HomeMy WebLinkAbout#4165 TIF Big Cats Bowls, LLC 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 3RD DAY OF
SEPTEMBER,2019 ADOPTED ORDINANCE NO. 4165,A TRUE AND CORRECT COPY OF
WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS J DAY OF SEPTEMBER, 2019.
(SEAL)
DIANA PAVLEY-ROCK
CITY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE N.O. 4165
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
TIF REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
AND
BIG CATS BOWLS, LLC
PASSED BY THE CITY COUNCIL
OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
ON THE 3RD DAY OF SEPTEMBER, 2019.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
THIS 3RD DAY OF SEPTEMBER, 2019.
EFFECTIVE: SEPTEMBER 3, 2019
CITY OF CANTON
COUNTY OF FULTON
STATE OF ILLINOIS
ORDINANCE NO. 4165
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A
TIF DISTRICT REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON,
FULTON COUNTY, ILLINOIS
and
BIG CAT'S BOWLS, LLC
CANTON 1—DOWNTOWN/5TH AVENUE
TAX INCREMENT FINANCING DISTRICT
ADOPTED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF CANTON, ILLINOIS
ON THE 3RD DAY OF SEPTEMBER, 2019.
ORDINANCE NO. 4165
CITY OF CANTON,ILLINOIS
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF ATIF DISTRICT REDEVELOPMENT AGREEMENT
by and between
THE CITY OF CANTON, FULTON COUNTY,ILLINOIS
and
BIG CAT'S BOWLS, LLC
PREAMBLE
WHEREAS, pursuant to Illinois Statute 65 ILCS 5/8-11-20 et seq., as amended, the
City of Canton, an Illinois municipality, (the "City") has the authority to provide incentives
to developers to promote the development or redevelopment of land;and
WHEREAS, Pursuant to 65 ILCS 5/8-1-2.5, a municipality may appropriate and
expend funds for economic development purposes, including, without limitation for
commercial enterprises that are deemed necessary or desirable for the promotion of
economic development within the community;and
WHEREAS, Pursuant to the Tax Increment Allocation Redevelopment Act, 65
ILCS 5/11-74.4 et seq., as amended, the City has the authority to provide incentives to
owners or prospective owners of real property to acquire, redevelop, rehabilitate and/or
upgrade such property by reimbursing such owner(s) for certain costs incurred in connection
with the acquisition,redevelopment, rehab and/or upgrades from increases in real estate tax
revenues resulting therefrom or from other City revenues to the extent specified and agreed
herein;and
WHEREAS, Big Cat's Bowls, LLC (the "Developer") has acquired the property
located at 161 E. Elm Street, Canton, Illinois and currently identified by PIN# 09-08-27-
437-003 (the "Property"), which Property is in need of development and/or redevelopment
and on which the Developer is to proceed with plans to renovate and rehabilitate the
existing structure located thereon for the purpose of operating a restaurant (the "Project");
and
WHEREAS, the Developer's proposed Project is consistent with the Canton 1 —
Downtown/5`' Avenue TIF District Redevelopment Plan and Projects for the
Redevelopment Project Area and further conforms to the land uses of the City as adopted,
and the Developer requested that incentives for the development be provided by the City
and that such incentives include the reimbursement of real estate tax and Municipal Sales
Tax generated by the Project;and
WHEREAS, the City Council has determined that the Redevelopment Agreement
attached hereto as .Exhibit ",,J"(the "Agreement") is in the best interest of the citizens of
the City of Canton;and
WHEREAS, pursuant to 65 ILCS 5/8-11-20, the City Council makes the following
findings:
1) That the Property subject to the Agreement is currently vacant and has
remained vacant for at least one (1) year;
2) That the Project is expected to create or retain job opportunities within
the City;
3) That the Project will serve to further the development of adjacent areas;
4) That without the Agreement, the Project would not be possible;
5) That the Developer meets high standards of creditworthiness and
financial strength as demonstrated by specific evidence of equity
financing for not less than 10% of the total project costs or by a letter
from a bank with assets of $10,000,000.00 or more attesting to the
financial strength of the Developer;.
6) That the Project will strengthen the commercial sector of the City;
7) That the Project will enhance the tax base of the City;and
8) That the Agreement is made in the best interest of the City.
THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF CANTON, AN ILLINOIS MUNICIPALITY,
THAT:
1. The Redevelopment Agreement hereto attached as Exhibit "!q"by and between the
City of Canton, Fulton County, Illinois (the "City") and Big Cat's Bowls, LLC (the
"Developer") is hereby approved.
2. The Mayor is hereby authorized and directed to enter into and execute on behalf of
the City said Redevelopment Agreement and the City Clerk of the City of Canton is
hereby authorized and directed to attest such execution.
3. The Redevelopment Agreement shall.be effective the date of its approval on the 3rd
day of September,2019.
4. This Ordinance shall be in full force and effect from and after its passage and
approval as required by law.
PASSED,APPROVED, AND ADOPTED by the Mayor and City Council of the
City of Canton on this 3' day of September,2019.
CORPORATE AUTHORITIES AYE VOTE NAY VOTE ABSTAIN/ABSENT
Ryan Mayhew X
Angie Lingenfelter X
Jeff Fritz X
Craig West X
Quin Mayhew X
Justin Nelson X ABSENT
John Lovell X
Angela Hale X
Kent McDowell,Mayor
TOTAL VOTES: 7 0 1
APPROVED: SEPTEMBER 3,2019
I ent McDowell, Ma ;
(CORPORATE SEAL)
A .
