ALDERMEN AYE VOTE NAY VOTE ABSTAIN / ABSENT Ald. David Picket ~ Ald. James Hartford \ X Ald.Jeffrey Fritz ~( Ald. Craig West Ald. Gerald Ellis Ald. Justin Nelson Ald. Eric Schenck ~( Ald. Jeremy Pasley Hon. Kevin Meade, Mayor TOTAL VOTES 0 APPROV ATTEST Date: // , ~ :~ 3 i i Date• ? Exhibit (A) Attached. First Amendment to Canton International Harvester (IH) Site Project Area Plan and Projects. . isruu~rnlll'['tl~Di:~-ur_}~11{~I \111:A`I)~11~~~']' lina!Uttli.iu?cr_I12211.~r.;~~tl 5 EXHIBIT A FIRST AMENDMENT TO THE CITY OF CANTON INTERNATIONAL HARVESTER SITE PROJECT AREA TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PLAN & PROJECTS [This space is intentionally blank. First Amendment document begins on next page) CITY OF CANTON, ILLINOIS FIRST AMENDMENT TO THE CITY OF CANTON INTERNATIONAL HARVESTER SITE PROJECT AREA TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PLAN & PROJECTS Prepared for CITY OF CANTON 2 N. MAIN STREET CANTON, ILLINOIS 61520 Prepared by JACOB & KLEIN, LTD. AND THE ECONOMIC DEVELOPMENT GROUP, LTD. 1701 CLEARWATER AVENUE BLOOMINGTON, IL G1704 www.tifillinois.com NOVEMBER - 2011 "'`,:~ , © 2011 Jacob & Klein, Ltd. and The Economic Development Group, Ltd All rights reserved. Jacob & Klein, Ltd. and The Economic Development Group, Ltd., gratefully acknowledge assistance from Fulton County and City of Canton government officials, Spoon River Partnership for Economic Development, business leaders and residents who contributed their time toward the creation of this First Amendment to the Canton IH TIF District Redevelopment Plan and Projects. Additional information about Tax Increment Financing may be obtained by contacting Jacob & Klein, Ltd. and The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, IL 61704 (Ph: 309/664-7777). Specific inquiries about the First Amendment to the Canton IH TIF District should be directed to Mr. Jim Snider, City Administrator, City of Canton, 2 N. Main Street, Canton, IL 61520 (Ph: 309/647-0065). lI:AC:1S7'O~7\lll;ARF.A TIP DIS7'VIII7'IP Ia AVIF.SDAiF.V'I'21ill\Pirst ilmcndmcntAC:mvm llowntu~~n-5rha~c 7~IP Plan Ist ;Amen CONTENTS SECTION I. INTRODUCTION. Historical Perspective ........................................................... 1 A New Milestone .............................................................. 2 Purpose for Amendment ........................................................ 2 First Amendment Planning Process and Calendar .................................... 3 SECTION II. AMENDMENTS TO ORIGINAL 2004 REDEVELOPMENT PROJECT AND PLAN & ELIGIBILITY REPORT FOR THE INTERNATIONAL HARVESTOR SITE PROJECT AREA. .Specific Sections of Original 2004 Kedevelopment Plan Amended by this FirstAmendment.• PART I: REDEVELOPMENT PROJECT AND PLAN A. Project Background ........................................................ 4 1. Redevelopment Project Objectives ....................................... 7 B. Itemized List of Estimated Redevelopment Projects and Related Costs .............. 9 1. Public Projects and Related Costs ....................................... 9 2. Private Projects and Related Costs ...................................... 11 C. Sources of Funds to Pay Costs .............................................. 14 1. TIF Financing Summary as Amended by First Amendment ................. 15 2. Present and Projected Tax Increment as Amended by First Amendment ....... 16 D. TIF District 1 Funding Alternatives .......................................... 17 E. Other Statutory Requirements .............................................. 18 EXHIBITS: Exhibit 1. Example TIF District Projections ....................................... 21 ~"lhis page is intentionally blank.) CITY OF CANTON, ILLINOIS FIRST AMENDMENT TO THE CITY OF CANTON INTERNATIONAL HARVESTER SITE PROJECT AREA TAX INCREMENT FINANCING DISTRICT REDEVELOPMENT PLAN & PROJECTS SECTION I. INTRODUCTION On July 6, 2004, the City of Canton, Fulton County, Illinois (the "City") approved a Redevelopment Plan and Projects; designated a Redevelopment Project Area (the "Area"); and adopted tax increment allocation financing ("TIF") pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et. seq.), as amended (the "Act") for the Canton International Harvester Site Project Area Tax Increment Financing District ("Canton IH TIF District "). This proposed First Amendment to the Canton IH TIF District (the "First Amendment") supplements and amends the original Canton IH TIF District Redevelopment Plan and Projects. The adoption of tax increment allocation financing enables the City to apply TIF revenues for public infrastructure and other eligible improvements within the Canton IH TIF Redevelopment Project Area. Since the adoption of the Canton IH TIF District Redevelopment Plan in 2004, the City has made significant commitments of time and money to address several of its goals and to encourage conservation and redevelopment of the Area. This proposed First Amendment to the Canton IH TIF District will enable the City to make additional public improvements and further enhance the redevelopment of the Area throughout the life of the TIF District. Historical Perspective Founded in 1825, an abundance of coal, a labor force and transportation corridors via railroads and the nearby Illinois River, quickly made Canton a manufacturing town. Home to several industries including woolen mills, foundries, brickyards, and cigar factories, arguably the most important of those Canton industries was farm implement manufacturing. Originating as the P&O (Parlin & Orendorf~ Plow Works in 1852, International Harvester Corporation purchased the P&O Company in 1919. For more than 60 years, International Harvester-Canton Works continued as a lifeline for jobs and economic vitality for the Canton community. In 1979, acompany-wide labor strike occurred and lasted over 170 days. What was then the longest-running strike in United Auto Workers (UAW) history, ended the production of all light line vehicles. By 1983, International Harvester reported a $165 million loss and announced permanent closure of the plant. More than 3,000 jobs were lost and the equivalent of 20 percent of Canton's population was suddenly out of work. In the years following the 1983 closure, attempts to revive the aging International Harvester manufacturing facilities, including a failed fire recycling operation, were unsuccessful. Vacant for several years, the entire 33 acre site was eventually destroyed in 1997 by an arson fire. The fire left physical hazards due to damaged buildings as well as damaged and deteriorating asbestos-containing waste materials open to the em~ironment in many areas. In 1999, Fulton County assumed control of the smoldering ruins of what had been the City's industrial center for more than 100 years. That same year, the City of Canton became the controlling trustee and the US Environmental Protection Agency (EPA) began cleaning up the site under the Agency's First Amendment to the City of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. Emergency Response Program (Superfund) by removing chemical containers, asbestos, charred brick and steel debris, and above- and underground storage tanks. Several storage tanks were also removed by an International Harvester subsidiary company. The US EPA spent more than $2 million cleaning up the site of the former International Harvester-Canton Works, while the Illinois EPA provided an additional $350,000. In 1998, the City of Canton was awarded a $200,000 Brownfields Assessment Grant -the first of what would eventually total $1.3 million in Assessment and Cleanup Grants under the Brownfields Program. Although more than $5 million in federal., state and private funding was leveraged for assessment and cleanup of the International Harvester-Canton Works site, including the removal of more than 2,000 chemical containers and 19,000 tons of contaminated material, the anticipated private funded redevelopment of the site did not follow. Therefore, in 2004, the City approved the Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan, Area and Projects to address the lack of new private investment and provide a mechanism for financing extensive site