Loading...
HomeMy WebLinkAbout#5104 TIF/RHC Invst & P. VOHB RESOLUTION NO. 5104 A RESOLUTION APPROVING AN ASSIGNMENT OF TIF REDEVELOPMENT AGREEMENT BETWEEN RHC INVESTMENTS LLC. AND PHILLIPS VOHB LLC- CANTON FACILITY SERIES WHEREAS, on April 18, 2017, the City Council of the City of Canton, Illinois, voted to approve a TIF Redevelopment Agreement between RHC Investments, LLC ("RHC") and the City of Canton regarding the 6.153 acres of the northwest development block of the former International Harvester site; WHEREAS, since that time, it has been determined by RI-IC that given the property is deemed a Brownfield by the Illinois Environmental Protection Agency, it is in RBC's best interest to assign the property to a separate legal entity identified as Phillips VOHB LLC-Canton Facility Series ("VOHB"), which has the same ownership as RHC; WHEREAS, the TIF Redevelopment Agreement allows RHC to assign the agreement with the City's approval; and WHEREAS, the City Council has determined that it is in the best interests of the citizens of Canton to agree to the assignment of the TIF Redevelopment Agreement between RHC Investments, LLC and Phillips VOHB LLC-Canton Facility Series. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CANTON,ILLINOIS,AS FOLLOWS: 1. That the Assignment of TIF Redevelopment Agreement related to 6.153 acres on the northwest development block of the former International Harvester site, Canton, Illinois is attached hereto and incorporated herein as Exhibit "A" is hereby approved by the Canton City Council. 2. That the Mayor for the City of Canton, Illinois, or his designee, is hereby authorized and directed to execute said assignment on behalf of the City of Canton. 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. 1 NLR Documents/Resolution 04/24/2017 PASSED by the City Council of the City of Canton, Illinois this 25 day of April 2017. AYES: Aldermen Mayhew, West, Hale, Lovell, Ellis NAYS: None ABSTAIN: Alderman Putrich ABSENT: Alderman Nelson APPROVED:� Jeffre-y�A I ayor ana Pavley-Rock, City Clerk 2 NLR Documenis/Resolution 04/24/2017