City Clerk
ATTACHMENT:
Exhibit A — Redevelopment Agreement by and between the City of Canton and Big Cat's Bowls,
LLC
TAX INCREMENT FINANCING DISTRICT
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
BIG CAT'S BOWLS, LLC
CANTON 1-DOWNTOWN/5THAVENUE
TAX INCREMENT FINANCING DISTRICT
SEPTEMBER 3,2019
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
BIG CAT'S BOWLS, LLC
CANTON 1—DOWNTOWN/5TH AVENUE TIF•DISTRICT
THIS AGREEMENT(including Exhibits)is entered into this 3'day of September,2019,
by and between the CITY OF CANTON (City),an Illinois Municipal Corporation,Fulton County,
Illinois,and BIG CAT'S BOWLS, LLC, an Illinois Limited Liability Company (the "Developer").
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,
including sanitary sewer,by promoting the development of private investment in the marketability of
property thereby increasing the tax base of the City and providing employment for its citizens;and
WHEREAS,Pursuant to 65 ILCS 5/8-1-2.5,a municipality may appropriate and expend
funds for economic development purposes,including,without limitation for commercial enterprises that
are deemed necessary or desirable for the promotion of economic development within the community;
and
WHEREAS,pursuant to Section 8-11-20 of the Municipal Code(65 ILCS 5/8-11-20),the
corporate authorities of the City may enter into an economic incentive agreement relating to the
development or redevelopment of land within the corporate limits of the City and may agree to share a
portion of the State retailers' occupation taxes received by the City that are generated by the
development or redevelopment over a finite period of time;and
WHEREAS,pursuant to the Tax Increment Allocation Redevelopment Act,65 ILCS 5/11-
74.4 et seg., as amended (the Act), the City has the authority to provide incentives to owners or
prospective owners of real property to acquire,redevelop,rehabilitate and/or upgrade such property by
reimbursing such owner(s) for certain costs incurred in connection with the acquisition,redevelopment,
rehab and/or upgrades from increases in real estate tax revenues("Tax Increment")resulting therefrom
or from other City revenues to the extent specified and agreed herein;and
WHEREAS,on July 6,2004,recognizing the need to foster the development, expansion
and revitalization of certain properties which are vacant,underudlitzed or obsolete or a combination
thereof,the City approved a Tax Increment Financing Redevelopment Plan and Projects (the"Plan"),
designated a Redevelopment Area and adopted Tax Increment Financing as provided under the Act for
the Canton International Harvester Site Project Area Tax Increment Financing District (the
"Canton IH TIF District"is currently known as the"Canton 1—Downtown/5`"Avenue TIF District")
(hereinafter referred to as the"TIF District");and
WHEREAS,the Redevelopment Project Area consists of property owned by the Developer
located at -1E. Elm Street, Canton, Illinois (the "Property"), and identified by real estate parcel
identification (PIN) number 09-08-27-437-003;and
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WHEREAS,the Developer will proceed with plans to renovate and rehabilitate the building
located on the Property for the purpose of operating a restaurant located;thereon(the"Project")and is
willing to do so based,in part, on the availability of TIF incentives offered by the City;and
WHEREAS,the Developer has requested that incentives for the development be provided
by the City from incremental increases in real estate taxes and certain municipal sales taxes of the City
generated from its Project and the City agreed to such incentives;and
WHEREAS,it is the intent of the City to encourage economic development which will
increase the real estate tax base of the City,which increased tax base will be used,in part, to finance
incentives to assist development within the Redevelopment Project Area;and
WHEREAS,the Developer's Project is consistent with the TIF District Redevelopment
Plan and Projects for the Redevelopment Project Area and further conforms to the current land uses of
the City as of the date of this Agreement;and
WHEREAS,pursuant to Section 5/11-74.4-4(b) of the Act;the City may make and enter
into all contracts with property owners, developers, tenants, overlapping taxing bodies, and others
necessary or incidental to the implementation and furtherance of the Redevelopment Project Area;and
WHEREAS, pursuant to Section 5/11-74.4-40) of the Act, the City may incur project
redevelopment costs and reimburse developers who incur redevelopment project costs authorized by a
redevelopment agreement and further defined in Section 5/11-74.4-3(q) of the Act, including those
Estimated TIF Eligible Project Costs as herein listed in the attached Exbibit4 of this Agreement;and
WHEREAS,the City has determined that the Developer's Project requires the incentives
set forth herein and the Developer's Project will,as a part of the Redevelopment Project Area,promote
the health, safety and welfare of the City and its citizens by attracting private investment to prevent
blight and deterioration and to provide employment for its citizens and generally to enhance the
economy of the City;and
WHEREAS,the City has determined that the Developer's Project is desirable for economic
development in the City;and
WHEREAS,the City has reviewed the conditions of the Property and has reason to believe
that the costs of the necessary public and private improvements, including but not limited to land
acquisition, site preparation costs, public infrastructure improvements, and other public and private
costs to be incurred by the Developer in furtherance of the Project are eligible project costs under the
Act and are consistent with the expected Development Plan of the City;and
WHEREAS,the Parties have agreed that the City shall reimburse the Developer Ninety
Percent(90%) of the annual"net"incremental increase in real estate tax revenues and Fifty Percent
(50%) of the Municipal Sales Tax Revenues,as defined below,derived from the Developer's Project at
the Property for reimbursement of the Developer's Estimated TIF Eligible Project Costs as set forth in
EXhibit 1q attached hereto. Such reimbursement shall commence with tax year 2020 real estate tax
increment payable in 2021 generated by the Project, and shall continue only for the Term of this
Agreement, or upon the Developer's receipt of the maximum amount of Thirty-Five Thousand
Dollars and No Cents ($35,000.00)as set forth in EXbibit A attached hereto,whichever occurs first;
and
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WHEREAS, the total cumulative reimbursements of real estate tax increment and
Municipal Sales Tax Revenues paid by the City to the Developer for the Project shall not,in any event,
exceed Thirty-Five Thousand Dollars and No Cents ($35,000.00) during the Term of this
Agreement;and
WHEREAS, in consideration of the execution of this Agreement, the Developer will,
subject to the terms of this Agreement, complete the Project as set forth in and
WHEREAS,the City is entering into this Agreement having encouraged and induced the
Developer to proceed with the Project located on said Property.
