HomeMy WebLinkAboutOrdinance #2089 - redevelopment agreement between the City of Canton and Ipava State Bank CITY OF CANTON,
FULTON, ILLINOIS
ORDINANCE NO. ~D 1
CANTON 1- DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
IPAVA STATE BANK
ADOPTED BY THE CORPORATE AUTHORITIES
OF THE CITY OF CANTON, FULT N COUNTY, ILLINOIS,
ON THE ~ DAY OF , 2012.
CI'TY OF CANTON, ILLINOIS: ORDINANCE NO. o~
CANTON 1- DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON
AND
IPAVA STATE BANK
BE IT ORDAINED BY THE CITY OF CANTON THAT:
SECTION ONE: The Redevelopment Agreement with Ipava State Bank (Exhibit A attached) is
hereby approved.
SECTION TWO: The Mayor is hereby authorized and directed to enter into and execute on behalf
of the Ciry said Redevelopment Agreement and the Ciry 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 day of Y , 2012.
SECTION FOUR: This Ordinance shall be in full force and effect from and after its passage and
approval as required by law.
[Balance ofpage i.r intentionally blank.]
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PASSED, APPROVED AND ADOPTED by the Corporate Authorities of the Ciry of Canton,
Fulton Counry, Illinois, on the 3 day of , A.D., 2012, and deposited and filed
in the Office of the Ciry Clerk of said Ciry on that date.
MAYOR & ALDERMEN AYE VOTE NAY VOTE ABSTAIN / ABSENT
Ald. David Pickel
Ald. James Hartford
Ald. Jeffrey Fxitz x
Ald. Craig West X
Ald. Gerald Ellis X
Ald. Justin Nelson
Ald. Eric Schenck
Ald. Jeremy Pasley
Hon. Kevin Meade, Mayor
TOTAL VOTES
%
APPROVED: ~'y , Date I / ~ / 2012
H n. Kevin eade, Ma or, Ci of Canton
ATTEST , Date: ~ / 2012
'ana Pavley, City Clerk ity of Canton
ATTACF~M~NTS: EXHIBIT A: REDEVELOPMFN'1' AGR~EMLNT BY ANll BG'1'WEEN THE CITY OP CANTON AND
IPAVA STATE BANK
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EXHIBIT A
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
IPAVA STATE BANK
CANTON 1- DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
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CANTON 1- DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING DISTRICT
TIF REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
IPAVA STATE BANK
JUNE 2012
TIF REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
IPAVA STATE BANK
'~c l~
THIS AGREEMENT (including Exhibit 1) is entered into this ~ day of~e, 2012, by and
between the CI1"I' OF CANTON ("City"), an Illinois Municipal Corporation, Fulton Counry, Illinois;
and IPAVA STATE BANK ("Developer"), an Illinois Corporation.
