HomeMy WebLinkAboutOrdinance #2055 i
i
CITY OF CANTON,
FULTON, ILLINOIS
ORDINANCE NO. ~ U ~ ~
CANTON 4-A
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
BYRON TINDALL
(D/B/A ~~BT INTERIORS")
ADOPTED BY THE CORPORATE AUTHORITIES
OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
ON THE 2 Z DAY OF NOVEMBER, 2011.
ti
CIT"Y OF CANTON, ILLINOIS: ORDINANCE NO.
CANTON 4-A
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON AND
BYRON TINDALL
(D/B/A ~~BT INTERIORS")
BE IT ORDAINED BY THE CITY OF CANTON THAT:
SECTION ONE: The Redevelopment Agreement with BS~ron Tindall (D/B/A `BT Interiors")
(ExhiGitA attached) is hereby approved.
SECTION TWO: The MayoY is hereb~ autho~ized 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.
SECTION THREE: The Redevelopment Agreement shall be effective the date of its approval on
the v~a-day of November, 20ll.
SECTION FOUR: This Ordinance shall be in full force and effect from and after its passage and
approval as required by law.
[Balance ofpqge is intentionql/y hlaJZk.]
PASSED, APPROVED AND ADOPTED by~ the Corporate Authorities of the Ciry of Canton,
Fulton County, Illinois, on the ~~day of November, r~.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 Pickel
Ald. James Haxtford
Ald. Jeffrey Fritz
Ald. Cxaig West ~
Ald. Gerald Ellis
~ld. Justin Nelson
r~ld. Eric Schenck
Ald. Jeremy Pasle~
Hon. Kevin Meade, Mayor
TOTAL VOTES
~
, = ~
/w
~ /i
APPROVED: , Date / / 2011
Hon. Ke~-in Meade, Mayor, Cit~~ of Canton
ATTEST: , Date: o~~-/ 2011
Diana Tu , City Clerk, Cit~~ of Canton
r17"1';A(:( Ii~4I?N'1'S: EXHIBIT A: ltl?DI?V'I?LOPh91?N'1' :1GRI?i?~fl?N'I' B1:1'V~%I?I?N ']'I II? Cl'1'Y OI~' C~1N'1'ON ANll HYRON
1'INll.11.1, (ll/B/:~ `B'f IN'1'l~?]ZIORS")
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EXHIBIT A
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
BYRON TINDALL
(D/B/A ~~BT INTERIORS")
CANTON 4-A
TAX INCREMENT FINANCING (TIF) DISTRICT
TAX INCREMENT FINANCING DISTRICT
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
BYRON TINDALL
(D/B/A "BT INTERIORS")
CANTON 4-A TAX INCREMENT FINANCING DISTRICT
NOVEMBER 2011
REDEVELOPMENT AGREEMENT
CITY OF CANTON
&
BYRON TINDALL
(D/B/A "BT INTERIORS")
CANTON 4-A TIF DISTRICT
THIS REDEVELOPMENT AGREEMENT (including I~.xhibits) ("Agreement") is entered into
this ~.day of November, 2011, b~ the City of Canton (the "City"), an Illinois Municipal
Corporation, Fulton Count~~, Illinois, and Byron Tindall (D/B/A `BT Interiors") (the "Developer"),
an Illinois Corporation.