AGREEMENTS
A. PRELIMINARY STATEMENTS
1. The Parties agree that the matters set forth in the recitals above are true and correct and form a
part of this Agreement, and are to be construed as binding statements of this Agreement.
2. Any terms which are not defined in this Agreement shall have the same meaning as they do in
the Act,unless indicated to the contrary.
3. For the purpose of this Agreement,"Municipal Sales Tax Revenues"shall be defined as the
City's One Percent (1%) base municipal rate of Retailer's Occupation Tax (35 ILCS 120/1 et
seg.), Service Occupation Tax (35 ILCS 115/1 et seg.), Use Tax (35 ILCS 105/1 et seg.) and
Service Use Tax(35 ILCS 110/1 etseq.). For the purpose of this Agreement,"Municipal Sales
Tax Revenues"exclude any Home Rule Municipal Retailer's Occupation Tax(65 ILCS 5/8-11-
1),Home Rule Municipal Service Occupation Tax (65 ILCS 5/8-11-5),Home Rule Food and
Alcoholic Beverage Tax,County School Facility Occupation Tax(55 ILCS 5/5-1006.7) or any
other future enacted increases or add-ons to municipal sales taxes.
4. For the purpose of this Agreement,"Reimbursement Obligation Period"shall be defined as
the period beginning the first date the Big Cat's Bowls restaurant located on the Property is
open for retail sales and ending on the earlier of: 1) December 31, 2028, 2) the date the
Developer has received reimbursement for all of its TIF Eligible Project Costs as set forth
herein,or 3) upon default of this Agreement by the Developer after applicable notice and cure
periods.
5. The Developer shall remain in compliance with all municipal ordinances relating to property
development,property condition, zoning,subdivision and building codes. Failure to cure the
violation of any such ordinance within thirty(30)days upon being pzovided written notice of the
same by the City shall be cause for the City to declare the Developer in Default and unilaterally
terminate this Agreement,except where such failure is not reasonably susceptible to cure within
such 30-day period,in which case the Developer shall have such additional time to cure as is
reasonably necessary,provided that the Developer has commenced such cure within such 30-
day period and continues to diligently prosecute the same.to completion.
6. If the Developer files for bankruptcy or otherwise becomes insolvent the Developer shall be
considered in default of this Agreement.
7. The Developer shall complete the Project within twelve (12) months from the date this
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Agreement is executed, subject to extension due to Force Majeure (defined below). For the
purpose of this Agreement,the Developer's Project will be deemed complete when the Big Cat's
Bowls restaurant located on the Property is open for retail sales.'
8. Each of the Parties represents that it has taken all actions necessary to authorize its
representatives to execute this Agreement.
B. ADOPTION OF TAX INCREMENT FINANCING
As described in the Preamble of this Agreement,the City has created a Tax Increment Financing
District known as"Canton 1—Downtown/5"'Avenue TIF District"which includes the Property,and
has approved certain Redevelopment Project Costs, including those set forth in .Exhibit A, for the
Developer's Project(sometimes herein called"Elgible Project Costs"or"TIF Eligible Project Costs").
The parties acknowledge that the line item Eligible Project Costs set forth in.EkhibitA are estimates
and,to the extent a line item cost thereon is actually higher or lower than as set forth on ExhibitA,the
dollar amounts assigned thereto may be reallocated to other line items or different Eligible Project
Costs,provided that the total Eligible Project Costs reimbursed hereunder do not exceed$35,000.00.