preparation and other eligible costs that still needed to be incurred in order to redevelop the former IH site, the City's central business district and the adjacent Fifth Avenue Commercial Corridor. A New Milestone The City of Canton has assisted several new projects since establishing the Canton IH TIF District, not the least of which includes Petersen Healthcare, American Grille Restaurant, White Oaks Tap and Crawford's Home Furnishings. Then, in December of 2008, an emotional crowd of more than 1,000 residents listened to William "Bill" Cook, a native of Canton, announce plans to construct Cook Medical in 2010, a medical device manufacturing facility on a portion of the former International Harvester site that had received a "No Further Remediation" letter from the IEPA. The construction of this 45,000 square foot facility, which will employee more than 300, represents a significant milestone for the Canton community. A second Cook facility to manufacture polytetrafluoroethylene (PTFE) tubing is under construction and is expected to be completed in 2012. Cook Medical as well as Mr. Cook's efforts to purchase and renovate several aging buildings in downtown Canton, including the 1883 Randolph Building, brought much needed momentum to the City's economic development plan and presented new, previously unforeseen opportunities to redevelop the embattled Canton IH TIF District redevelopment project area. Purpose forFirstAmendment Other than the generous reinvestment in the Area by Mr. Cook, the City believes the Redevelopment Project Area as a whole will not be developed without the use of tax increment financing. The City Council is cautiously optimistic that additional private developers will undertake private investment First Amendment to the City of Canton International Harvester Site Project Area 2 Tax Increment Financing District Redevelopment Plan & Projects +~. , `~ . Jacob & Klein, Ltd. • The Economic Development Group, Ltd. within the Central Business District, the former IH site and the Fifth Avenue Commercial Corridor Areas if tax increment financing is available. The City expects that the implementation of the public projects provided in this First Amendment to the Canton IH TIF District Redevelopment Plan and Projects will help address current needs and attract new private investment within the Redevelopment Project Area and the City plans to offer incentives to potential Developers in order to encourage commitments for new private investment during the life of the TIF District. Therefore, the overall purpose of this First Amendment is to: 1. Rename the Canton IH TIF District and clarify language of specified sections within the original Redevelopment Project Plan; 2. Provide for the issuance of obligations including bonds to fund public or private projects (i.e., the Ciry anticipates issuing obligations that are secured by the existing and future real estate tax increment in order to fund the project costs provided in the Canton IH TIF District Redevelopment Plan and future Projects as amended); 3. Itemize the anticipated Public and Private Redevelopment Projects and related TIF eligible costs; and 4. Approve additional public and private eligible project costs which are anticipated to be incurred during the remaining life of the TIF District. The proposed First Amendment to the Canton IH TIF District does not increase the size of the original Canton IH TIF District Redevelopment Project Area, substantially affect the general land uses proposed in the original Redevelopment Plan; substantially change the nature of the Redevelopment Projects; or result in the displacement of residents from ten or more inhabited residential units in the Area, as measured from the time the original Redevelopment Project Area was established. First Amendment Planning Process and Calendar The process to amend a TIF District is initiated by the municipality. This process includes: setting a date and providing notice for an initial Public Meeting if the District includes more than 75 inhabited residential units; determining the qualifications of the amended redevelopment project area if the area is changed; drafting an Amendment to the Redevelopment Plan; establishing a date, place and time for a Public Hearing; sending notification of the Public blearing to all taxing districts, registrants of the interested parties registry and the Illinois Department of Commerce and Economic Opportunity (DCEO) with an invitation to attend and provide comments; convening a Joint Review Board consisting of a representative selected by each community college district, local elementary school district, high school district or each local community unit school district, park district, library district, county, a representative of the municipality and a public member; publishing a notice twice before the Public Hearing in a newspaper of general circulation in the community; mailing of the notice of the Public Hearing to all taxpayers and residents in the proposed amended Area; mailing of the notice of the Public Hearing to residential addresses within 750 feet of the proposed amended TIF District; and approving final ordinances: (1) approving the Amendment; (2) designating the Amended Redevelopment Project Area; and (3) adopting Tax Increment Allocation Financing for the Amended Area. First Amendment to the City of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan 8c Projects Jacob & HIein, Ltd. • The Economic Development Group, Ltd. Jacob & Klein, Ltd. and The Economic Development Group, Ltd. provide professional services to the City of Canton to administer the Canton TIF Districts. As such, the City has requested that Jacob & Klein, Ltd. and The Economic Development Group, Ltd. assist in amending the Canton IH TIF District. Upon reviewing the First Amendment to the Canton IH TIF District Redevelopment Plan and Projects and accepting the findings herein, the Mayor and City Council may move forward with the process of amending the tax increment financing district. The timeline for certain activities relating to the First Amendment to the Canton IH TIF District: is as follows: Set date and time for Public Meeting ................................... August 17, 2010 Public Meeting Mailing .............................................. August 30, 2010 Public Meeting ................................................. September 14, 2010 Submit Draft Amendment to Redevelopment Plan to City .............. September 09, 2011 Set Date for Public Hearing by Ordinance ........................... September 20, 2011 Certified Mailing to Taxing Districts ................................ September 22, 2011 Certified Mailing to Taxpayers ..................................... September 30, 2011 750', IPR & Resident Mailing ...................................... September 30, 2011 JRB Meeting ..................................................... October 11, 2011 First Publication of Notice of Public Hearing ........................... October 18, 2011 Second Publication of Notice of Public Hearing ........................ October 25, 2011 Public Hearing ................................................. November 08, 2011 Approve Final Ordinances to Amend TIF District .................... November 22, 2011 SECTION II. AMENDMENTS TO ORIGINAL REDEVELOPMENT PROJECT AND PLAN & ELIGIBILITY REPORT FOR THE INTERNATIONAL HARVESTER (IH) SITE PROJECT AREA Specific sections oForiginal plan amended by this First Amendment: PART I: REDEVELOPMENT PROJECT AND PLAN A. Project Background (Part I, Section A "Project Background" of the Original 2004 Redevelopment Plan is hereby deleted and replaced in its entirety as follows). The Origina12004 Redevelopment Plan as defined "means the comprehensive program of the municipality for development or redevelopment intended by the payment of redevelopment project costs to reduce or eliminate those conditions the existence of which qualified the redevelopment project area as a "blighted area" or "conservation area" or combination thereof or "industrial park conservation area," and thereby to enhance the tax bases of the taxing districts which extend into the redevelopment project area" pursuant to the Tax Increment Allocation Redevelopment Act of 65 ILCS 5/11-74.4-3(n) et seq. (the "Act"). This First Amendment to the original Redevelopment Project and Plan & Eligibility Report for the International Harvester Site Project Area hereby renames the "International Harvester Site Project Area" as "Canton 1 -Downtown/5th Avenue TIF District" and shall be First Amendment to the City of Canton International Harvester Site Project Area 4 Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. hereinafter referred to as "TIF District 1" in this First Amendment. Commercial activity began in Canton in the early 1800's, prior to the City's incorporation in 1837. Since that time, Canton's retail core has changed significantly. Many of the buildings that originally housed retail activities were replaced by industrial buildings designed and constructed for the cigar manufacturing industry. These buildings resembled factories, having high ceilings and unfinished interiors. Additionally, much of the construction and reconstruction that has occurred in downtown Canton resulted from replacing buildings that were destroyed by various events throughout Canton's history. The largest instance occurred in the mid-1970's when several of Canton's buildings were destroyed by fire and tornado. These events, combined with the demolition of numerous uninhabitable buildings, have produced a significant amount of vacant and unutilized land throughout the City. First started by Parlin Orendorff Plow Works in the 1840s, then continued by International Harvester until 1984, the 33-acre manufacturing plant in downtown Canton was the community's economic engine. When International Harvester closed its Canton plant in 1984, a substantial income, revenue, and employment gap was created in the central city, which continues to affect the City's socio-economic integrity by diminishing the vitality of its downtown business district, causing a decrease in downtown property values, and deterring private investment in the central areas of the City. The Ciry established two TIF Districts (heretofore referred to as "TIF A" and "TIF 4B") to augment the City's economic transition from a "company town" into a sustainable and diverse economy. The goals of TIF 4B were to redevelop the former International Harvester site and the area to the northeast, and the goals of TIF A were to create marketable commercial redevelopment sites within the Central Business District, to supplement redevelopment site availability and desirability through changes in public rights-of--way, and to provide the public facilities required to create an attractive pedestrian oriented retail environment that would properly support future private investment. Ultimately, TIF A resulted in the development of a department store at Fulton Square, and TIF 4B resulted in the development of a grocery store and renovation of the historic train depot addition to serve as the City Council chamber. These projects brought new amenities to the City's downtown residents as well as lessened the blighted condition of the area northeast of the former International Harvester (IH) manufacturing facility. TIF A was retired in 2001, and TIF 4B ends with real estate tax increment received by the Ciry for tax year 2010 payable 2011. Not withstanding the accomplishments listed above, TIF 4B was largely considered unsuccessful due to issues beyond the City's control. Specifically, numerous fires on the former IH property substantially deteriorated the site, thereby making its industrial reuse unlikely as was originally proposed by the TIF redevelopment plan. Further, the plan did not prioritize redevelopment expenditures for the Ciry to effectively realize a successful redevelopment strategy. Recognizing that the previous efforts to revitalize downtown and to facilitate redevelopment of the former IH site and the downtown were not effective, the Ciry sought assistance from the Illinois Environmental Protection Agency (IEPA) and the United States Environmental First Amendment to the Cit}' of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. Protection Agency (LJSEP A) to begin environmental assessment and remediation activities on the former IH site. It was the City's expectation that privately funded redevelopment of the downtown and the site would follow their efforts to prepare them for such investment. However, given the vast size of the former manufacturing plant, its complicated environmental conditions and structural issues, as well as the general depreciated condition of the surrounding areas, private investment had not occurred. In 1998, the City Council retained the services of Vandewalle & Associates to help with its redevelopment efforts on the former IH site. One component of Vandewalle & Associates' assistance included a redevelopment planning analysis, which assessed the City's resources for economic development and determined the goals and location of future growth and investment. This analysis identified that the former strip mines surrounding the City significantly limit outward growth of the urban area and require that Canton look to underutilized urban properties for sustainable growth areas and economic development opportunities. The former IH site and the numerous vacant parcels in the downtown area offer ideal redevelopment sites for the City of Canton to grow from the center, expanding local employment options as well as commercial and retail services in the downtown area. Although numerous IEP A and USEPA grants and stipulated loans have provided substantial assistance to the City's redevelopment efforts, the lack of sufficient private investment and the extensive site preparation needs of the former IH site require the City to continue proactive local efforts to encourage redevelopment of the central city and to coordinate private funding thereof. In the summer of 2003, the City Council retained the assistance of Vandewalle & Associates to prepare a TIF redevelopment and project plan and eligibility proposal that would focus on redevelopment of the former IH site and the central city. The Origina12004 Redevelopment Plan, Projects and Area, heretofore referred to as the "Canton 1 - Downtown/5th Avenue TIF District" or "TIF District 1 ", replaced TIF A. TIF District 1 as originally proposed was intended to provide a mechanism to finance needed public improvements that will help spur redevelopment and private investment in the central part of the City and to create a physical and economic relationship between the redeveloped International Harvester Site, the downtown, and the 5th Avenue Commercial Corridor. The overall purpose of TIF District 1 pursuant to this First Amendment reaffirms the original purpose of TIF District 1. The City intends to implement the TIF District 1 Redevelopment Plan, Projects and Area as amended to stimulate future public and private investments within the redevelopment project area which would not occur but for the completion of the TIF District 1 Plan and Projects as provided herein. Vandewalle & Associates("V&A") submitted its concepts for promoting the development of the redevelopment project area in the spring of 2001. V &A incorporated its concepts into a written report dated May 30, 2001 and entitled 'A Pilot Economic Development Strategy for the Former International Harue.rter Site" (the "Vandewalle Plan"). The concepts represented in that portion of the Vandewalle Plan which addresses the former IH site and the central City are shown in the conceptual land use plan in Appendix V of the Original 2004 Redevelopment Plan. A substantial portion of the area, including the former International Harvester site and surrounding parcels, present unique challenges for potential developers. For reasons described in greater detail in the Original 2(104 Redevelopment Plan, the City Council concluded that development of the Central Business District, the former IH site, and the 5t1i Avenue First Amendment to the City of Canton International Harvester Site Project Area 6 Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. Commercial Corridor would not occur without the creation of TIF District 1 