PREAMBLE
WHEREAS, the City has the authority to promote the health, safety, and welfare 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 investment properry thereby increasing the tax base of the City
and providing employment for its citizens; and
WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4
et ,req., as amended (the "Act"), the City has the authoriry to provide incentives to owners ox pxospective
owners of real property to develop, redevelop, and rehabilitate such property by reimbursing the owner
for certain costs from resulting increases in real estate tax revenues and enter into contracts with
developers necessary or incidental to the implementation of its redevelopment plan pursuant to 65 ILCS
5/11-74.4-4(b) and (j); and
WHEREAS, the City, recognizing the need to foster the development, expansion and revitalization
of certain pxoperties which are vacant, underutilized or obsolete or a combination thereof, adopted Tax
Increment Financing and created a Tax Increment Allocation Redevelopment Area under the Act
known as the Canton International Harvester Site Project Area TIF District (the "Canton IH TIF
District" currendy known as the "Canton 1- Downtown/5th Avenue TIF District") on July 6, 2004
by Ordinance No. 1807; and
WHEREAS, pursuant TIF Act, the City approved the First Amendment to the Canton IH TIF
District on November 22, 2011 by Ordinance No. 2052; and
WHEREAS, included in the Redevelopment Project Area is a property acquired by the Developer
in 2011, located at 123 East Pine, Canton, Illinois, real estate tax property identification number 09-08-
27-436-007 (the "Property"); and
WHEREAS, based on incentives offered by the City, the Developer intends to redevelop said
Property by renovating the existing building and making site improvements for the operarion of a
banking facility (the "Project"); and
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WHEREAS, the Developer anticipates the Project will require a total projected investment of
$350,000 and will result in a ininimum of eight (8) full-time or Full-Time Equivalent ("FT'E") jobs in
connection with the operation of the facility during the term of this Agreement; and
WHEREAS, it is the intent of the City to encourage economic development which will increase
the real estate and municipal tax bases of the City and the tax bases of other taxing bodies, which
increased incremental taxes will be used, in part, to finance incentives to assist redevelopment projects
undertaken within the Tax Increment Financing District; and
WHEREAS, the Developer's Project is consistent with the land uses of the City as adopted; and
WHEREAS, the City has the authority under the Act to incur Redevelopment Project Costs
("Eligible Project Costs'~ and to reimburse Developer for such costs pursuant to 65 ILCS 11-74.4-4(j);
and
WHEREAS, the Ciry has determined that this Developer's Project requires the incentives requested
as set forth in Exhibit 1 and that said Developer's Project will, as part of the Plan, promote the health,
safery and welfare of the City and its citizens by attracting private investment to prevent blight and
deterioration and to provide employment for its citizens and generally to enhance the economy of the
City; and
WHEREAS, the City and Developer (the "Parties") have agreed to segregate within the Canton
1- Downtown/5th Avenue Special Tax Increment Redevelopment Fund the following: Twenty-five
percent (25%) of the incremental increases in real estate taxes derived from this Developer's Project
through the life of the TIF District, tax year 2027 payable 2028, up to a total reimbursement not to
exceed $150,000.00 of the Developer's TIF Eligible Project Costs (see Exhibit 1). The Cirywill establish
a separate account within the Special Tax Allocarion Fund for the TIF District designated as the
"IPAVA State Bank Special Account" ("Special Account"). All monies deposited to this Special
Account shall be used exclusively by the City for the purposes set forth in this Agreement; and
WHEREAS, the Parties agree that the Ciry shall reimburse the Developer $5,300 for the cost of
replacing the Pine Street sidewalk (approx. 95 ft.) adjacent to the new banking facility on the Property
located at 123 East Pine, Canton, Illinois (real estate tax property identification number
09-08-27-436-007), per the invoice dated May 25, 2012 and attached hereto as F.xhibit 2; and
WHEREAS, the Parties agree that the Ciry shall also remove and replace a total of 102.5 ft. of
sidewalk (i.e., the Pine Street sidewalk (approx. 69 ft.) and the First Avenue sidewalk (approx. 33.5 ft.)),
for which both sections of sidewalk are adjacent to the former banking facility located on the
Developer's properry at 74 E. Pine Street, Canton, Illinois (real estate tax properry identification number
09-OS-27-420-013).
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WHEREAS, in consideration of the execution of this Agreement, the Developer shall proceed with
completing said Project as set forth herein and agrees to create and maintain a minimum of eight (8)
full-time or FTE jobs during the term of this Agreement; and
WHEREAS, the City is entering into this Agxeement having encouraged and induced the
Developer to redevelop the Property.
AGREEMENTS
NOW, THEREFORE, in consideration of the mutual promises contained herein and other good
and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:
A. PRELIMINARY STATEMENTS
1. The Parties agree that the matters set forth in the recitals above are true and correct and form
a part of this Agreement.
2. Any terms which are not defined in this Agreement shall have the same meaning as they do
in the Act, unless indicated to the contrary.