C. INCENTIVES
In consideration for the Developer completing its Project in the TIF District,the City agrees to
extend to the Developer the following incentives to assist the Developer's Project:
1. Ninety Percent (90%) of the annual"net"incremental increase in real estate taxes generated
over the base year by the Developer's Project located on the Property for the Term of this
Agreement,or until all of the Developer's TIF Eligible Project Costs as described in.ExhibitA
are fully reimbursed,not to exceed a total of Thirty-Five Thousand Dollars and No Cents
($35,000.00),whichever occurs first. These funds are to be allocated to and when collected
shall be paid to the City Treasurer for deposit in a separate account within the Special Tax
Allocation Fund for the Canton 1 —Downtown/5'Avenue TIF District designated as the Big
Cat's Bowls,LLC Special Account("Special Account'). All monies deposited into the Special
Account shall be used exclusively by the City for the purposes set forth in this Agreement.
a. "Net"real estate tax increment is defined as increases in annual real estate tax increment
derived from the Developer's Project after a proportionate amount of TIF District
administrative fees and costs incurred by the City and payments pursuant to TIF
District Intergovernmental Agreements,if any. The Developer's proportionate amount
is calculated by dividing the increment generated by the Developer's Project by the total
TIF District increment.
2. Fifty Percent (50%) of annual Municipal Sales Tax Revenues derived from any retail sales
resulting from the Developer's Project with a point of sale at the Property and received by the
City during the Reimbursement Obligation Period.
a. In no event shall reimbursement of annual Municipal Sales Tax Revenues hereunder,
when added to the reimbursement of annual"net'real estate tax increment hereunder,
exceed Thirty-Five Thousand Dollars ($35,000.00).
3. Reimbursement of the Developer's TIF Eligible Project Costs in a given year shall be paid first
from the Real Estate Tax Increment set forth in Section C(1)above,and then from the Muncipal
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Sales Tax Revenues set forth in Section C(2)above.
4. In the event the Big Cat's Bowls business located on the property ceases to be open for business
to the public for a period of thirty(30)days or more,upon applicable notice and cure periods as
set forth herein,all future reimbursements provided for herein shall cease and this Agreement
shall terminate.
D. LIMITATION OF INCENTIVES TO DEVELOPER
1. The Developer shall not be entitled to any other reimbursement by the City for other Eligible
Project Costs beyond the maximum cumulative reimbursement of Thirty-Five Thousand
Dollars and No Cents ($35,000.00) as set forth herein, whether the source of such
reimbursement is real estate tax increment or Municipal Sales Tax Revenues.
2. The Developer shall be reimbursed by the City for all TIF Eligible Project Costs permitted by
the Act(subject to a limitation of$35,000.00) from the real estate tax increment and Municipal
Sales Tax Revenues generated by this Project in the TIF District located on the Property and
deposited into the Special Account,but only for the Term of this Agreement and only from the
Property included in the Project.
3. It is not contemplated nor is the City obligated to use any of its proportionate share of the
monies for any of the Developer's Eligible Project Costs but,rather,the City shall use its sums
for any purpose under the Act as it may,in its sole discretion,determine.
E. PAYMENT OF TIF ELIGIBLE PROJECT COSTS
1. Payment to the Developer for TIF Eligible Project Costs as set forth by the Act,shall be made
by a Requisition for Verification of TIF Eligible Project Costs (.Whibit B, "Requisition")
submitted from time to time by the Developer to the City's TIF Administrator Jacob &Klein,
Ltd.,with copy to The Economic Development Group,Ltd. (collectively the Administrator),
and subject to the Administrator's approval of the costs and to the availability of funds in the
Special Account.
2. All Requisitions must be accompanied by verified bills or statements of suppliers,contractors,or
professionals together with mechanic's lien waivers (whether partial or full) from each of the
parties entitled to a payment that is the subject of the Requisition as required by the City.
3. In order for the Developer to receive reimbursement of TIF Eligible Project Costs for costs it
has incurred in any year as set forth in Paragraphs I and 2 above,the Developer must submit such
proposed eligible costs to the City by March 1 of the following year. If there are no
accumulated outstanding costs previously submitted and approved by the City and if the
Developer does not submit such proposed eligible costs by this deadline, the Developer will
forfeit reimbursement of such costs from the prior year's real estate tax increment and
Municipal Sales Tax Revenues to be paid in the current year. Any approved Eligible Project
Costs submitted after this deadline will be eligible for reimbursement from the next year's real
estate increment receipts and Municipal Sales Tax Revenues.
4. Any real estate increment or Municipal Sales Tax Revenues not required to be paid to the
Developer under the terms of Paragraph 3 above shall be available to the City for any purpose set
forth in the TIF Plan and allowed by the Act.
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5. The Developer shall use such sums as reimbursement for TIF Eligible Project Costs only to the
extent permitted by law and the Act and may allocate such funds for any purpose for the terms
of this Agreement or the term of the TIF District whichever is longer.
6. The Administrator shall approve or disapprove a Requisition by written receipt to the Developer
within thirty(30)business days after receipt of the Requisition.Approval of the Requisition will
not be unreasonably withheld.If a Requisition is disapproved by the Administrator the reasons
for disallowance will be set forth in writing and the Developer may resubmit the Requisition
with such additional information as may be required and the same procedures set forth herein
shall apply to such re-submittals.
7. All TIF Eligible Project Costs approved shall then be paid by the City from the Special Account
to the Developer, or to others as directed by the Developer,pursuant to the Redevelopment
Plan and as allowed by Illinois Law. In addition to payments of Municipal Sales Tax Revenues
under Section I, the City shall pay such approved Eligible Project Costs annually from the
Property's real estate tax increment,provided the Developer is not in default under the terms of
this Agreement. Eligible Project Costs which exceed the amount available in the Special
Account to pay the Developer shall carry forward,until paid in full,without further action of the
Developer. Provided that there are Eligible Project Costs that; have been approved in
accordance with the terms of this Agreement,the annual payment shall be made within forty-
five (45) days after desposit of the increment generated by the Property into the Special
Account.