being comprised of those areas. Accordingly, the City Council approved the TIF District 1 Plan, Projects, designated the TIF District 1 Redevelopment Project Area and adopted Tax Increment Financing on July 6, 2004. Prior to 2004, the TIF District 1 Redevelopment Project Area had not been subject to growth and development through investment by private enterprise and further substantial private investment is not reasonably anticipated to occur without public assistance. The public assistance necessary to bring about redevelopment of TIF District 1 could include any form of assistance authorized by the TIF Act including, without limitation, the assembly and sale of development parcels, demolition and clearance of improvements, installation and repair of streets, and the installation and repair of utilities. The TIF District 1 Eligibility Report provided in the Original 2004 Redevelopment Plan documents the conditions that qualified TIF District 1 for designation as a redevelopment project area within the meaning of the TIF Act and the TIF District 1 Redevelopment Project and Plan, as amended, will serve as a guide to eliminate the conditions that qualify the area for such designation. This First Amendment to Canton 1- Downtown/5th Avenue TIF District does not alter the Redevelopment Project Area as designated in 2004. Changes to the Original 2004 TIF District 1 Redevelopment Plan and Projects are as follows below. Redevelopment Project Objectives (Part I-Section A(1) of the Original 2004 Redevelopment Plan is hereby deleted and replaced in its entirety as follows). a. Eliminate and/or reduce those conditions which qualify the Redevelopment Project Area as a Blighted Area. b. Prepare the former IH site for redevelopment through site preparation activities including, but not limited to, environmental assessment and remediation, building demolition, site preparation, extension of public utilities and infrastructure, subdivision of the site and marketing. c. Facilitate the completion of necessary public infrastructure to encourage new commercial, residential and light industrial development within the Canton 1 - Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. d. Extend and/or upgrade storm drainage and sanitary sewer lines throughout the Canton 1 -Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. e. Encouraging redevelopment of existing vacant parcels and obsolete structures throughout the Canton 1 -Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. Improve and update antiquated and/or inadequate water lines, mains and distribution system throughout the Canton TIF District 1 Redevelopment Project Area and contiguous Redevelopment Project Areas. First Amendment to the City of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. g. Improve and update streets, street lighting, landscaping, curbs, alleys, sidewalks and other pedestrian walkways throughout the Canton 1 -Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. h. Promote and protect. the health, safety, morals, and welfare of the public by encouraging and/or establishing public/private partnerships. i. Establish and fund economic growth, development, and training opportunities within the Canton 1 -Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas by working within the guidelines of business attraction and retention strategies as developed by the City. j. Encourage private investment throughout the Canton 1 -Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas while conforming to the City's Comprehensive Plan. k. Restore and enhance the tax base for the City and other taxing districts through coordinated planning efforts by either the public or private sectors which focus on efforts to improve infrastructure, property reuse, and the upgrade of existing buildings throughout the Canton 1 -Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. 1. Attract new commercial and light industrial development which complies with City zoning and land use ordinances, enhances the tax base for the City and creates new jobs for the community. m. Encourage new residential development throughout the Canton 1 - Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas and, thereby, stabilize the City's population and expand the economic base of the City. n. Attract tourism and retail/commercial businesses through the use of financial incentives offered by Tax Increment Financing and, thereby, increase retail business activity which will lead to an increase in municipal sales taxes for the City. o. Address remaining environmental impediments to redevelopment and improve the environmental quality of the Canton 1 -Downtown/5th Avenue TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. p. Create and/or improve parks, recreational areas and public green space and other public amenities to raise the overall quality of life throughout the Canton 1 - Downtown/5th Avenue TIF District Redevelopment Project Area, contiguous Redevelopment Project Areas and the community. First Amendment to the City of Canton International Han~ester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. q. Establish and nurture a functional connection and economic relationship between the redevelopment IH site, the Downtown and Central Business District, and the Fifth Avenue Commercial Corridor. r. Retain existing jobs and attract new employment opportunities throughout the Canton 1 -Downtown/5th Avenue TIF District RedevelopmentProjectArea and contiguous Redevelopment Project Areas. B. Itemized List of Estimated Redevelopment Projects and Related Costs (Part I-Section B of the Origina12004 Redevelopment Plan is hereby deleted and replaced in its entirety as follows). To stimulate public and private investment within TIF District 1 and contiguous TIF Districts, the Ciry may reimburse Public and Private TIF Eligible Project Costs pursuant to Section 74.4-3(q) of the Act. Such Projects include, but shall not be limited to, the following public and private TIF eligible project costs which are herein anticipated, earmarked and designated for the TIF District 1 Redevelopment Plan pursuant to this First Amendment. 1. Public Projects and Related Costs. The City plans to address the conditions which qualify the Redevelopment Project Area as a Blighted Area. The Redevelopment Project Area has infrastructure inadequacies and will require improvements throughout the life of the TIF District as projected below in Table 1 and Table 2. The Ciry expects that the implementation of the public projects provided herein will help address current needs and attract new private investment within the Canton 1 -Downtown/5th Avenue TIF District TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. TABLE 1. Original Designated, Earmarked and Anticipated TIF Eligible Public Project Costs Public Project Costs Original Costs CPI +5% Included in the Original (2004) (2004 Plan) Adjustment TIF Redevelopment Plan (2004-2010) Public Facilities Streets and Appurtenances $2,500,000 $2,924,285 Sanitary Sewers $250,000 $292,428 Stormwater Management $400,000 $467,886 Landscaping and Lighting $350,000 $409,400 Security Fencing $50,000 $58,486 Site Preparation Demolition of I I Remaining IH Site Buildings $300,000 $350,914 First Amendment to the City of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects 9 Jacob & Klein, Ltd. • The Economic Development Group, Ltd. IH Site Concrete Removal $1,000,000 $1,169,142 Environmental Costs Asbestos Abatement in Remaining IH Buildings $900,000 $1,052,743 Subsurface Remediation of IH Site $3,000,000 $3,509,142 Administration $100,000 $116,971 Cost of Issuing Indebtedness $100,000 $116,971 Interest Rate Subsidy $100,000 $116,971 Professional Fees $200,000 $233,943 Original TIF Plan Public Project Costs TOTAL: $9,250,000 $10,819,854 TABLE 2. Additional Designated, Earmarked and Anticipated TIF Eligible Public Project Costs Public Project Costs ADDED to the Original (2004) TIF Redevelopment Plan by this First Amendment Anticipated Costs Public works or improvements, repairs and resurfacing of streets, roads, alleys, sidewalks and parking lots including labor, equipment and materials $12,250,000 Public works or improvements to