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Home My WebLink AboutOrdinance #3050 - redevelopment agreement between the City of Canton and Cook Canton Real Estate ! CITY OF CANTON ORDINANCE NO. 3050 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF CANTON AND COOK CANTON REAL ESTATE,LLC. PASSED BY THE CITY COUNCIL OF THE CITY OF CANTON THE 21 ST DAY OF JANUARY, 2014 PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, THIS 22ND DAY OF JANUARY, 2014 EFFECTIVE JANUARY 21, 2014 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 21 ST DAY OF JANUARY, 2014 ADOPTED ORDINANCE NO. 3050, A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 22ND DAY OF JANUARY, 2014. (SEAL) , F, �` ; ,_,_. � _ ., DI A PAVL -ROCK CITY CLERK CITY OF CANTON FULTON COUNTY, ILLINOIS ORDINANCE NO. 3050 CANTON 1- DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING (TIF) DISTRICT AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON and COOK CANTON REAL ESTATE, LLC. ADOPTED BY THE CORPORATE AUTHORITIES OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS, ON THE 21�DAY OF JANUARY,2014. CITY OF CANTON, ILLINOIS: ORDINANCE NO. 3050 CANTON 1- DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING (TIF) DISTRICT AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF CANTON AND COOK CANTON REAL ESTATE, LLC. BE IT ORDAINED BY THE CITY OF CANTON THAT: 1. The First Amendment to the Redevelopment Agreement with Cook Canton Rea1 Estate,LLC (ExhibitA attached) 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 Ciry 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 215`day of January,2014. 4. This Ordinance shall be in full force and effect from and after its passage and approval as required by law. [Balance afpage is intentionally blank.) -2- PASSED,APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,Fulton Counry,Illinois, on the 21"day of January,A.D.,2014,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 Alderman Pasley g Alderman Lovell X Alderman Ellis X Alderman Justin Nelson X Alderman Pickel X Alderman Jim Nelson X Alderman Putrich X Alderman West TOTAL VOTES 5 0 2 APPROVED: y � ��6�.,.y��(�,�,1��f,�. ,Date �/ �� / 2014 r 'g West, ayor�Pro-Tem, City of Canton �� ATTEST: ,Date:�/�_/ 2014 iana Pavley-Rock, ity Clerk,City of Canton ATTACHMENT: EXHIBIT A:FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT BETWEEN THE CITY OF CANTON AND COOK CANTON REAL ESTATE,LLC. -3- EXHIBIT A FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT by and between CITY OF CANTON and COOK CANTON REAL ESTATE, LLC. CANTON 1- DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING (TIF) DISTRICT -4- CITY OF CANTON 1 - DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING (TIF) DISTRICT FIRST AMENDMENT TO THE TIF REDEVELOPMENT AGREEMENT by and between THE CITY OF CANTON, FULTON COUNTY, ILLINOIS and COOK CANTON REAL ESTATE, LLC. JANUARY- 2014 CITY OF CANTON 1-DOWNTOWN/5TH AVENUE TAX INCREMENT FINANCING (TIF) DISTRICT FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT by and between CITY OF CANTON and COOK CANTON REAL ESTATE, LLC. THIS FIRST AMENDMENT TO THE REDEVELOPMENT AGREEMENT is entered into this day of January, 2014, by and between the CITY OF CANTON ("City"), an Illinois Municipal Corporarion, Fulton County, Illinois; and COOK CANTON REAL ESTATE, LLC. ("Developer") (collectively the"Parties"). 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 property thereby increasing the tax base of the City and providing employment for its citizens;and WHEREAS,pursuant to the Tax Increment Allocarion Redevelopment Act, 65 ILCS 5/11-74.4 et.reg.,as amended(the"Act"),the Ciry has the authority to provide incentives to owners or prospective 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,pursuant to 65 ILCS 5/8-1-2.5 the City is authorized to appropriate and expend funds for economic development purposes,including,without limitauon,the making of grants to any other governmental entity or commercial enterprise that are deemed necessary ar desirable for the promorion of economic development within the municipality;and WHEREAS,on July 6,2004,the Ciry,recognizing the need to foster the development,expansion and revitalization of certain properties which are vacant, underutilized or obsolete or a combination thereof,approved a Redevelopment Plan and Projects,designated a Redevelopment Project Area and adopted Tax Increment Financing under the Act for the Canton 1 - Downtown/5th Avenue TIF District (f/k/a the "Canton International Harvester Site Project Area TIF District") (the "TIF District");and WHEREAS, on November 22, 2011, the City approved the First Amendment to the TIF District Redevelopment Plan and Projects to add private projects and add and further designate private TIF Eligible Project Costs to further authorize the City to provide incenrives to induce owners of real property to proceed with private redevelopment projects and to rename the TIF District;and WHEREAS,on February 6,2012,the Ciry