8. The Parties acknowledge that the determination of TIF Eligible Project Costs,and, therefore,
qualification for reimbursement hereunder are subject to changes or interpretation made by
amendments to the Act, administrative rules or judicial interpretation during the term of this
Agreement.The City has no obligation to the Developer to attempt to modify those decisions
but will reasonably assist the Developer in obtaining approval of TIF Eligible Project Costs.
9. The Developer may submit for prior approval by the City as TIF Eligible Project Costs under
the Act estimates of costs before they are incurred subject to later confirmation by actual bills.
F. VERIFICATION OF REAL ESTATE TAX INCREMENT
1. It shall be the sole responsibility of the Developer or its designee to provide to the City, as
requested in writing,copies of all PAID real estate tax bills,annually,'for the Property.
2. The failure of Developer to provide any information required heroin after written notice from
the City,and the continued failure to provide such information within thirty(30)days after such
notice,shall be considered a material breach of this Agreement and shall be cause for the City to
deny payments hereunder to the Developer,which payments are conditional upon receipt of the
foregoing information.
G. REIMBURSEMENT OF THE DEVELOPER'S SHARE
OF TAX OBJECTION REFUNDS .
If a refund of tax increment is potentially due from the City's TIF Fund as the result of any tax
objection,assessment challenge or formal appeal to the Illinois Property Tax Appeal Board (PTAB),
issuance of a certificate of error or other such action,including any appeals therefrom,concerning the
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potential reduction of assessed value of the Property, the City may at its sole discretion withhold the
Developer's share of any such possible refund from future reimbursements calculated to be paid to the
Developer under this Agreement. Furthermore, the Developer is hereby obligated to provide written
notice to the City within five(5)days of filing any such objection,assessment challenge or formal appeal
to the PTAB or other such action,including any appeals therefrom,that are reasonably likely to reduce
the assessed value of the Property. Failure to provide such notice shall be considered a material breach
of this Agreement and shall be cause for the City to deny payments hereunder to the Developer.
Any funds withheld by the City under this Section G shall be deposited by it into a separate
interest bearing bank account. Upon final determination of the assessed value of the Property,the City
shall pay to the Developer the principal amount due under this Agreement as recalculated. The City
shall be entitled to retain any interest earned on the account as partial payment for the administration of
the account due to the delay of the determination of the final evaluation and recalculation of the benefits
due the Developer under this Agreement.
If it appears to the City that it will be unable to recover the Developer's share of any such refund
from the remaining future reimbursements due the Developer under this Agreement, the Developer
shall reimburse the City for the Developer's remaining unpaid share of such refund within thirty(30)
days upon receiving written demand of the same from the City.
Notwithstanding anything contained in this Agreement to the contrary,the obligations contained in this
Section G shall remain in effect for the remaining life of the TIF District, whether the TIF District
expires upon the current expiration of the Redevelopment Plan and Projects adopted by the City(tax
year 2027 payable 2028);at an earlier time if the City passes an ordinance terminating the TIF District;
or at a later time if the TIF District is legislatively extended. Furthermore,the obligations set forth in
this Section G shall survive the expiration of the TIF District if a tax objection or other such action taken
by the Developer is pending prior to the expiration of the TIF District and shall continue until the final
disposition of such action.
H. SALES TAX REBATE QUALIFICATIONS
The City enters into this Agreement having made the following findings:
1. The building located on the Property subject to the Agreement is currently vacant or
underutilized and:
a. That said building has remained vacant or underutilized for at least one (1) year;
2. That the Project is expected to create or retain job opportunities within the municipality;
3. That the Project will serve to further the development of adjacent areas;
4. That without the Agreement, the Project would not be possible;
5. That the Developer meets high standards of creditworthiness and financial strength as
demonstrated by one of the following(which is attached hereto as Pkbibit C):
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a. a letter from a financial institution with assets of$10,000,000 or more attesting to the
financial strength of the Developer;
b. specific evidence of equity financing for not less than 10% of the total project cost.