sanitary sewer lines, manholes, lift stations and treatment facilities including labor, equipment and materials $1,000,000 Public works or improvements/repairs to water mains, hydrants and related lines, storage and treatment facilities including labor, equipment and materials $3,500,000 Storm sewer drainage infrastructure, including retention ponds and detention basins including labor, equipment and materials $500,000 Public works or improvements relating to utilities, including but not limited to, gas, electric, cable and telecommunication infrastructure including labor, equipment and materials $1,000,000 First Amendment to the City of Canton International Han~ester Site Project Area 10 Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. Construction of new and/or rehabilitation, reconstruction, repairs and maintenance of existing Public Facilities including labor, equipment and materials $3,500,000 Costs relating to land and building acquisition and the clean up, removal and remediation of environmental contaminants and other physical impediments $4,000,000 Marketing/Signage/Website/Lighting $500,000 Public Parks, Trails, Green Space and Urban Forestry Improvements $500,000 Downtown Rehabilitation and Revitalization Program $500,000 Business Development, Retention and Expansion Program $500,000 Neighborhood Rehabilitation and Redevelopment Projects $500,000 Costs relating to staff and professional service costs including but not limited to engineering, architectural, planning (including updates of City Comprehensive Plan), legal, financial, accounting, marketing, training, continued education and public administration related to economic development and the administration/implementation of the TIF Redevelopment Plan as amended $600,000 Capital Costs/reimbursements to other taxing districts $500,000 Total Additional Designated, Earmarked and Anticipated TIF Eligible Public Project Costs: $29,350,000 GRAND TOTAL OF PUBLIC TIF ELIGIBLE PROJECT COSTS (Table 1 and Table 2) .................................... $40,169,854 2. Private Projects and Related Costs. As previously stated, the City plans to address the conditions which qualify the TIF District as a Blighted Area. The City expects that the implementation of the TIF Redevelopment Plan will attract new private investment within the Canton 1 - Downtown/5th Avenue TIF District TIF District Redevelopment Project Area and contiguous Redevelopment Project Areas. The City believes the redevelopment project area will not be developed without the use of tax increment financing. Therefore, the Ciry plans to offer incentives to potential private Developers during the life of the TIF District in order to encourage commitments for new private investment, including but not limited to, those Private Projects provided in Table 3 below. llesignated, EarJ~7arked asad Anticpated Private Kedeveloprnent Projects a. Commercial Project I: This project consists of a new commercial retail facility First Amendment to the CitS~ of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects 11 Jacob & Klein, Ltd. • The Economic Development Group, Ltd. requiring an investment of $250,000, including $50,000 of TIF eligible project costs b. Commercial Project II: This project consists of a new commercial restaurant facility requiring an investment of $600,000, including $100,000 of TIF eligible project costs. c. Commercial Project III: This project consists of a new commercial restaurant facility requiring an investment of $400,000, including $160,000 of TIF eligible project costs. d. Commercial Project IV: This project consists of a new commercial restaurant facility requiring an investment of $800,000, including $200,000 of TIF eligible project costs. e. Commercial Project V: This project consists of a new commercial restaurant facility requiring an investment of $800,000, including $100,000 of TIF eligible project costs. f. Commercial Project VI: This project consists of new construction or the rehabilitation and renovation of an existing commercial facility requiring an investment of $1 million, including $250,000 of TIF eligible project costs. g. Commercial Project VII: This project consists of new construction or the rehabilitation and renovation of an existing commercial facility requiring an investment of $1 million, including $250,000 of TIF eligible project costs. h. Commercial Project VIII: This project consists of new construction or the rehabilitation and renovation of existing retail merchandise faciliry(ies) requiring an investment of $3 million, including $750,000 of TIF eligible project costs. i. Commercial Project IX -Rehabilitation/Renovation Projects: The equivalent of twenty (20) projects involving facade renovations, demolition, structural rehabilitation and other repairs or reconstruction to existing buildings within the Canton Downtown/5th Avenue TIF District Redevelopment Project Area - average value of each project is approximately $200,000 and anticipated to be completed between 2009 and 2019. The cumulative result of these projects will increase total equalized assessed valuation within the Canton Downtown/5th Avenue TIF District by more than $750,000 when completed. j. Commercial Project X -Motel/Hotel Project I: This project consists of a 30+ room hotel including small meeting/conference facilities. The hotel is estimated to employ approximately 30 employees and will require a total investment of approximately $4 million, including $780,000 of TIF eligible project costs. k. Commercial Project XI -Motel/Hotel Project II: This project consists of a 30+ room hotel including small meeting/conference facilities. The hotel is estimated to employ approximately 30 employees and will require a total First Amendment to the City of Canton International Harvester Site Project Area 12 Tas Increment Financing District Redevelopment Plan & Projects Jacob & IZlein, Ltd. • The Economic Development Group, Ltd. investment ofapproximately $5 million, including $800,000 ofTIF eligible project costs. Commercial Project XII -Retail Strip Development: This project consists of a row of individual outlets offering retail products and services. Estimated total investment is projected to be $3.5 million, including $600,000 of TIF eligible project costs. m. Commercial Project XIII -Retail Plaza: This project consists of a group of contiguous individual outlets offering retail products and services. Estimated total investment is projected to be $4 million, including $800,000 ofTIF eligible project costs. n. Commercial Project XIV -Office Building: This project consists of a new commercial office space requiring an investment of $750,000, including $175,000 of TIF eligible project costs. o. Light Industrial/Commercial Project I: A 7,000 square foot high technology manufacturing facility employing more than 40 employees and requiring a total private investment of more than $28 million, including $2 million of TIF eligible project costs. p. Light Industrial/Commercial Project II: A 45,000 square foot manufacturing facility employing 150 employees or more and requiring a total private investment of more than $12 million, including $3 million of TIF eligible project costs. q. Light Industrial/Commercial Project III: A 5,000 square foot manufacturing facility employing more than 3 people and requiring a total private investment of more than $400,000, including $80,000 of TIF eligible project costs. r. Light Industrial/Commercial Project IV: A 30,000 square foot manufacturing facility employing more than 30 people and requiring a total private investment of more than $9 million, including $250,000 of TIF eligible project costs. s. Apartment/Townhouse Complex I: This project consists of a 20 unit townhouse facility with average fair market values of $150,000. Total investment is projected at $3 million, including $500,000 of TIF eligible project costs. t. Apartment/Townhouse Complex II: This project consists of a 20 unit townhouse facility with average fair market values of $150,000. Total investment is projected at $3 million, including $500,000 of TIF eligible project costs. u. Assisted Living/Supportive Living Project I: Assisted living/supportive