PREAMBLE
WHEREAS, the City has the authoriry to promote the health, safety, and welfaYe of the City and its
citizens and to prevent the spread of blight and deterioration and inadequate public facilities by
promoting the development of private propert~~ thereby increasing the tax base of the City and
providing employment foY its citizens; and
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.4 et
seq, as amended (the "Act"), the Cit~ has the authoriry to provide incentives to owners or pYOSpective
owners of real property to develop, redevelop, and rehabilitate such properry by Yeimbursing the owners
for certain costs from resulting increases in real estate tax revenues; and
WHEREAS, on December 31, 1)87, recognizing the need to foster the de~relopment, expansion and
rcvitalization of certain properties which are vacant, underutilizcd or undeveloped, the Cit~~ adopted Tax
Increment Financing under the Act, approved a Redevelopment Plan and designated a Redevelopment
Area, pursuant to the Act, known as Canton 4-A Tax Increment Financing District ( the "TIF
District"); and
WHEREAS, the Developer is the owner of propert~~ within tl~e boundaries TIF District at 1 Enterprise
Lane, Canton, Illinois ("Propert~~"); and
WHEREAS, the Developer is the owner of a business located on said Property and is constructing
stoYage units, based upon the availabilitp of incentives by the Cit~~; and
WHEREAS, the Cit~~ has the authorit~~ under the r~ct to incur Redevelopment Project Costs ("Eligible
Project Costs") and to reimburse De~reloper for such costs; and
WHEREAS, the Developer requests that incentives for the development be provided b~~ the Ciry and
that such incentives include the reimbursement of a portion of the De~reloper's Eligible Project Costs;
and
WHEREAS, the Ciry has deterinined that this Project requires the incentives requested and that said
Project will, as a part of the Plan, promotc the health, safet~~ and ~velfare of the Cit~~ and its citizens by
attracting pYivate uivesmient to prevent bligl~t and deterioration, to develop underutilized propertp, and
Byrnr7 Tirtdall. - Ca~~loi~ -1-A TIF Dis~rict Puge 2 of 9
to provide employment foY its citizens and generall~r to enhance the economy of the City; and
WHEREAS, the City shall pay to the Developer a one-time lump sum payment in the amount of
Three Thousand Seven Hundred Thirty-Seven Dollars and Eleven Cents ($3,737.11) from the
TIF District's Special Tax Allocation Fund for the reimbursement of Eligible Project Costs, which shall
be paid upon verification of the Developer's Eligible Pxoject Costs as set forth in Sectio~a F_; and
WHEREAS, the Cit~~ is entering into this r~greement to induce the Developer to construct storage units
on said Propert~~; and
WHEREAS, in consideration of the execution of this Agreement and in reliance thereon, the
Developer has proceed with its plans to complete the Project as set foxth herein.
AGREEMENTS
NOW, THEREFORE, for good and valuable consideration, the receipt of which is acknowledged,
the Parties agree as follows:
A. PRELIMINARY STATEMENTS
1. The Parties agree that the matters set forth in the recitals above aYe ttue and correct and form
a part of this Agreement, and are to be construed as binding statements of this Agreement.
2. Any ternls ~vhich are not defined in this Agreement shall ha~re the same meaning as they do in
the Act, unless indicated to the contrar5~.
3. The City in extending incentives for this Project is rel~~ing on the representation of the
Developer contained herein to substanriall5~ complete the Project as set forth herein.
4. Each of the Parues YepYesents that it has taken all actions necessar5~ to authorize its
repYesentatives to execute this Agreement.
B. ADOPTION OF TAX INCREMENT FINANCING
'I'he City has created a Tax Increment I~inancing District known as the "Canton 4-A TIF
District" which includes the Developer's Property~. The City has approved certain Redevelopment
Project Costs in its Redevelopment Plan, inclUding the t}~pes described in Exhibit 4 for the Developer's
Project which shall be hereafter known as the `Byron Tindall Project" (the "Project").
C. INCENTIVES
In consideration for the De~reloper complering its Project as set forth herein, the Cit~~ agrees to extend
to Det~eloper the follo~ving incenrives to assist Developer's Project:
Bp~•on Tindall. - Canton 4-A T/F Uistrict Page 3 of 9
1. the City shall pay to the Developer a one-time lump sum payment in the amount of Three
Thousand Seven Hundred Thirty-Seven Dollars and Eleven Cents ($3,737.11) from the
TIF District's Special Tax Allocarion Fund for the reimbursement of the Developer's Eligible
Project Costs (see F_xhibit 1), which shall be paid upon verification of the Eligible Project Costs
as set forth in Section E.
D. LIMITATION OF INCENTIVES TO DEVELOPER
1. The Developer shall be reimbursed by the Cin~ only for rligible Project Costs permitted by the
Act and incurred as a result of the Project, not to exceed Three Thousand Seven Hundred
Thirty-Seven Dollars and Eleven Cents ($3,737.11), from the TIF District's Special Tax
r~llocation Fund.
E. PAYMENT OF ELIGIBLE PROJECT COSTS
1. Payment to the Developer for Fligible Project Costs as set forth by the Act shall be made by
a Requisition for Payment of Private Development Redevelopment Costs ("Requisition")
submitted to Jacob & Klein, Ltd. and the Economic Development Group, Ltd. ( collecrively the
"Administrator") and subject to their approval of the costs.
2. The Requisition must be accompanied by verified bills or statements of suppliers, contractors,
or professionals together with Mechanic's Lien Waivers as required b5~ the City.
3. The Administrator shall approve or disapprove the Requisition by written receipt to the
Developer within thirt~~ (30) business da~~s after receipt of the Requisition. Approval of the
Requisition will not be unreasonabl~~ withheld. If the Requisition is disapproved by the
Administrator, the reasons for disallowance will be set forth in wYiting and the Developex may
resubmit the Requisition with such additional informarion as ma~~ be re9uired and the same
procedures set forth herein shall appl5~ to such re-submittal.