6. That the Project will strengthen the commercial sector of the municipality;
7. That the Project will enhance the tax base of the municipality;and
8. That the Agreement is made in the best interest of the municipality.
I. SPECIFIC SALES TAX REIMBURSEMENT PROVISIONS
1. Payments to Developer. In addition to the real estate tax increment payments under Section
C(1),the City shall make payments to the Developer,for its TIF Eligible Project Costs described
in Exhibit.A, pursuant to this Agreement from the Municipal Sales Tax Revenues that are
generated by the business (or businesses) located on the Property. All amounts paid to the
Developer will be due and payable from Municipal Sales Tax Revenues received by the City on
an annual basis after the reimbursement of real estate tax increment for that year. The City may,
in its sole discretion,elect to pay any Municipal Sales Tax Revenues calculated to be paid to the
Developer under this Agreement from any other source of City revenues, but shall not be
obligated to do so. If payment is withheld by the City for failure to comply with this
Agreement,the City shall hold such funds until such time as the Developer obtains compliance
or this Agreement terminates. Payment shall be made on the first installment date after
compliance and shall not include any interest. With respect to each such business,or business
location,Municipal Sales Tax Revenues shall be payable during the Reimbursement Obligation
Period and under the provisions of Section C. All Municipal Sales Tax Revenues remitted
pursuant to this Agreement are for the purpose of inducing the Developer to develop the
Property,and are not for any goods or services provided by the Developer. Funds which are
available for distribution to the Developer shall be conditioned upon the following:
a. The Developer,or any of its successors or assignees,shall provide such information as
is necessary to verify Municipal Sales Tax Revenues generated by the Property. The
Developer agrees to provide, or cause any of its Tenants of the Property to provide
PTAX 1002-21,Authorisation to Release Sales Taxlnformation to Local Governments(Exhibit
D) to the City to obtain from the Illinois Department of Revenue verification of retail
sales generated on the Property by any Taxpayers located thereon during any portion of
the Applicable Reimbursement Obligation Period, as set forth in Section A of this
Agreement. "Taxpayers" are defined as parties who are required to file Department
Form ST-1 Sales and Use Tax Returns, or comparable tax returns which may be
substituted therefore with the State of Illinois. In the event that the Developer is unable
to arrange for the Department to report such information to the City, the Developer
and any owner of all or any part of the Property shall furnish to the City a photocopy of
the forms submitted to the State with any non-applicable information redacted,if the
Developer desires. Additionally,the Developer and any owner of all or any part of the
Property shall maintain and have available or cause to be maintained and available for
inspection by the City copies of any and all sales tax returns, sales tax reports,
amendments,proof of payment or any other sales tax information filed with the State of
Illinois or other appropriate governmental entity, which-documents are being held
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available for the City for purposes of identifying Municipal Sales Tax Revenues collected
pursuant to this Agreement.
b. To the extent permitted by law,the City shall endeavor to maintain the confidentiality of
the information provided to it,but shall be permitted to disclose such information and
documents to employees and consultants as the City in its sole discretion deems
appropriate in order to monitor compliance and audit this Agreement, provided that
such employees and consultants also agree to maintain such confidentiality. The
Developer and any owner of all or any part of the Property understands and agrees that
the provisions of this Agreement shall be a matter of public record as shall any and all
payments to the Developer pursuant to this Agreement.
c. All Municipal Sales Tax Revenues generated by the Property,when remitted to the City
by the Department,shall be deposited in the Special Account. These monies shall be
pledged to the payment of amounts owed to the Developer under this Agreement,and
no prior appropriations shall be required for payments to the Developer in accordance
with this Agreement.
d. The City shall pay the annual Municipal Sales Tax Revenues, as calculated pursuant to
Section C, to the Developer annually after the payment of real estate tax increment for
that same year.
e. The City shall be under no obligation to remit any monies whatsoever until all Municipal
Sales Tax Revenues are received from the Department for the applicable
Reimbursement Period.
However, the City reserves the right to make such earlier and additional payments in
such amounts and at such times as the City,in its sole discretion, deems appropriate.
Any payments determined to be due to the Developer under this Section shall be
reduced by the amount of any and all collection fees imposed upon the City by the State
of Illinois or the Illinois Department of Revenue for collection of the Municipal Sales
Tax Revenues. Payment shall be accompanied by a statement executed by the City
Treasurer or other appropriate official or officer, setting forth the calculation of such
payment. The Developer shall have forty-five (45) days following receipt of any
payment to contest any or all of the information contained in the accompanying
statement.
f. The Developer shall use all payments of Municipal Sales Tait Revenues it receives
from the City for its TIF Eligible Project Costs as provided i6; % h bIt J attached
hereto. The amount of Municipal Sales Tax Revenues reimbursed to the Developer
under this Section,when added to real estate tax increment reimbursed to the
Developer pursuant to Section C(9)above, shall not,in any event,exceed$35,000.00.
J. LIMITED OBLIGATION
The City's obligation hereunder to pay Developer for TIF Eligible Project Costs is a limited
obligation to be paid solely from the TIF District's Special Tax Allocation Fund. The City's obligation
to rebate Municipal Sales Tax Revenues is also a limited obligation to be paid from the Municipal Sales
Tax Revenues generated on the Property. Said obligations do not now and shall never constitute an
indebtedness of the City within the meaning of any State of Illinois constitutional or statutory provision
9
and shall not constitute or give rise to a pecuniary liability of the City or a charge or lien against any City
fund or require the City to utilize its taxing authority to fulfill the terms of this Agreement.
K. CITY PUBLIC PROJECTS
The City intends to use part or all of the City's share of the Developer's Project real estate tax
increment for other public projects within the Redevelopment Project Area. The City shall be eligible
for reimbursement of the costs of doing so,as well as other eligible costs incurred by the City for the
TIF District, provided that the Developer's payments provided herein are not reduced or delayed
thereby.
L. LIMITED LIABILITY OF CITY
TO OTHERS FOR DEVELOPER'S EXPENSES
There shall be no obligation by the City to make any payments to any person other than the
Developer, or its authorized designee, nor shall the City be obligated to make direct payments to any
other contractor,subcontractor,mechanic or materialman providing services or materials to Developer
for the Project.
M. COOPERATION OF THE PARTIES
1. Subject to the terms of this Agreement,the City and the Developer agree to cooperate fully with
each other when requested to do so concerning the development of the Developer's Project.
