HomeMy WebLinkAboutOrdinance #4536 - Redevelopment Agreement with Giant Investors, Giant Real Estate Investors, and Jeromie Hale (Phase 2) CERTIFICATE
THE UNDERSIGNED CERTIFIES THAT SHE IS THE CITY CLERK FOR THE CITY
OF CANTON, ILLINOIS, AND THAT THE CITY COUNCIL AT A REGULARLY
CONSTITUTED MEETING OF SAID CITY COUNCIL OF THE CITY OF CANTON ON
THE 25TH DAY OF MARCH, 2026 ADOPTED ORDINANCE NO. 4536 -, A TRUE
AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 25n DAY OF MARCH,2026.
(SEAL)
L'aat;niv'al-"4�0
MITH-WALTERS
f,NDREAj.
TY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 4536
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY,ILLINOIS
and
GIANT INVESTORS, INC.
and
GIANT REAL ESTATE INVESTORS, INC.
and
JEROMIE HALE
(101 E. Elm St. / Phase 2)
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS,
ON THE 25"' DAY OF MARCH, 2026.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON,FULTON COUNTY,ILLINOIS,
THIS 25T' DAY OF MARCH, 2026.
EFFECTIVE: MARCH 25, 2026
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ORDINANCE NO. 4536
CITY OF CANTON, ILLINOIS
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON
and
GIANT INVESTORS, INC.
and
GIANT REAL ESTATE INVESTORS, INC.
and
JEROMIE HALE
(101 E. Elm St. / Phase 2)
WHEREAS, the Mayor and City Council of the City of Canton, Fulton County, Illinois (the
"City"), have hereby determined that the First Amendment to the Redevelopment Agreement by and
between the City of Canton and Giant Investors, Inc., an Illinois Corporation, and Giant Real
Estate Investors, Inc., an Illinois Corporation and Jeromie Hale, individually (collectively the
"Developer") attached hereto as Exhibit 'A"is in the best interest of the citizens of the City of
Canton.
NOW THEREFORE,be it ordained by the Mayor and City Council of the City of Canton,
Illinois,in the County of Fulton, as follows:
1. The First Amendment to the Redevelopment Agreement attached hereto as Exhibit `A"is
hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of the City
said First Amendment to the Redevelopment Agreement and the City Clerk of the City of
Canton is hereby authorized and directed to attest such execution.
3. The First Amendment to the Redevelopment Agreement shall be effective the date of its
approval on the 251`' day of March,2026.
4. This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
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PASSED APPROVED AND ADOPTED by the Mayor and City Council of the City of
Canton this 25' day of March, 2026.
MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT
x
Dave Pickel
x
Andra Chamberlin
x
Patrick Ketcham
x
Ralph Grimm
x
Greg Gossett
x
Justin Nelson
x
John Lovell
x
Angela Hale
x
Kent A.McDowell,Mayor
S
TOTAL VOTES
APPROVED: 4- Date 031016 / 2026
ay r, City o (�arVon
ATTEST: Date: .? / / 2026
ity Clerk,City of Canton
ATTACHMENTS:
1. EXHIBIT A. First Amendment to the Redevelopment Agreement by and between the City
of Canton and Giant Investors, Inc. and Giant Real Estate Investors, Inc.,and Jeromie Hale.
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EXHIBIT A
CITY OF CANTON, ILLINOIS
BUSINESS DEVELOPMENT DISTRICT NO. 1
FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, ILLINOIS
and
GIANT INVESTORS, INC.
and
GIANT REAL ESTATE INVESTORS, INC.
and
JEROMIE HALE
(101 E. Elm St. / Phase 2)
MARCH 25, 2026
5
CITY OF CANTON, ILLINOIS
BUSINESS DEVELOPMENT DISTRICT NO. 1
FIRST AMENDMENT TO THE
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, ILLINOIS
and
GIANT INVESTORS, INC.
and
GIANT REAL ESTATE INVESTORS, INC.
and
JEROMIE HALE
(101 E. Elm St. / Phase 2)
THIS FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT
(including Exhibits) is entered into this 25`h day of March,2026,by the City of Canton (the "City"),
an Illinois Municipal Corporation, Fulton County, Illinois, and Giant Investors, Inc., an Illinois
Corporation and Giant Real Estate Investors, Inc., an Illinois Corporation and Jeromie Hale,
individually (collectively the "Developer"). Hereinafter the City and the Developer, for convenience,
may collectively be referred to as the "Parties."