living facilities are apartment-style habitats designed to focus on providing assistance with daily living activities. They provide a higher level of service for the elderly which can include preparing meals, housekeeping, medication assistance, laundry, and also do regular check-in's on the residents. Basically, they are designed to bridge the gap between independent living and nursing home First Amendment to the City of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects 13 Jacob & Klein, Ltd. • The Economic Development Group, Ltd. facilities. Such facilities located within the Canton Downtown/5th Avenue TIF District are anticipated to offer 50+ apartments requiring an investment of $4.5 million, including $900,000 of TIF eligible project costs. v. Assisted Living/Supportive Living Project II: Assisted living/supportive living facilities are apartment-style habitats designed to focus on providing assistance with daily living activities. They provide a higher level of service for the elderly which can include preparing meals, housekeeping, medication assistance, laundry, and also do regular check-in's on the residents. Basically, they are designed to bridge the gap between independent living and nursing home facilities. Such facilities located within the Canton Downtown/5th Avenue TIF District are anticipated to offer 50+ apartments requiring an investment of $4.5 million, including $900,000 of TIF eligible project costs. C. Source of Funds to Pay Costs (Part I-Section H of the Origina12004 Redevelopment Plan is hereby deleted and replaced in its entirety as follows). The City plans to enter into Redevelopment Agreements with Private Developers through which the City can utilize a portion of the Real Estate Tax Increments generated from these private projects (see Table 3) to reimburse Developers for a portion or all of their eligible project costs as provided in the Act [Section 65 ILCS 5/11-74.4-3 (q)]. The City further plans to use a portion of any Real Estate Tax Increment generated for TIF eligible public project costs as well. The City may also use Municipal Sales Taxes or any other sources of funds it may lawfully pledge. TABLE 3. Projected Real Estate Tax Increment, Canton 1-Downtown/5th Avenue TIF District, As Amended Projected Anticipated Earliest Total Cumulative TIF Eligible Year Projected R.E. Tax Project Project Description Completed Investment Increment Costs on or before Commercial Project I 2011 $250,000 $169,612 $50,000 on or before Commercial Project II 2011 $600,000 $407,069 $100,000 on or before Commercial Project III 2011 $400,000 $271,379 $160,000 on or before Commercial Project IV 2011 $800,000 $505,867 $200,000 Commercial Project V 2013 $800,000 $400,503 $150,000 Commercial Project VI 2013 $1,000,000 $500,629 $250,000 Commercial Project VII 2015 $1,000,000 $418,093 $250,000 First Amendment to the City of Canton International Harvester Site Project Area 14 Tas Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. Commercial Project VIII 2015 $3,000,000 $1,254,278 $750,000 Commercial Project IX on or before 2011 $4,000,000 $1,935,478 $4,000,000 Commercial Project X on or before 2011 $4,000,000 $2,349,374 $780,000 Commercial Project XI 2016 $5,000,000 $1,513,312 $800,000 Commercial Project XII 2015 $3,500,000 $1,463,324 $600,000 Commercial Project XIII 2017 $4,000,000 $1,358,134 $800,000 Commercial Project XIV 2018 $750,000 $226,264 $175,000 Light Industrial I 2012 $28,000,000 $15,216,627 $2,000,000 Light Industrial II on or before 2011 $12,000,000 $7,588,002 $2,000,000 Light Industrial III 2015 $400,000 $167,237 $80,000 Light Industrial IV 2016 $9,000,000 $3,404,953 $250,000 Apart./Townhouse I 2013 $3,000,000 $1,321,660 $500,000 Apart./Townhouse II 2016 $3,000,000 $998,786 $500,000 Assisted Living I on or before 2011 $4,500,000 $3,053,017 $900,000 Assisted Living II 2015 $4,500,000 $1,881,417 $900,000 Totals: $93,500,000 $46,783,342 $16,195,000 Note: See Exhibit 1 for Examples of TIF District Projections relating to these Projects. 1. TIF Financing Summary as Amended by First Amendment. Total Designated & Anticipated TIF Eligible Public Project Costs within the Canton 1-Downtown/5th Avenue TIF District ........... $40,169,854 Total Designated & Anticipated TIF Eligible Private Project Costs within the Canton 1-Downtown/5th Avenue TIF District ........... $16,195,000 Total Designated & Anticipated TIF Eligible Project Costs All Public & Private Costs as Amended, First Amendment ........... $56,364,854 Designated & Anticipated Annual TIF Administration Fee (plus CPI and Costs) ............................................. $10,000 Peer and carts of annual adn>irristration of the redevelopment pr ject mill be paid by in part by the Developers an a prapot~iotrate ha.ris as increment i.rgenerated .Sueh fees and costs avill be paid first from the itterement before the Developers receive their reimhurrerrzents. First Amendment to the City of Canton International Harvester Site Project Area Tax lncrement Financing District Redevelopment Plan & Projects 15 Jacob & Klein, I.td. • The Economic Development Group, Ltd. 2. Present and Projected Tax Increment as Amended by First Amendment. The projected increases in equalized assessed valuation (EAV) for the Canton 1 - Downtown/5th Avenue TIF District as Amended are as follows: a. Total Projected Private Investment .......................... $93,500,000 b. Projected Cumulative Real Estate Tax Increment Generated Over 23 years .................................. $46,783,342 c. Base Year (2003) EAV of TIF District I Redev. Project Area (.Source: Fulton County Clerk, TIF Parcel Deport, Tax Year 2010) ....... $5,148,444 d. Estimated Potential Increase in EAV ........................ $30,926,667 e. Total Estimated EAV of Redevelopment Project Area after Redevelopment Projects are Completed (line "c"plus line "d') . $36,075,111 All project cost estimates are in year 2011 dollars. In addition to the public and private project costs listed above, any bonds and obligations issued to finance a Project may include an amount sufficient to pay customary and reasonable charges associated with the issuance of such obligations as well as to provide for interest costs including capitalized interest and reserves as may be reasonably required. Certain costs may represent estimated local match requirements for projects whose full costs may be defrayed, in part, by other sources of funding including, but not limited to, grants available from time to time through the state and federal government. Consequently, actual total project costs may exceed those reimbursed by the City. Adjustments to the designated and anticipated line item (public and private) costs provided in this Redevelopment Plan are expected. Each individual project cost and the resulting tax revenues will be re-evaluated as each project is considered for public financing under provisions of the Act. The totals of line items set forth in this Amended Redevelopment Plan are not intended to place a total limit on the described expenditures or intended to preclude payment of other eligible redevelopment project costs in connection with the redevelopment of the Area, provided the total amount of payment for eligible redevelopment project costs shall not exceed the amount set forth herein or as adjusted. Adjustments may be made to the designated and anticipated line items within the total, either increasing or decreasing line item costs for redevelopment. By adoption of this Plan, the City may without further formal statutory approval increase the total limit or any line item by the increase in the Consumer Price Index (currently All Urban Consumers, Chicago-Gary-Kenosha), plus 5%. The potential developments included herein are not assured to occur but are reasonable expectations. The actual reimbursements may be for other projects and costs not anticipated in this list. Types of projects, investments and eligible project costs may be re-allocated from time to time by the CitS~ Council upon adoption of Redevelopment Agreements with private developers. Project costs may include fees of consulting engineers, architects, planning consultants, attorneys and other professionals as well as other TIF eligible project costs permitted by the Act. First Amendment to the City of Canton International Harvester Site Project Area 16 Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. Incremental taxes generated within Canton 1 -Downtown/5th Avenue TIF District that are not required for payment and security of obligations projected herein may be used by the City for additional TIF eligible projects within TIF District 1 or for TIF eligible project costs as permitted by the Act within contiguous redevelopment project areas. D. TIF District 1 Funding Alternatives (Part I, Section "I" of the Original 2004 Redevelopment Plan is hereby deleted and replaced in its entirety as follows). In addition to using incremental property taxes to fund Project Costs, the Ciry may also utilize a variety of available sources of revenue to fund the implementation of this Plan including, but not limited to, the following: 1. General revenue of the Ciry to the extent such revenue is not necessary to fund other operations of the City. 2. Revenue available as a result of development agreements, purchase agreements, and leases entered into between the Ciry and other individuals and entities. 