This includes without limitation the City assisting or sponsoring the Developer,or agreeing to
jointly apply with the Developer,for any grant,award,subsidy or additional funding which may
be available from other governmental sources as the result of the Developer's or City's activities.
This also includes without limitation the Developer assisting or sponsoring the City,or agreeing
to jointly apply with the City, for any grant, award, or subsidy which may be available as the
result of the City's or Developer's activities, provided that any such action by the Developer
shall be at no cost or liability of the Developer or City.
2. The Parties agree to take such actions,including the execution and delivery of such documents,
instruments,petitions,and certifications (and,in the City's case,the adoption of such ordinances
and resolutions) in form approved by the Parties in their reasonable discretion, as may be
necessary or appropriate,from time to time,to carry out the terms,provisions,and intent of this
Agreement and to aid and assist each other in carrying out said terms,provisions,and intent.
3. The Parties shall cooperate fully with each other in seeking from any or all appropriate
governmental bodies all approvals(whether federal,state,county,or local)required or useful for
the construction or improvement of property and facilities in and on the Property or for the
provision of services to the Property, including, without limitation, wetland mitigation, gas,
telephone, and electric utility services, roads, highways, and rights-of-way,water and sanitary
sewage facilities,and storm water disposal facilities.
N. DEFAULT; CURE; REMEDIES
In the event of a default under this Agreement by any party hereto (the "Defaulting Party"),
which default is not cured within the cure period provided for below,then the other party(the"Non-
defaulting Party"), shall have an action for damages, or, in the event damages would not fairly
compensate the Non-defaulting Party for the Defaulting Party's breach of this Agreement, the Non-
10
defaulting Party shall have such other equity rights and remedies as are available to them at law or in
equity. Any damages payable by the City hereunder shall be limited to the real estate tax increment and
Municipal Sales Tax Revenues payable to the Developer under the terms of this Agreement.
In the event a Defaulting Party shall fail to perform a monetary covenant which it is required to
perform under this Agreement,it shall not be deemed to be in default under this Agreement unless it
shall have failed to perform such monetary covenant within thirty (30) days of its receipt of a notice
from a Non-defaulting Party specifying that it has failed to perform such monetary covenant. In the
event a Defaulting Party fails to perform any nonmonetary covenant as and when it is required to under
this Agreement,it shall not be deemed to be in default if it shall have cured such default within thirty
(30) days of its receipt of a notice from a Non-defaulting party specifying the nature of the default,
provided,however,with respect to those nonmonetary defaults which are not capable of being cured
within such thirty (30) day period, a Defaulting Party shall not be deemed to be in default if it
commences curing within such thirty (30) day period, and thereafter diligently and continuously
prosecutes the cure of such default until the same has been cured.
O. TIME;FORCE MAJEURE
For this Agreement,time is of the essence. The Developer agrees to complete construction of
the Project within twelve(12)months following the execution of this Agreement,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 N.However,Developer and City shall not be deemed in default with respect to
any obligations of this Agreement on its part to be performed if Developer or City fails to timely
perform the same and such failure is due in whole, or in part, to any strike, lock-out, civil disorder,
inability to procure materials,weather conditions,wet soil conditions,failure or interruptions of power,
condemnation,riots,insurrections,war,fuel shortages,Acts of God,acts caused directly or indirectly by
the City(or City's agents, employees or invitees)when applicable to Developer or third parties,or any
other cause beyond the reasonable control of Developer or City(collectively, "Force Majeure").
P. PREPAYMENTS
Should the annual incremental real estate tax revenue and Municipal Sales Tax Revenue
generated by the Project be sufficient to pay all TIF Eligible Project Costs prior to the expiration of the
term of the Agreement,the City may,in its sole discretion,elect to pay all then remaining payments in a
single lump sum payment.
Q. ASSIGNMENT
The rights(including,but not limited to,the right to payments contemplated by Section Cof this
Agreement,) and obligations (or either of them) of the Developer under this Agreement shall be fully
assignable by the Developer provided written notice is provided to the City and City's consent is
obtained prior to such assignment. The City's consent shall not be unreasonably withheld provided that
the nature of the Project is not substantially changed and provided that the assignee is financially capable
of fulfilling the obligations of the assignor. Further,no such assignment shall be deemed to release the
assignor of its obligations to the City under this Agreement unless the consent of the City to the release
of the assignor's obligations is first obtained and the nature of the Developer's Project shall not be
substantially changed. Any such assignment shall be subject to all the terms and conditions containedin
this Agreement.
11
R. WAIVER
Any party to this Agreement may elect to waive any remedy it may enjoy hereunder,provided
that no such waiver shall be deemed to exist unless the party waiving such right of remedy does so in
writing. No such waiver shall obligate such party to waive any right of remedy hereunder,or shall be
deemed to constitute a waiver of other rights and remedies provided said party pursuant to this
Agreement.
S. SEVERABILITY
If any section,subsection,term or provision of this Agreement or the application thereof to any
party or circumstance shall, to any extent,be invalid or unenforceable, the remainder of said section,
subsection,term or provision of this Agreement or the application of same to parties or circumstances
other than those to which it is held invalid or unenforceable, shall not be affected thereby.