3. The City is extending incentives for the Developer's Project in anticipation of the expected
completion of the Project as set foxth herein.
4. Each of the Parties represents that it has taken all actions necessary to authorize its
representatives to execute this Agreement.
B. ADOPTION OF TAX INCREMENT FINANCING
The Ciry has created the TIF District which includes Developer's Property. The Ciry has previously
assisted certain Redevelopment Projects using tax increment financing incentives and now intends to
provide such assistance to the Developer's Project.
C. INCENTIVES
In consideration for the Developer having purchased the Properry and completing the Project
substantially as set forth herein, the City agrees to extend to the Developer the following incentives to
assist Developer's Project:
1. Twenty-five percent (25%) of the incremental increases in real estate taxes derived from this
Developer's Project for the life of the TIF District, through tax year 2027 payable 2028, up to
3
a total reimbursement not to exceed $150,000.00 of the Developer's TIF Eligible Project Costs
(see Exhibit The City will establish a separate account within the Special Tax Allocation
Fund for the TIF District designated as the "IPAYA StateBat~kSpecialAccount"("Special
Account"). All monies deposited to this Special Account shall be used exclusively by the City
for the purposes set forth in this Agreement.
a. The Developer hereby certifies that the Project will require a minimum of eight (8) full-
time or Full-Time Equivalent ("FTE") employees in connection with the operation of
the facility during the term of this Agreement.
b. Each full-time or FTE employee created in connection with the operation of the facility
during the term of this Agreement shall receive wages which are commensurate with the
skill and educational level required for the position. For purposes of this Agreement,
a full-tune or FTE job is defined as: A full-time equivalent (FTE) is the number of
hours that represent what a full time employee works during a twelve (12) month
period. Assuming the IPAVA State Bank operates 52 weeks each year and a normal
work week is 40 hours, then there is a total of 2,080 hours allocated to one full-time
employee per year. One person working 40 hours per week would be one full-time
equivalent (FTE). However, if there are two employees that both work 20 hours in a
week, that total is also 40 hours per week or 2,080 hours annually, and this also
represents one FTE.
2. The Ciry agrees to reimburse the Developer $5,300 for the cost of replacing the Pine Street
sidewalk (approx. 95 ft.) adjacent to the new banking facility on the Properry located at 123
East Pine, Canton, Illinois (real estate tax property identification number 09-08-27-436-007),
per the invoice dated May 25, 2012 and attached hereto as Exhibit 2.
3. The City also agrees to remove and replace the Pine Street sidewalk (approx. 69 ft.) and the
First Avenue sidewalk (approx. 335 ft.), for which both sections of sidewalk axe adjacent to
the former banking facility located on the Developer's property at 74 E. Pine Street, Canton,
Illinois (real estate tax property identification number 09-08-27-420-013)
D. LIMITATION OF INCENTIVES TO DEVELOPER
1. Eligible Project Costs of the Developer shall not exceed in total $150,000.00.
2. The Developer shall be reimbursed by the City for all Eligible Project Costs permitted by the
Act (subject to a limitation of $150,000.00) as set forth herein, but only as set forth above and
only from the Property included in this Project and currendy owned by the Developer at that
location.
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3. It shall be the sole responsibiliry of the Developer to provide to the City as requested the
following:
a. Copies of all PAID real estate tax bills, annually, for the Properry included in this
Project.
b. Verification of TIF eligible project costs as required by Section E below.
c. Following completion of the Project and prior to requesting annual reimbursement of
TIF Eligible Project Costs during the term of this Agreement, the Developer shall
certify to the City the number of full-time or FTE employees continuously employed
in the operation of the faciliry from the date the faciliry opened for business or during
the previous twelve (12) months, whichever period is shorter. Continuous, full-time or
FTE employment shall mean the position has been occupied or open for hire at the
faciliry since the faciliry was originally opened and occupied or during the previous
twelve (12) months, whichever period is shorter. The form, content and scheduled
reporting dates of the employment information that is to be supplied by the Developer
shall consist of appropriate payroll records, independent verification by Developer's
accountant or tax preparer or a sworn affidavit attesting to the number of full-time or
FTE jobs maintained from the date the faciliry was originally constructed and occupied
or during the previous twelve (12) months, whichever period is shoxter.
