HomeMy WebLinkAboutResolution #5078 (Ti-Ko, McDonalds) RESOLUTION NO 5078
A RESOLUTION APPROVING A CONSENT TO ASSIGNMENT OF LEASE
AND DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE AND DELIVER
SAID AGREEMENT ON BEHALF OF THE CITY OF CANTON, ILLINOIS.
WHEREAS, the City of Canton, owns certain real estate in the City of Canton
immediately north of the McDonald's restaurant on Sycamore between Main Street and First
Avenue; and
WHEREAS, the City entered into a certain Lease Agreement (hereinafter "the Lease")
with Tydaco, Incorporated, an Illinois corporation, (hereinafter "Tydaco") dated September 2,
2008, wherein the City leased the aforesaid real estate (hereinafter "the Parking Lot") to Tydaco
for use as a parking lot for its employees and customers; and
WHEREAS, Tydaco was a licensed franchisee of McDonald's Corporation and operated
a McDonald's restaurant on Sycamore which is located adjacent to the Parking Lot; and
WHEREAS, Lease required the consent of the City before it could be assigned; and
WHEREAS, when Tydaco sold its business to Jann Restaurant, Inc. ("Jann"), Tydaco
inadvertently did not obtain consent from the City when it assigned the lease to Jann; and
WHEREAS, Jann is now selling its interest in the business to Ti-Ko, Inc. ("Ti-Ko"), and
is seeking the City's consent to the assignment of the lease; and
WHEREAS, the Legal & Ordinance Committee of the City of Canton has determined
that it is necessary and in the best interests of the City of Canton to retroactively consent to the
assignment of said lease from Tydaco to Jann and to consent to the assignment of said lease from
Jann to Ti-Ko as set forth in Exhibit"A"attached hereto and incorporated herein; and
WHEREAS, the City Council of the City of Canton has made a similar determination.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF CANTON, ILLINOIS, AS FOLLOWS:
1. That the agreement attached hereto and incorporated herein as Exhibit "A" is hereby
approved by the Canton City Council.
2. That the Mayor, or his designee, and City Clerk of the City of Canton, Illinois are hereby
authorized and directed to execute said Agreement on behalf of the City of Canton.
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3. That this Resolution shall be in full force and effect immediately upon its passage by the
City Council of the City of Canton, Illinois and approval by the Mayor thereof, or his
designee.
PASSED by the City Council of the City of Canton, Illinois at a regular meeting this 20th day of
December 2016, upon a roll call vote as follows:
AYES: Aldermen Ryan Mayhew, Tad Putrich, Craig West, Angela Hale, Gerald Ellis,
Justin Nelson
NAYS: None
ABSENT: Alderman John Lovell
ABSTAIN:
APPROVED:
1 i Jeffrey A Fritz, Mayor
A . EST:
Diana Pavley-R, City k
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CONSENT TO ASSIGNMENT OF LEASE
WHEREAS, the City of Canton, an Illinois municipal corporation (hereinafter "the
Lessor") owns certain real estate in the City of Canton immediately north of the McDonald's
restaurant on Sycamore between Main Street and First Avenue, and
WHEREAS, the Lessor entered into a certain Lease Agreement (hereinafter "the Lease")
with Tydaco, Incorporated, an Illinois corporation, (hereinafter "Tydaco") dated September 2,
2008, wherein the Lessor leased the aforesaid real estate (hereinafter "the Parking Lot") to
Tydaco for use as a parking lot for its employees and customers, and
WHEREAS, Tydaco was a licensed franchisee of McDonald's Corporation and operated
a McDonald's restaurant on Sycamore which is located adjacent to the Parking Lot, and
WHEREAS, Tydaco, initially upon execution by it of the Lease, pre-paid the Lease Price
described in Section 1 (b) of the Lease in the total amount of Two Hundred ($200.00) Dollars,
and
WHEREAS, Tydaco entered into a certain Agreement with Jann Restaurant, Inc., an
Illinois corporation, (hereinafter "Jann" or "Successor Lessee") on January 5, 2014, whereby
Tydaco sold its McDonald's restaurant to Jann and assigned its interest in the Lease to Jann, and
WHEREAS, through inadvertence on the part of Tydaco, no request was made to the
Lessor for its consent to the assignment of the Lease to Jann, and
WHEREAS, the Lease remains in effect, having never been terminated pursuant to
Section 7 of the Lease, and
WHEREAS, Jann has, since its purchase of the McDonald's restaurant from Tydaco on
January 5, 2014, been in possession of the parking lot, has maintained it, and has performed all
of the terms and conditions of the Lease, and
WHEREAS, on April 3, 2015, Tydaco was voluntarily dissolved by the office of the
Illinois Secretary of State and is no longer in existence, and
WHEREAS, Jann has now entered into a certain Purchase and Sale Agreement with Ti-
Ko, Inc., an Illinois corporation, (hereinafter"Ti-Ko") to sell its McDonald's restaurant to Ti-Ko,
effective January 3.2017, and
WHEREAS, Section 4 (a) of the Lease provides that the Lessee may not assign its
interest in the Lease to any Person or Entity without the prior written consent of Lessor, and
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WHEREAS, Jann requests that the City of Canton retroactively consent to the assignment
by Tydaco of the Lease to Jann, and
WHEREAS, Jann requests the City of Canton consent to the assignment of the Lease by
Jann to Ti-Ko.
NOW, THEREFORE, for valuable consideration, the City of Canton hereby retroactively
consents to the assignment of the Lease by by Tydaco, Incorporated to Jann Restaurants, Inc and
also consents to the assignment of the Lease by Jann Restaurants, Inc. to Ti-Ko, Inc.
Dated: 12 - Z D ,2016
CITY OF CANTON, ILLINOIS
4/1,x, a. 47445-
By: �� /
Jeffrey A. Fritz, Mayor
Attest: A _''
Dianaavl-'--Rock, City Clerk
2
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