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Home My WebLink AboutOrdinance #4554 - Redevelopment Agreement with Ted Baker (114 N. Main Project) 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 191" DAY OF MAY, 2026, ADOPTED ORDINANCE NO. 4554, A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 19'm DAY OF MAY,2026. (SEAL) DREA J.S ITH-WALTERS CITY CLERK CITY OF CANTON, ILLINOIS ORDINANCE NO. 4 5 5 4 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF THE FIRST AMENDMENT TO A CANTON BUSINESS DISTRICT NO. 1 REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON, FULTON COUNTY,ILLINOIS and TED BAKER (114 N. Main Project) PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY,ILLINOIS, ON THE 19'n'DAY OF MAY, 2026. PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON,FULTON COUNTY, ILLINOIS, THIS 19TH DAY OF MAY, 2026. EFFECTIVE: MAY 19, 2026 ll ORDINANCE NO. 4554 CITY OF CANTON, ILLINOIS AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF THE FIRST AMENDMENT TO A BUSINESS DISTRICT NO. 1 REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON and TED BAKER (114 N. Main Project) 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 Canton, Illinois Business District No. 1 Redevelopment Agreement by and between the City of Canton and Ted Baker, individually (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 City of Canton, Illinois Business District No. 1 (the "Business District") 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 Business District 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 Business District Redevelopment Agreement shall be effective the date of its approval on the 19`s day of May, 2026. 4. This Ordinance shall be in full force and effect from and after its passage and approval as required by law. (The mmainder of this page is intentionally left blank.) hi PASSED APPROVED AND ADOPTED by the Mayor and City Council of the City of Canton this 19' day of May,2026. MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT Dave Pickel Andra Chamberlin Patrick Ketcham Ralph Grimm Greg Gossett Justin Nelson John Lovell Angela Hale Kent A.McDowell,Mayor TOTAL VOTES 7 APPROVED: �'g , Date / /2026 Kent A. McDowell,Mayor, City of Canton ATTEST: -- Date: Se / L/2026 4drea J. S ' -Walters, City Clerk, City of Canton ATTACHMENT: 1. EXHIBIT A. First Amendment to the City of Canton, Illinois Business District No. 1 Redevelopment Agreement by and between the City of Canton and Ted Baker (114 N. Main Project) iv EXHIBIT A FIRST AMENDMENT TO CITY OF CANTON, ILLINOIS BUSINESS DEVELOPEMNT DISTRICT NO. 1 REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON and TED BAKER (114 N. Main Project) v FIRST AMENDMENT TO CITY OF CANTON, ILLINOIS BUSINESS DISTRICT NO. 1 REDEVELOPMENT AGREEMENT by and between CITY OF CANTON, ILLINOIS and TED BAKER (114 N. Main Project) MAY 19, 2026 FIRST AMENDMDENT TO CITY OF CANTON, ILLINOIS BUSINESS DISTRICT NO. 1 REDEVELOPMENT AGREEMENT by and between CITY OF CANTON, ILLINOIS and TED BAKER (114 N. Main Project) THIS FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT originally approved on May 5,2026,by Ordinance No.4550 is entered into this 19`'day of May,2026, is entered into this 19' day of May, 2026, by the City of Canton (the "City"), an Illinois Municipal Corporation, Fulton County, Illinois, and Ted Baker, individually (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 etseg.),as amended(the"Act"),the City established the Canton Business District No. 1 (the"Business District"or`BD') 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 o 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, the Developer owns property located within the Business District at 114 N. Main (PIN 09-08-27-409-008),which is hereinafter referred to as the"Property;";and WHEREAS,based in part on incentives made available by the City,the Developer proceeded to upgrade the electric service to the building located on the Property with a 220-amp power service at a total estimated cost of$3,900.00 (the"Project");and WHEREAS, the Developer's proposed Project is consistent with the land uses of the City and the Business District Plan as adopted;and 2 WHEREAS, as an incentive to undertake the Project, the Developer requested reimbursement for a portion of its BD eligible project costs as described in Exhibit "I"attached hereto;and WHEREAS, the City 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,on May 5,2026,the City approved Ordinance No.4550 and the Parties entered into the Redevelopment Agreement (the "Original Redevelopment Agreement"), wherein the City agreed to extend incentives whereas the City and the Developer agreed that the City shall reimburse the Developer's BD Eligible Project Costs as set forth in the Agreement up to a total amount not to exceed Thirty Percent(30%)of the verified BD eligible project costs incurred by the Developer for the Project as shown in "Exhibit 1"of the Original Agreement, or One Thousand Nine Hundred Fifty and 00/100 Dollars ($1,950.00),whichever is less; and WHEREAS, the Parties agree to Amend the terms of the Original Redevelopment Agreement as set forth below. AMENDMENT NOW, THEREFORE, for good and valuable consideration, the receipt of which is acknowledged,the Parties agree as follows: A. AMENDMENT TO SECTION "B. INCENTIVES" Section "B(1)"of the Original Redevelopment Agreement shall be deleted in its entirety and replaced with the following: Upon the timely completion of the Project and verification of Business District eligible project costs incurred in furtherance of the Project by the Developer pursuant to Section "E"below,the City shall reimburse the Developer a single,lump-sum amount not to exceed Fifty Percent (50%) of the verified BD eligible project costs incurred by the Developer for the Project as shown in "Exhibit 1,"or One Thousand Nine Hundred Fifty and 00/100 Dollars ($1,950.00), whichever is less, which shall be payable solely from the Canton BD Special Tax Allocation Fund pursuant to the Act. B. AMENDMENT TO EXHIBIT 1. ESTIMATED BD ELIGIBLE PROJECT COSTS" Footnote "1"ofExhibit"1"of the Original Redevelopment Agreement shall be deleted in its entirety and replaced with the following: The total,cumulative reimbursement of BD Funds for BD Eligible Project Costs payable by the City to the Developer shall not exceed Fifty Percent (501/6) of verified BD eligible project costs incurred by the Developer or$1,950.00,whichever is less, as set forth in this Redevelopment Agreement. C. PRIOR AGREEMENT TERMS APPLY All terms of the Original Agreement shall apply to this Amendment and remain effective unless specifically modified by this Amendment to the Redevelopment Agreement. 3 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 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 TED BAKER,individually Municipal Corporation BY: BY: 'Jjj ed�� Date: Date: _ _ Z d 2-(0 ATTEST B1': City Clerk Date: -t