E. PAYMENT OF ELIGIBLE PROJECT COSTS
1. A request for payment to the Developer for TIF Eligible Project Costs as set forth by the Act
shall be made by a Requisition for Payment of Private Development Redevelopment Costs
(the "Requisition") as hereto attached as Exhibit 3 and submitted by Developer to the City's
TIF Administrator Jacob & Klein, Ltd. and The Economic Development Group, Ltd.
(collectively the "TIF Administrator") or a successive TIF Administrator upon written
notification from the Ciry.
2. The Requisition must be accompanied by verified bills or statements of suppliers, contractors,
or professionals relating to the Pxoject, together with Mechanic's Lien Waivers, cancelled
checks or other acceptable proof of payment by the Developer as required by the City's TIF
Administrator.
3. The Developer shall use such sums as reimbursements for eligible expenses only to the extent
permitted by law and the Act.
4. The TIF Administrator shall approve or disapprove the Requisition by written receipt to the
5
Developer within thirty (30) business days after receipt of the Requisition. Approval of the
Requisition will not be unreasonably withheld. If the Requisition is disapproved by the TIF
Administrator (or subsequendy by the Illinois Department of Revenue), the reasons for
disallowance will be set forth in writing and the Developer may resubmit the Requisition with
such additional information as may be required and the same procedures set foxth herein shall
apply to such re-submittals.
5. The Parties acknowledge that the determination of TIF Eligible Project Costs, and, therefore,
qualification for reimbursement hereunder are subject to changes or interpretation made by
amendments to the Act, administrative rules or judicial interpretation during the term of this
Agreement.
6. TIF Eligible Project Costs are broadly defined in the Redevelopment Plan to include all costs
defined in the Act as Redevelopment Project Costs.
7. The Developer may submit for prior approval by the City as TIF Eligible Project Costs under
the Act estimates of costs before they are incurred subject to later confirmation by actual bills.
F. LIMITED OBLIGATION
The Ciry's obligation hereunder is to pay Developer for TIF Eligible Project Costs limited to
$150,000.00 as set forth above. Said obligation does not now and shall never constitute an indebtedness
of the Ciry within the meaning of any State of Illinois Constitutional or Statutory provision, and shall
not constitute or give rise to a pecuniary liability of the Ciry or a charge or lien against the Ciry's general
credit or ta~ng 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 person other than Developer,
nor shall the City be obligated to make direct payments to any other contractor, subcontractor, mechanic
or materialman providing services or materials to Developer for the Developer's Project.
H. DEFAULT; CURE; REMEDIES
In the event of a default under this Redevelopment Agreement by any Party hereto (the "Defaulting
Party"), which default is not cured within the cure period provided for below, then the other Party (the
"Non-defaulting Party") shall have an action for damages, or in the event damages would not fairly
compensate the Non-defaulting Party's for the Defaulting Party's breach of this Redevelopment
Agreement, the Non-defaulting Parry shall have such other equiry rights and remedies as are available
6
to them at law or in equiry. Any damages payable by the Ciry hereunder shall be limited to the real estate
tax increment payable to the Developer under the terms of this Agreement.
In the event a Defaulting Party shall fail to perform a monetary covenant which it is required to
perform under this Redevelopment Agreement, it shall not be deemed to be in default under this
Redevelopment Agreement unless it shall have failed to perform such monetary covenant within thirry
(30) days of its receipt of a notice from a Non-defaulting Party specifying that it has failed to perform
such monetary covenant. In the event a Defaulting Parry fails to perform any nonmonetary covenant
as and when it is required to under this Redevelopment Agreement, it shall not be deemed to be in
default if it shall have cured such default within thirty (30) days of its receipt of a notice from a Non-
defaulting Parry specifying the nature of the default, provided, however, with respect to those
nonmonetary defaults which are not capable of being cured within such thirty (30) day period, it shall
not be deemed to be in default if it commences curing within such thirry (30) days period, and thereafter
diligendy and continuously prosecutes the cure of such default until the same has been cured.