3. Incremental real estate tax revenue generated within Canton TIF District I or contiguous TIF Districts. 4. IEPA assessment and clean-up grants. 5. USEPA assessment and clean-up grants. 6. USEPA and/or IEP A revolving loan capitalization grants. 7. Current or future sales tax revenue generated within Canton TIF District I or contiguous TIF Districts. 8. EDA grants. 9. Bonds issued under authority of the TIF Act. 10. Special assessments. 11. Development fees. 12. Special Service District fees and/ or taxes. 13. Any state or federal economic stimulus program which becomes available during the life of Canton TIF District 1. Project Costs funded by the above sources will depend upon the availability of funds from those sources. The Ciry can attempt wherever possible to utilize grants, incremental tax revenue and other sources of revenue, which the City may not be required to repay. To the extent that such sources of revenue are not available or that such sources of revenue are insufficient, the City may utilize borrowed funds. First Amendment to the Ciry of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects 17 Jacob & Klein, Ltd. • The Economic Development Group, Ltd. The City may incur any and all categories of expenses necessary to bring about the completion of this plan and project as amended which fall within the definition of the term "redevelopment project costs" as defined in the TIF Act as it currently exists or may from time to time in the future be amended. E. Other Statutory Requirements General Land Uses. The general uses of the land within the Canton 1 - Downtown/5th Avenue TIF District as Amended by this First Amendment shall conform to the existing land uses as well as current zoning and subdivision codes of the City of Canton. 2. Certification ofNo Displacement ofResidential Units. The City of Canton hereby certifies that the Redevelopment Plan as Amended by this First Amendment will not result in the displacement of residents from ten or more inhabited residential units. However, the proposed Area does contain more than 75 inhabited residential units. 3. Eminent Domain. The City of Canton hereby declares that the qualifying characteristics of blighted areas as provided in the Original 2004 TIF Plan for the purpose of establishing the Canton 1 -Downtown/5th Avenue TIF Redevelopment Project Area as a "Blighted" Area pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4 et..req.), shall not be used by the Ciry for the purpose of exercising its authority under the Eminent Domain Act (735 ILCS 30/1-1-1 et..req.), if such authority is ever exercised. 4. Commitment to Fair Employment. The Ciry of Canton will comply with fair employment practices and an Affirmative Action Plan in the implementation of this Redevelopment Plan and Projects as Amended by this First Amendment. 5. ProvisionsforAmending the Canton 1-Downtown/5th Avenue Redevelopment Plan. The Canton 1 -Downtown/5th Avenue TIF District Redevelopment Plan and Projects may be further amended in accordance with the Tax Increment Allocation Redevelopment Act and other applicable City Ordinances. Term ofthe Canton 1-Doumtoum/5thAvenue TIFDistrictRedevelopmentPlan and Projects as Amended. The Redevelopment Plan and District shall be completed no later than December 31 of the year in which the payment to the County Treasurer is made with respect to ad valorem taxes levied in the 23"i calendar year after the year in which the ordinances approving the Redevelopment Plan and Projects Area were originally adopted by the City Council. The City intends to utilize the incremental revenues generated in the 23"~ year of TIF District 1 and received by the City the following year for those projects included in the Plan. Nature and Term of Bonds or Notes. The City may utilize a "pay-as-you-go" approach to financing private eligible project costs. The City may issue bonds or other obligations to fund public infrastructure or other eligible project costs. Such obligations would not exceed 20 years in length or the term of TIF District 1, whichever is less. The City may also issue revenue bonds, notes or other obligations to fund private First Amendment to the City of Canton International Han~ester Site Project Area 18 Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. eligible project costs as well which would also be limited to 20 years in length. The repayment of debt service of these obligations would be limited to the increments generated as permitted by the Act or other pledged funds authorized by the City. 8. Contiguous RedevelopmentProjectAreas. The Canton 1 -Downtown/5th Avenue TIF District is contiguous to the proposed Canton 2- Rt.9/Chestnut St. TIF District. Subsequent to the creation of the Canton 2 - Rt. 9/Chestnut St. TIF District, the Ciry may also create other TIF Districts which are contiguous to the Canton 1 - Downtown/5th Avenue TIF District. It is hereby contemplated that in any such contiguous TIF Districts eligible redevelopment project costs may be paid or reimbursed from increment generated within the Canton 1 -Downtown/5th Avenue TIF District and that increment generated within any such contiguous TIF Districts may he used to pay or reimburse eligible project costs within the Canton 1 -Downtown/5th Avenue TIF District. 9. Conclusiot2 The Ciry of Canton has determined that in order to promote the health, safety, morals, and welfare of the public, blighted conditions need to be eradicated, conservation measures instituted, and that further redevelopment within the Canton 1 - Downtown/5th Avenue TIF District as Amended should be undertaken. In order to remove and alleviate adverse conditions, it is necessary to encourage private investment and restore and enhance the tax base of the taxing districts by the development or redevelopment of the redevelopment project area. The Mayor and City Council hereby conclude that it is in the best interest of the Ciry and that the citizens of Canton will benefit by the adoption of this First Amendment to the Canton 1 -Downtown/5th Avenue Tax lncrement Financing (TIF) District Redevelopment Plan and Projects. Except as to specifically stated herein to the contrary, the remainder of the Original 2004 Redevelopment Area, Plan and Projects is hereby reaffirmed and ratified. CITY OF CANTON, ILLINOIS __ _> ~ ;- ~ ,. i By: ~ /'~~ Date ~ ~ / -2 ~/ 2011 Mayor Attest: Date ~ / ~~ / 2011 Ci First Amendment to the Ciry of Canton International Haraester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects 19 Jacob & Klein, Ltd. • The Economic Development Group, Ltd. ~ I'hi.r page intentionally blank.) First Amendment to the City of Canton International Han~ester Site Project Area 20 Tax Increment Financing District Redevelopment Plan & Projects Jacob & Klein, Ltd. • The Economic Development Group, Ltd. EXHIBIT 1 EXAMPLE TIF DISTRICT PROJECTIONS NOTE: The following TIF Projections are examples based on estimates and do not represent an offer or