4. The sum approved shall then be paid from the TIF District's Special Tax rlllocation Fund to the
Developer as soon as sums are available. Pa3~ment shall be made within thirt~ (30) days after
approval.
5. The Parties acknowledge that thc dctermination of Eligible PYOject Costs, and, therefore,
qualification for reimbursement heYeunder are subject to changes or interpretation made b5~
amendments to the Act, administratiee rules or judicial interpretarion during the term of this
Agreement The Cit}~ has no obligation to the Developer to attempt to modif~ those decisions,
but will reasonabl~~ assist the Developer in every respect to obtain approval of Eligible Project
Costs.
6. Eligible Project Costs shall be broadly defined in the Redevelopment Plan to include all costs
defined in the Act as Redevelopment Projcct Costs.
By~~on Tir~dall. - Caitton 4-A TIF Dist~•ict Page 4 of 9
F. LIMITED OBLIGATION
The City's obligation heYeunder to pay the Developer for Eligible Project Costs is a limited obligarion
to be paid solely as set forth herein. Said obligation does not now and shall neveY constitute an
indebtedness of the Citp within the meaning of any State of Illinois constiturional or statutory provision,
and shall not constitute or give rise to a pecuniar}~ liability of the Cit~~ or a charge or lien against the Cit~~'s
general credit or taxing power.
G. LIMITED LIABILITY OF CITY TO OTHERS FOR DEVELOPER'S EXPENSES
There shall be no obligation by the City to make any payments to any peYSOn otheY than the Developer,
nor shall the City be obligated to make direct payments to an~~ other contractor, subcontractor, mechanic
or materialman providing services or materials to the Developer for the Project. This Agreement shall
not create any third-party rights and the Developer shall indemnify and hold the City harmless on any
claims arising out of the Developer's construction activities.
H. COOPERATION OF THE PARTIES
The City and the Developer agree to cooperate fully with each other when requested to do so concerning
the development of the Developer's Project.
I. DEFAULT; CURE; REMEDIES
In the event of a default under this Agreement b5~ any part~~ hereto (the "Defaulting Part~~"), which
default is not cured within the cure period provided for below, then the other party (the "Non-defaulting
Party") shall have an action for damages, or in the event damages would not fairl~~ compensate the Non-
defaulting Part~~'s for the Defaulting Party's breach of this r~greement, the Non-defaulting Party shall
have such other equity rights and remedies as are available to them at law or in equit~~. Any damages
pa}~able by the Cit~~ hereunder shall be limited to the real estate taa increment payable to the Devcloper
undeY the terms of this AgYeement.
In the cvcnt a Defaulting Part~~ shall fail to perform a rnonetar}~ coeenant which it is required to perform
under this Agreement, it shall not be deemed to be in default under this r~greement unless it shall have
failed to perform such monetar5~ covenant within thirty (30) da~~s of its receipt of a notice from a Non-
defaulung PaYty specifying that it has failed to perforin such monetary co~renant. In the event a
Defaulung Party fails to perform any non-monetary co~renant as and when it is required to under this
Agreement, it shall not be deemed to be in default if it shall have cured such default ~vithin thirt~~ (30)
da}~s of its xeceipt of a notice from a Non-defaulting Part~~ specif~~ing the nature of the default, provided,
however, ~vith respect to those non-monetar}~ defaults which are not capable of being cured within such
thirry (30) day period, it shall not be deemed to be in default if it commences curing within such thirty
(30) days period, and thereafter diligend5~ and continuousl~~ prosecutes thc cuYe of such default until the
same has been cured.
l3t~r•ora Tir7da11. -('antai ;t-.4 TIF Dis1~•ict Yage 5 0~ 9
J. ASSIGNMENT
The rights and obligations of the Developer under this ~greement shall be fully assignable b3~ means of
written notice to the City. The City shall not unreasonabl5~ withhold its consent provided that the nature
of the Project is not substantially changed. No such assignment shall be deemed to release the Developer
of its obligations to the Cit~~ under this Agreement unless the specific consent of the City to release the
Developer's obligations is first obtained in wriring.
K. WAIVER
Any party to this Agreement may elect to waive any remedy it ma~ enjoy heYeunder, provided that no
such waiver shall be deemed to exist unless the party waiving such right of remedy does so in writing.