I. TIME; FORCE MAJEURE
For this Agreement, time is of the essence; provided however, the Developer and City shall not be
deemed in default with respect to any obligations of this Agreement on its part to be performed if either
fails to timely perform the same and such failure is due in whole, or in part, to any strike, lock-out, labor
trouble (whether legal or illegal), civil disorder, inability to procure materials, weather conditions and
wet soil conditions, failure or interruptions of power, restrictive governmental laws and regulations,
condemnation, riots, insurrections, war, fuel shortages, accidents, casualties, Acts of God, acts caused
direcdy or indirecdy by the Ciry (or Ciry's agents, employees or invitees) when applicable to Developer
or third parties, or any other cause beyond the reasonable control of Developer or Ciry.
J. ASSIGNMENT
The rights and obligations of the Developer under this Agreement shall not be transferable or
assignable.
K. WAIVER
Any Party to this Agreement may elect to waive any remedy it may enjoy hereunder, provided that
no such waiver shall be deemed to exist unless the Party waiving such right of remedy does so in writing.
No such waiver shall obligate such Party to waive any right of remedy hereunder, or shall be deemed
to constitute a waiver of other rights and remedies provided said Parry pursuant to this Agreement.
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L. SEVERABILITY
If any section, subsection, term or provision of this Agreement or the application thereof to any
Party or circumstance shall, to any extent, be invalid or unenforceable, the remainder of said section,
subsection, term or provision of this Agreement or the application of same to Parties or circumstances
other than those to which it is held invalid or unenforceable, shall not be affected thereby.
M. NOTICES
All notices, demands, requests, consents, approvals or other instruments required or permitted by
this Agreement shall be in writing and shall be executed by the Parry or an officer, agent or attorney of
the Parry, and shall be deemed to have been effective as of the date of actual delivery, if delivered
personally, or as of the third (3`d) day from and including the date of posting, if mailed by xegistered or
certified mail, return receipt requested, with postage prepaid addressed as follows:
CITY DEVELOPER
City of Canton Ipava State Bank
% City Administrator Attn: Trevor Hiel
2 N. Main St. 123 E. Pine St.
Canton, IL 61520 Canton, IL 61520
PH: (309) 647-0065 PH: (309) 224-3143
FAX: (309) 647-2348
With copy to: With capy to:
Thomas N. Jacob & Associates, Ltd and Andrewe W. Johnson
The Economic Development Group, Ltd. Johnson & Johnson, P.C.
1701 Clearwater Avenue 171 W. Lincoln Avenue
Bloomington, IL 61704 Lewistown, IL 61542
PH: (309) 664-7777 PH: (309) 547-7433
FAX: (309) 664-7878 EMAIL: awj~jlaw[a~,axt.net
N. SUCCESSORS IN INTEREST
Subject to the Provisions of Paragraph J, above, this Agxeement shall be binding upon and inure to
the benefit of the Parties hereto and their respective successors.
O. NO JOINT VENTURE, AGENCY, OR PARTNERSHIP CREATED
Neither anything in this Agreement nor any acts of the Parties to this Agreement shall be construed
by the Parties or any third person to create the relationship of a partnership, agency, or joint venture
between or among such Parties.