acceptance of any terms relating to redevelopment projects or agreements. "1 he information and assumptions contained in this maters/are hosed upon information, material and a.rsumptians provided to Jacob dam' Klein, Ltd ~d~°K) and the F,conomic Development Group, lid. (EDG) by outside persons including public officials. Jd~'K and F_DG have not undertaken independent investigation to veri~y any of the information or material contained herein. No warranty, express or implied, as to the accuracy of the matenalr and information or the results projected in the foregoing presentation is made by J~K or F_DG, its a~icers ar employees. Jd~'K and EDG specifically disclaim the accuracy of the formulas and calculations artd bas no obligation to investigate or update, recalculate or reuise the calculations. The material presented herein is subject to rzsk.r, trends and uncertainties that could cause actual events to d~ar materially from those presented 'Those providing information contained in this presentation have represented to J~'K and EDG that, as of the date it was provided, the information was accurate to the best of their knowledge. Any person viewing, reviewing or utilising this presentation should da so suhect to all of the foregoing limitations and shall conduct independent investigation to verify the assumptions and calculations contained herein. By acceptance and use of this presentation, the user accepts all of the foregoing limitations and releases Jd~K and EDG from an_y liahik'ty in connection therewith. First Amendment to the City of Canton International Harvester Site Project Area Tax Increment Financing District Redevelopment Plan & Projects 21 Jacob & Klein, Ltd. • The Economic Development Group, Ltd. ~`I'hi.r page intentionally blank.) First Amendment to the City of Canton International Harvester Site Project Area 22 Tas Increment Financing District Redevelopment Plan & Projects EXHIBIT 1 (A) FIRST AMENDMENT TO CANTON TIF DISTRICT 1 -DOWNTOWN/5TH AVE. TIF FORMED: 2004 Proposed Commercial Projects 9/21/2011 Calendar Year of Recei is 2011 2012 2013 2014 2015 201 ti 2017 2018 2019 2020 Commercial Project I $7,577 $7,766 $7,960 $8,159 $8,363 $8,572 $8,787 $9,006 $9,231 $9,462 Commercial Project II $18,184 $18,638 $19,104 $19,582 $20,072 $20,573 $21,088 $21,615 $22,155 $22,709 Commercial Project III $12,123 $12,426 $12,736 $13,055 $13,381 $13,716 $14,058 $14,410 $14,770 $15,139 Commercial Project IV Assessed $24,245 $24,851 $25,472 $26,109 $26,762 $27,431 $28,117 $28,820 $29,54C Commercial Project V Built Assessed $24,245 $24,851 $25,472 $26,109 $26,762 $27,431 Commercial Project VI Built Assessed $30,306 $31,064 $31,841 $32,637 $33,453 $34,289 Commercial Project Vll Built Assessed $30,306 $31,064 $31,841 $32,637 Commercial Project VIII Built Assessed $90,919 $93,192 $95,522 $97,910 Commerical Project IX -Rehab $12,123 $24,548 $37,284 $50,339 $63,720 $77,436 $91,494 $105,904 $120,674 $135,813 Commercial Project X -Motel/Hotel I Built Assessed $121,225 $124,256 $127,362 $130,546 $133,810 $137,155 $140,584 $144,099 Commercial Project XI -Motel/Hotel II Built Assessed $151,532 $155,320 $159,203 Commercial Project XII -Retail Strip Built Assessed $106,072 $108,724 $111,442 $114,228 Commercial Project XIII -Retail Plaza Built Assessed $121,225 $124,256 Commercial Project XIV -Office Bldg. Built Assessed $22,730 Assisted/Supportive Living Project I $136,379 $139,788 $143,283 $146,865 $150,536 $154,300 $158,157 $162,111 $166,164 $170,318 Assisted/Supportive Living Project II Built Assessed X136.379 $139.788 $143.283 5148_A85 Calendar Year of Recei is 2021 2022 2023 2024 2025 2026 2027 2028 TOTALS Commercial Project I $9,699 $9,941 $10,190 $10,444 $10,706 $10,973 $11,247 $11,529 5169,612 Commercial Project II $23,277 $23,859 $24,455 $25,067 $25,693 $26,336 $26,994 $27,669 5407,089 Commercial Project III $15,518 $15,906 $16,303 $16,711 $17,129 $17,557 $17,996 $18,446 $271,379 Commercial Project IV $30,279 $31,036 $31,812 $32,607 $33,422 $34,258 $35,114 $35,992 $505,867 Commercial Project V $28,117 $28,820 $29,540 $30,279 $31,036 $31,812 $32,607 $33,422 $400,503 Commercial Project VI $35,146 $36,025 $36,925 $37,848 $38,795 $39,765 $40,759 $41,778 $500,629 Commercial Project Vll $33,453 $34,289 $35,146 $36,025 $36,925 $37,848 $38,795 $39,765 5418,093 Commercial Project VIII $100,358 $102,867 $105,438 $108,074 $110,776 $113,545 $116,384 $119,294 51,254,278 Commerical Project IX -Rehab $139,209 $142,689 $146,256 $149,913 $153,660 $157,502 $161,439 $165,475 51,935,478 Commercial Project X -Motel/Hotel I $147,701 $151,394 $155,179 $159,058 $163,035 $167,110 $171,288 $175,570 $2,349,374 Commercial Project XI -Motel/Hotel II $163,183 $167,263 $171,444 $175,730 $180,124 $184,627 $189,242 $193,973 $1,891,640 Commercial Project XII -Retail Strip $117,084 $120,011 $123,011 $126,086 $129,239 $132,470 $135,781 $139,176 $1,463,324 Commercial Project XIII -Retail Plaza $127,362 $130,546 $133,810 $137,155 $140,584 $144,099 $147,701 $151,394 51,358,134 Commercial Project XIV -Office Bldg. $23,298 $23,880 $24,477 $25,089 $25,717 $26,360 $27,019 $27,694 5226,264 Assisted/Supportive Living Project I $174,576 $178,940 $183,414 $187,999 $192,699 $197,517 $202,455 $207,516 53,053,017 Assisted/Supportive Living Project II $150,536 $154,300 $158,157 $162,111 $166,164 $170,318 $174.576 $178.940 51.881.417 Real Estate Assumptions -Commercial Projects Commercial Commercial Commercial Commercial Commercial Commercial Commercial Commercial Comm. IX X MotellHotel Project I Project II Project III Project IV Project V Project VI Project VII Project VIII RehablRenov. Project I Total Projected Market Value $250,000 $600,000 $400,000 $800,000 $800,000 $1,000,000 $1,000,000 $3,000,000 $4,000,000 $4,000,000 Increase in EAV $83,333 $200,000 $133,333 $266,667 $266,667 $333,333 $333,333 $1,000,000 $1,333,333 $1,333,333 Real Estate Tax Increment $7,577 $18,184 $12,123 $24,245 $24,245 $30,306 $30,306 $90,919 $121,225 $121,225 Estimated Eli ible Project Costs $50,000 $100,000 $160,000 $200,000 $150,000 $250,000 $250,000 $750,000 $4,000,000 $780,000 Real Estate Assumptions -Commercial Projects XI MotellHotel XII Retail Strip XIII Comm. XIV Office AssislSupp. AssislSupp. Project II Development Retail Plaza Building Living I Living II TOTALS Total Projected Market Value $5,000,000 $3,500,000 $4,000,000 $750,000 $4,500,000 $4,500,000 $38,100,000 Increase in EAV $1,666,667 $1,166,667 $1,333,333 $250,000 $1,500,000 $1,500,000 $12,700,000 Real Estate Tax Increment $151,532 $106,072 $121,225 $22,730 $136,379 $136,379 $1,154,671 Estimated Eli ible Project Costs $800,000 $600,000 $800,000 $175,000 $900,000 $900,000 $10,865,000 Variables nflation Rate 2.5% total Tax Rate 9.0919% The i f ~matinn mad assumptions cmnained to the ~ regoing material m~e hasur tgton it j rmatinn, material and areumptinns yrovidrd to Jacob & Alein, Ltd. (J&K) and the Economic Derelopnrem Gronp, Ltd. (EDG) by outside pens including pvhlic r~cia&. J&K m,d EDG hat .not undertaken independem irmectigation m reriJ,i~ an' n(the infnrnmtian nr material ronmined herein. No wan'orvv. erpre implied, oe- to the accnracr of the materials and inJornrotion or the results projecn~d in the j refining prexenmtinn is nmde by J&K nr EDG, its ~cers ar en plovers. J&f." mrd EDG sprc fcalh~ disclaim the acetaner ql the! t'undas and colrrdatinrts mrd has no obfiyation to invevigme or update. re<~oladote or rcure the calculattonr The material p, ecenled hereur t. ~ whjen to ri,'k t ~enrb~ and rme er vnnnes that could emtse actual et errn~ to diJ/er nmret tour ~nnr dr ~ ~ c. ented Thoce proudnrg in/or motion rornanred m this pre. enmtion have t epresemed to J&ti mrd EDG that, as of the dote n nos pros ided the it j rotation r,ac acuunte to the best J'rheit knnuledge dno perraro r ice mg t evert mq or vulizug th ~- ~ eventation vhmdd d n.vubjeot m all aJ the JoreRoinR linritationc mrd shall conduct independerv un estiyatimvo ter iJr the asvunrptions and caludari ontained hereua Br uc ceptamcandn~c<Jthis p,eremanmt the usu accepts alli/th Jw~egning hnmminu.~ rdr,h.ues ,/&Knnd EDGJronrnm habilitr uvcunneninn therewith. 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