approved the Second Amendment to the TIF District Redevelopment Project Area, Plan and Projects to remove parcels from the Redevelopment Project Area;and 1 WHEREAS,on September 20,2011,the Parties entered into a Redevelopment Agreement,wherein the City agreed to extend incentives to provide reimbursement of certain Redevelopment Project Costs ("TIF Eligible Project Costs") for the Developer's Project including property to be acquired by the Developer in 2011 located at 225 S. 3`d Avenue,Canton,Illinois,and assembled from portions of real estate tax property identification numbers 09-08-34-232-001 and 09-08-27-441-001 (the"Property"); and WHEREAS, subsequent to September 20, 2011, the Fulton County Supervisor of Assessments assigned new property identification numbers to the real estate acquired by the Developer located at 225 S. 3`d Avenue,Canton, Illinois;and WHEREAS, for purposes of this First Amendment to the Redevelopment Agreement, the "Property"is hereby redefined as real estate tax property identificarion numbers 09-08-34-232-001,09- 08-34-232-002 and 09-08-27-441-003;and WHEREAS, based on incenrives offered by the City,the Developer has proceeded with plans to prepare the site and construct a 7,000 square foot manufacturing facility (the "Cook Polymer Technology-Canton Plant"or the"Faciliry"),which Property and Facility is collectively defined as the "Project" or"Developer's Project";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 Ciry 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 TIF 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 Parties agree to Amend the terms of the original Redevelopment Agreement executed on September 20,2011, as set forth below. FIRST AMENDMENT The "Properry" as referenced in the original Redevelopment Agreement and in Exhibit 1 of the same and attached herein,is hereby redefined as property acquired by the Developer located at 225 S. 3`d Avenue,Canton,Illinois,and consisting of real estate tax property identification numbers 09-08-34- 232-001,09-08-34-232-002 and 09-08-27-441-003. PRIOR AGREEMENT TERMS APPLY All terms of the original Redevelopment Agreement shall apply to this Amendment and remain effective unless specifically modified by this First Amendment to the Redevelopment Agreement. 2 IN WITNESS WHEREOF the Ciry of Canton and Cook Canton Real Estate,LLC have caused this First Amendment to the Redevelopment Agreement to be executed by their duly authorized officers on the above date at Canton,Illinois. CITY DEVELOPER CITY OF CANTON, COOK CANTON REAL ESTATE, LLC. an Illinois Municipal Corporation: an Illinois Iamited Liabili Company: BY: BY: Mayor,Ci ' f Ca ~ BY: ATTEST: Cl ,Ciry o Canton ATTACHMENT: Exhibit 1 as Amended (First Amendment) - Summary of Estimated TIF Eligible Project Costs I-1-\CANTON\CANTON t-DO�XNTO\CN_S I'(-I AV7-:NC�F:TIP\Agrcements\Cr�k-I'TFt:\Canron TIF 1_Cook Canton Ke11 Estate I..LC 1st Amend RDA foc)nnuary 201�_t G Dec 3U13.�vpd 3 IN WITNESS WHEREOF the Ciry of Canton and Cook Canton Rea1 Estate,LLC have caused this First Amendment to the Redevelopment Agreement to be executed by their duly authorized officers on the above date at Canton,Illinois. CITY DEVELOPER CITY OF CANTON, COOK CANTON REAL ESTATE, LLC. an Illinois Municipal Corporation: an Illinois Liinited Liabiliry Company: BY: BY: Mayor, Ci � f Ca � BY: ATTEST: Cl , City o Canton ATTACHMENT: Exhibit 1 as Amended (First Amendment) - Summary of Estimated TIF Eligible Project Costs [L\(:A N'CON\CA MI'ON 1-DOV\N7'()\CN_�l l I A V I CN C I i'f I I�\A};memen[x\Cook-P'll�I[\(:an[on'1'I I�1_Cook Canton Kcal 1 Cstate 7 J.(:1 s[Amend KDA for�anuaiy 3o1+_i G Duc 9��13.�c�d - 3 EXHIBIT 1 AS AMENDED (FIRST AMENDMENTI SUMMARY OF ESTIMATED TIF ELIGIBLE PROTECT COSTS Cook Canton Rea1 Estate,LLC Canton 1 -Downtown/5th Avenue TIF District in the City of Canton,Fulton County,Illinois Project Descriprion: Developer is proceeding with plans to acquire,assemble and prepare a site located at 225 S. 3rd Avenue,Canton,Illinois, for the construction of a 7,000 square foot manufacturing facility. Property: PIN Numbers: 09-08-34-232-001, 09-08-34-232-002 and 09-08-27-441-003 Estimated Eligible Project Costs: Land and buildings (acquisition costs) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9 000 � Professional Fees (planning, engineering,architectural,legal,other) . . . . . . . . . . . . . . . . . . . $531 000 , InterestBuy-Down . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $878.472 Total Estimated TIF Eligible Project Costsi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,418,472 1 NOTE:Cumulative Total Reimbursements of TIF Eligible Project Costs to Developer shall not exceed$1,418,472. 4 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 21 ST DAY OF JANUARY, 2014 ADOPTED ORDINANCE NO. 3050, A TRUE AND CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET. GIVEN UNDER MY HAND AND SEAL THIS 22ND DAY OF JANUARY, 2014. (SEAL) U'�Z �� D NA PA EY-R CK CITY CLERK