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P. INDEMNIFICATION OF CITY
Developer acknowledges that it is responsible for compliance with the Illinois Prevailing Wage Act,
to the extent such is applicable. Applicability is to be determined by Developer and Developer shall
indemnify and hold harmless the Ciry, and all City elected or appointed officials, officers, employees,
agents, representatives, engineers, consultants and attorneys (collectively, the "Indemnified Parties"),
from any and all claims that may be asserted against the Indemnified Parties or one or more of them,
in connection with the applicability, determination, and/or payments made under the Illinois Prevailing
Wage Act (820ILCS 130/0.01 et..req.), the Iltinois Procurement Code, and/or any similar State or Federal
law or regulation. This obligation to indemnify and hold harmless obligates Developer to defend any
such claim and/or action, pay any liabilities and/or penalties imposed, and pay all defense costs of City,
including but not limited to the reasonable attorney fees of City.
Q. TERM OF THE AGREEMENT
This Agreement shall terminate upon the Developer ceasing operation at the facility located on the
Properry, sale/transfer of ownership of the facility, bankruptcy, reimbursement of all of the Developer's
TIF Eligible Project Costs as provided in Section C, or the termination of the TIF District (tax year
2027 payable 2028), whichever occurs first.
R. WARRANTY OF SIGNATORIES
The signatories of Developer warrant full authority to both execute this Agreement and to bind the
entiry to which they are signing on behalf of.
~balance of thi.r page i.r intentionally blankJ
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IN WITNESS WHEREOF the Ciry of Canton and IPAVA State Bank have caused this
Agreement to be executed by their duly authorized officers on the above date at Canton, Illinois.
CITY DEVELOPER
CITY OF CANTON, an Illinois Municipal IPAVA STATE BANK, an Illinois Corporation
Corporation:
~ ~
,
BY: BY:
ayor, Ci o anton ;
~ c o~ /~v~
ATTEST: ' 1 Tide
Clerk, City of Canton
(;~.`.,t :~"li1fJ`.i.i.."It)fdll)r~;~V'1't}s:~.i~t~l~i-~L'~:~I.h?,LI ~'tg;r~auc.¢t~.lp~i~a.r:t~e~i.tnk -~.mo;il.._t).v:~..~sit...i:Are~tll,_P~Ai-:1I.1)..F,NtiI;,~;~~i7.ir~}"d
1~
EXHIBIT 1
SUMMARY OF ESTIMATED TIF ELIGIBLE PROJECT COSTS
IPAVA State Bank Project
Canton 1- Downtown/5th Avenue TIF District in the City of Canton, Fulton County, Illinois
Project Description: Developer is proceeding with plans to prepare the site and renovate the
e~sting building for a new banking facility to be located at 123 East Pine,
Canton, Illinois.
PIN#: 09-08-27-436-007
Estimated Eligible Project Costs:
Land and buildings (acquisition costs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000.00
Site Preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,000.00
Demolition ...............................................................$15,000.00
Professional Fees (planning, engineering, architectural, legal, other) . . . . . . . . . . . . . . . . . . $27,500.00
Rehab/Renovation Costs ....................................................$60,000.00
Misc .....................................................................$22,500.00
Total Estimated TIF Eligible Project Costs' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $350,000.00
~ NOTE: Cumulative Total Reimbursements of TIF Eligible Project Costs to Developer shall not exceed $150,000.00.
11
EXHIBIT 2
INVOICE DATED MAY 25, 2012 FOR PINE STREET SIDEWALK
12
K~i?~E~ co~sr~~cr~o~
86 N PARx pRIVE
canrrON, lt sis2o ~
f~1
F~lN: 2frf242784
invoice
Name:------ _ ~B/S~tjr~i Canton RroJes~Bese~ip~ieR- .-rerrjovaVreplacemer~tfor_ _
~ ~ .
Address: . : tnvoice Number: ~ 129 E. Pine ~
. . . . . . . . . . .
City, State Zip Code: ~Term:
. . . . .
Date: : 5/2S/12
~ ~ ~
Material: ~ ' ~
. . . .