PREAMBLE
WHEREAS, the City has the authority to promote the health, safety, and welfare of the City
and its citizens and to encourage development, job creation, and/or the full utilization of real estate;
and
WHEREAS,pursuant to the Illinois Business District Development and Redevelopment Act
(65 ILCS 5/11-74.3-1 et seq.), as amended (the "Act"), the City established the Canton Business
Development District No. 1 (the "Business District" or `BDD") on March 15, 2022, by approving
Ordinance No. 4281;and
WHEREAS,on September 30,2022,the City approved the First Amendment to the Business
District by approving Ordinance No. 4307 and further ratified the First Amendment on October 5,
2022 by approving Ordinance No. 4315; and
WHEREAS, on March 3, 2026, the City approved the Second Amendment to the Business
District by approving Ordinance No. 4531;and
WHEREAS, pursuant to Illinois Statute 65 ILCS 5/8-1-2.5, the City has the authority to
appropriate and expend funds for economic development purposes;and
WHEREAS,pursuant to the Act, the City has the authority to incur eligible business district
project costs and may enter into agreements with developers to reimburse them for their eligible
business district project costs;and
WHEREAS, on August 19,2025, the Parties entered into a Redevelopment Agreement (the
"Original Agreement") for Property owned by the Developer located within the Business District at
101 E. Elm St. / Phase 2 (PIN 09-08-27-433-011) (the"Property");and
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WHEREAS, based in part on incentives made available by the City, the Developer is
proceeding with plans to undertake improvements on the Property to repair/replace HVAC and a
building awning on the front of the building on the Property (the "Project") at a total estimated cost
of$36,095;and
WHEREAS, the Developer's proposed Project is consistent with the land uses of the City
and the Business District Plan as adopted;and
WHEREAS, the City has determined that this Project requires the incentives requested and
that said Project will promote the health, safety and welfare of the City and its citizens by attracting
private investment to redevelop under-utilized property, to provide employment for its citizens, and
generally to enhance the local economy;and
WHEREAS, the City is entering into this Agreement to induce the Developer to complete
the Project located on the Property.
FIRST AMENDMENT
NOW, THEREFORE, for good and valuable consideration, the receipt of which is
acknowledged, the Parties agree to amend the terms of the Original Agreement as follows:
A. AMENDED "A. PRELIMINARY STATEMENTS"
Section A(3)of the Original Agreement shall be deleted in its entirety and replaced with the following:
3. The Developer agrees to complete the Project and verify eligible project costs as required in
Section "E"below on or before April 30, 2026, subject to exception of Force Majeure as
described in Section "I"below.
B. AMENDED "E. PAYMENT OF ELIGIBLE PROJECT COSTS"
Sections E (1)and E(2)of the Original Agreement shall be deleted in its entirety and replaced with the
following:
1. To receive the incentives set forth in Section "B" above, the Developer must submit
documentation evidencing all Business District Eligible Project Costs incurred by it with
respect to the Project on or before April 30, 2026. Satisfactory evidence of such costs shall
include verified bills or statements of suppliers, contractors, or professionals together with
mechanic's lien waivers (whether partial or full), cancelled checks, statements or invoices
marked paid from each of the parties entitled to payment with respect to work done for the
Project,or other proofs payment for such bills, statements, or invoices for such costs.
2. Absent the City's written consent for an extension provided to the Developer, any costs
submitted after April 30,2026,will not be eligible for reimbursement.
C.AMENDED "I. TIME; FORCE MAJEURE"
Section I of the Original Agreement shall be deleted in its entirety and replaced with the following:
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For this Agreement, time is of the essence. The Developer agrees to complete the Project on
or before April 30, 2026, subject to extension due to Force Majeure (defined below). Failure to do
so shall be cause for the City to declare the Developer in default and unilaterally terminate the
Agreement after notice and the opportunity to cure as provided in Section H. However,the Developer
and the City shall not be deemed in default with respect to any obligations of this Agreement on its
part to be performed if the Developer or the City fails to timely perform the same and such failure is
due in whole, or in part, to any strike, lock-out, labor trouble (whether legal or illegal), civil disorder,
inability to procure materials, weather conditions, wet soil conditions, failure or interruptions of
power, restrictive governmental laws and regulations, condemnation, riots, insurrections, war, fuel
shortages, accidents, casualties,Acts of God or any other cause beyond the reasonable control of the
Developer or the City.
D. AMENDED "R. TERM OF THE AGREEMENT"
Section R of the Original Agreement shall be deleted in its entirety and replaced with the following:
Notwithstanding anything in this Agreement to the contrary, this Agreement shall expire on
April 30, 2026, or upon the Developer receiving the incentives provided for in Section `B"above.
The Agreement shall expire sooner upon default by the Developer of this Agreement after applicable
notice and cure periods.
E. ORIGINAL AGREEMENT TERMS APPLY
All terms of the Original Agreement and any Exhibits thereto shall remain in effect and apply to this
First Amendment unless specifically modified by this First Amendment.
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THIS AGREEMENT IS INTENDED TO BE A LEGAL DOCUMENT. AN ATTORNEY AT
LAW SHOULD BE CONSULTED PRIOR TO THE EXECUTION OF THIS DOCUMENT.
IN WITNESS WHEREOF the Parties hereto have caused this First Amendment to the
Original Agreement to be executed by their duly authorized officers on the above date at the City of
Canton, Illinois.
CITY DEVELOPER
CITY OF CANTON, ILLINOIS, an Illinois GIANT INVESTORS, INC., an Illinois
Municipal rporation Corporation
BY: BY•
y er e Hale, President
Date Date: y
ATTE ED BY: GIANT REAL ESTATE INVESTORS,
INC., an Illinois Corporation
V
City-r
lerk
BY:
Date: 3 Z Bill Bequeait resident
Date: '34?�"�2o21s
JEROMIE HALE, individually
BY:
e Hale
Date:
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