No such waiver shall obligate such paYty to waive an~ right of remedy hereunder, oY shall be deemed to
constitute a waiver of other rights and remedies provided said part~~ pursuant to this Agreement.
L. SEVERABILITY
If any section, subsection, term or provision of this rlgreement or the application thereof to any part~~
or circumstance shall, to any extent, be invalid or unenforceable, the remainder of said section,
subsecuon, term or provision of this Agreement oY the application of same to parties or ciYCUmstances
other than those to which it is held invalid or unenforceable, shall not be affected thereby.
M. NOTICES
All notices, demands, requests, consents, appro~rals or other instruments required or permitted by this
rlgreement shall be in writing and shall be executed b~~ the Party or an officer, agent or attorney of the
Party, and shall be deemed to have been effective as of the date of actual deliverp, if delivered personally,
or as of the third (3'~`~) da~ from and including the date of posting, if mailed b~~ registered or certified mail,
return receipt requested, with postage prepaid addressed as follows:
To Developer: To City:
Bj~xon Tindall Cit}~ Clexk,
1 Entexprise Lane City I-Iall
Canton, IL 61520 2 Main Stseet
Canton, IL 61520
1 Flith ~•opy to:
Jacob & Klein, Ltd.
I~conomic Development Uroup, Ltd.
1?01 Clearwatex ~venue
Blooinington, Illinois 61704
'Tclephone: (309)664-7777
/3vror~ Ti~adall. - Car~tor~ -~-A 7/F Disfrict Page 6 of 9
N. SUCCESSORS IN INTEREST
Subject to the Provisions of Paragraph L abo~=e, this rlgreement shall be binding upon and inure to the
benefit of the Parties hereto and their respective successors and assigns.
O. NO JOINT VENTURE, AGENCY, OR PARTNERSHIP CREATED
Neither anything in this Agreement no any acts of the Parties to this Agreement shall be constYUed by
the Parties or any thiYd person to create the relationship of a partneYShip, agency, or joint venture
between or among such Parties.
P. INDEMNIFICATION OF CITY
Developer acknowledges that it is responsible foY compliance with the Illinois Prevailing Wage Act, to
the extent such is applicable. Applicabiliry is to be determined by Developer and DevelopeY shall
indemnify and hold harmless the Cit~~, and all Cit~~ elected or appointed officials, officers, employees~
agents, representarives, engineers, consultants and attoYne~~s (collectively, the Indemnified Parties), from
any and all claims that may be asseYted against the Indemnified Parties or one or more of them, in
connection with the applicability, determination, and/or pa`~ments made under the Illinois Prevailing
Wage Act (820 ILCS 130/0.01 et.se9.), the Illinois Procurement Code, and/or any similar State or
Federal law or regulation. This obligarion to indemnify and hold harmless obligates Developer to defend
any such claim and/or action, pay any liabilities and/oY penalties imposed, and pay all defense costs of
Ciry, including but not limited to the reasonablc attorney fees of City.
Q. WARRANTY OF SIGNATORIES
'1'he signatories of Developer warrant full authorit~~ to both caecute this Agreement and to bind the entity
in which the}' are signing on behalf of.
R. TERM OF THE AGREEMENT
This Agrecment shall expire upon the e~piration of the Redevelopment Plan adopted by the Ciry or
sooneY if the Developer has received all incentives included hexein.
(The halqrrce of this page i.r i~zte~ltionally l~laT~k.)
Bvron l~i~~dnll. -('arilon 4-.9 T!F Dish•icl Page 7 q
f 9
IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be executed by their
duly authorized officeYS on the above date at Canton, Illinois.
CITY OF CANTON, ILLINOIS
l ~
By: ~
Mayor
ATTEST:
c~ry r
DEVELOPER:
BYRON TINDALL
Bpron Tindall. - Canton 4-A TlF Distric! Page 8 of 9
EXHIBIT 1
SUMMARY OF ESTIMATED TIF ELIGIBLE PROTECT COSTS
Byron Tindall Project
(D~B~A "BT Interiors"~
Canton 4-A TIF District in the Cit~~ of Canton, Fulton County, Illinois
Project Description: The Developer is constructing storage units on said Property.
Eligible Project Costs:
Site Preparation/Site Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,400.00
Professional Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,139.00
Total Estimated Eligible Project Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,539.00
The City agrees to reimburse the Developer for Eligible Projects incurred in the amount of
$3,737.11 as set forth in the A.greement, and shall not be obligated to reimburse the
Developer for any Eligible Project Costs exceeding $3,737.11.
Bvron Trnda!l. - Ca:rton 4-A 7/F District Page 9 of 9