Remove 95' x A' sidewalk, remove tree trunk ~ ~
. ; . .
grind stump below gr~de , ~ ~ ~ 4~ ~ . '
. . _ . . . _ . . . . - . ~ . . . . . . . . .
form and pou~ 95' x 6' new sidewaik ~
.
15 ton CA6 tor fill, 1 ~oll reinlorced mesh ~ r
. . ~ . .
1 detectabte installed at e~st erid . . '
. .-~---_._......._.___w..__
install 5' of curb and fU! with black di~t : ; ~
. . _
_ _ _ .
,
.
. .
. ~
. . . . , . .
. . . ~ : . . . . . - . .
. .
~ Subtotal Matariai . $0.00
Other: . . . . . . . . . . . : . . . . ,
.
. . . . . . . . . . _ . .
. .
. . . . ~ . . . . ~.ooi
. : : ~a.oa (
. .
, :
. . ._..___...._~o.oo
~ ~ Subtotai Other ~ $O.OU
, ~
. . . .
Labor. .......M.. . . . ; . .
_ . Hou~s: ~ . . ; . ..$0.00
. . . . . _ . . . ~ . . . ~ .
.i.
i
Total 55,300.00
EXHIBIT 3
PRIVATE PROJECT REQUEST FOR REIMBURSEMENT
13
CITY OF CANTON, ILLINOIS
CANTON 1 - DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING DISTRICT
PRIVATE PROJECT
REQUEST FOR REIMBURSEMENT
BY
IPAVA STATE BANK
Date
Attention: City Administrator, City of Canton
Re: TIF Redevelopment Agreement, dated
by and between the City of Canton, Illinois, and
IPAVA State Bank (the "Developer")
The City of Canton is hereby requested to disburse funds from the Special Tax
Allocation Fund pursuant to the Redevelopment Agreement described above in the
amount(s), to IPAVA State Bank and for the purpose(s) set forth in this Request for
Reimbursement. The terms used in this Request for Reimbursement shall have the
meanings given to those terms in the Redevelopment Agreement.
1. REQUEST FOR REIMBURSEMENT NO.
2. PAYMENT DUE TO: Ipava State Bank, Developer
3. AMOUNTS REQUESTED TO BE DISBURSED:
Description of TIF Eligible Project Cost Amount
Total
4. The amount requested to be disbursed pursuant to this Request for Reimbursement
will be used to reimburse the Developer for Redevelopment Project Costs for the
Project detailed in "Exhibit 1" of the Redevelopment Agreement.
5. The undersigned certifies that:
(i) the amounts included in (3) above were made or incurred or financed and were
necessary for the Project and were made or incurred in accordance with the
construction contracts, plans and specifications heretofore in effect; and
(ii) the amounts paid or to be paid, as set forth in this Request for Reimbursement,
represent a part of the funds due and payable for TIF Eligible Redevelopment
Project Costs; and
(iii) the expenditures for which amounts are requested represent proper
Redevelopment Project Costs as identified in the "Limitation of Incentives to
Developer" described in Section D of the Redevelopment Agreement, have not
been included in any previous Request for Reimbursement, have been properly
recorded on the Developer's books and are set forth with invoices attached for
all sums for which reimbursement is requested, and proof of payment of the
invoices; and
(iv) the amounts requested are not greater than those necessary to meet
obligations due and payable or to reimburse the Developer for its funds actually
advanced for Redevelopment Project Costs; and
(v) the Developer is not in default under the Redevelopment Agreement and
nothing has occurred to the knowledge of the Developer that would prevent the
performance of its obligations under the Redevelopment Agreement.
6. Attached to this Request for Reimbursement is Exhibit 1 of the Redevelopment
Agreement, together with copies of invoices, proof of payment of the invoices, and
Mechanic's Lien Waivers relating to all items for which reimbursement is being
requested.
BY: ~C~~'`~ (Developer)
TITLE: C ,~EU iP
APPROVED' ITY CANTON, ILLINOI
BY:
TITLE: ^ DATE: ~ (~~/Z-