T. NOTICES
All notices,demands,requests,consents,approvals or other instruments required or permitted
by this Agreement shall be in writing and shall be executed by the party or an officer,agent or attorney
of the party, and shall be deemed to have been effective as of the date'of actual delivery,if delivered
personally or via nationally recognized overnight delivery service, or as of the third (3`d) day from and
including the date of posting, if mailed by registered or certified mail, return receipt requested,with
postage prepaid addressed as follows:
TO CITY: TO DEVELOPER:
City Clerk, City of Canton Big Cat's Bowls,LLC
2 N. Main Street %Jason Coulter&Emily Schaeffer,Owners
Canton,IL 61520 287 Fulton Place
Telephone: (309) 647-0065 Canton,IL 61520
Fax: (309) 647-2348
Wlith Copy To: With Copy To:
Jacob &Klein,Ltd.
The Economic Development Group,Ltd.
1701 Clearwater Avenue
Bloomington,IL 61704
Telephone: (309) 664-7777
Fax: (309) 664-7878
U. SUCCESSORS IN INTEREST
Subject to the provisions of Section p,above,this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.
V. NO JOINT VENTURE,AGENCY, OR PARTNERSHIP CREATED
Neither anything in this Agreement nor any acts of the parties to this Agreement shall be
construed by the parties or any third person to create the relationship of a partnership,agency,or joint
venture between or among such parties.
12
W. TERM OF THE AGREEMENTS
Notwithstanding anything contained herein or to the contrary,this Agreement shall expire upon
the first to occur of the current expiration of the TIF District,tax year 2027 payable 2028,or upon the
Developer receiving all incentives included herein. The Agreement may be sooner terminated by the
City upon default by the Developer under this Agreement after applicable notice and cure periods.
X. WARRANTY OF SIGNATORIES
The signatories of Developer warrant full authority to both execute this Agreement and to bind
the entity in which they are signing on behalf of.
Y. ENTIRE AGREEMENT
The terms and conditions set forth in this Agreement and exhibits attached hereto supersede all
prior oral and written understandings and constitute the entire agreement between the City and the
Developer with respect to the subject matter hereof.
Z. INDEMNIFICATION OF CITY
It is the understanding of the Parties that the position of the Illinois Department of Labor is that
the Illinois Prevailing Wage Act does not apply to TIF increment received by developers as
reimbursement for private TIF Eligible Project Costs. This position of the Illinois Department of Labor
is stated as an answer to a FAQ on its website at:
htWs://www.iUinois.gov/idol/FAQs/Pages/prevailing-wage-faq.asi2x. The Developershallindemnify
and hold harmless the City, and all City elected or appointed officials, officers, employees, agents,
representatives,engineers,consultants and attorneys(collectively,the"Indemnified Parties"),from any
and all claims that may be asserted against the Indemnified Parties or one or more of them, in
connection with the Developer's failure to comply with the Illinois Prevailing Wage Act (820 ILCS
130/0.01 etseq.),the Illinois Procurement Code,and/or any similar State or Federal law or regulation.
In addition, except to the extent arising out of the breach of this Agreement, willful misconduct,
negligence, or violation of law by an Indemnified Party, the Developer agrees to indemnify and hold
harmless the Indemnified Parties for any claim asserted against them arising from the Developer's
Project or this Agreement. This obligation to indemnify and hold harmless obligates Developer to
defend any such claim and/or action,pay any liabilities and/or penalties imposed arising out of such
action,and pay all reasonable and actual defense costs of City in such action.
(The remainder of this page is intentionally blank.)
13
IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed by
their duly authorized officers on the above date at Canton,Illinois. t
CITY OF CANTON, BIG CAT'S BOWLS, LLC,an Illinois
an Illinois Municipal Corporation Limited Liability Company
BY:
✓ BY
Mayor, City of Canton
NAME: .F r �-T <�e,o Lcf:: Ccr
ATTES :QjajA==,
TITLE: [,U
City Clerg in of Canton
14
EXHIBIT A
SUMMARY OF ESTIMATED TIF ELIGIBLE PROJECT COSTS
Big Cat's Bowls,LLC
Canton 1 —Downtown/5"'Avenue TIF District in the City of Canton,Fulton County,Illinois
Project Description: The Developer is proceeding with plans to rehabilitee and renovate the
building located on the Property for operation of a restaurant.
PINS #: 09-08-27-437-003
15�
Street Location: 144wE. Elm Street,Canton,Illinois.
Fsdt4afe TIF Eligible Project Costs.
LandAcquisition...............................................................................................................................$45,000.00
Rehabilitation and Renovation Costs.............................................................................................$85,000.00
Total ts&,gQted TIF Eligible Project Costsl............................................................$130,000.00
1 The above line items are subject to reallocation and reassignment to different Eligible Project Costs,but
reimbursement of TIF Eligible Project Costs to Developer per Section Cis capped at$35,000.00
15
EXHIBIT B
CITY OF CANTON, ILLINOIS
CANTON 1—DOWNTOWN/5TH AVENUE TIF DISTRICT
PRIVATE PROJECT REQUEST FOR
VERIFICATION OF TIF ELIGIBLE PROJECT COSTS
by
BIG CAT'S BOWLS, LLC
Date:
Attention: TIF Administrator, City of Canton,Illinois
Re: TIF Redevelopment Agreement, dated September 3,2019
by and between the City of Canton,Illinois,and
Big Cat's Bowls,LLC (the"Developer")
The City of Canton is hereby requested to disburse funds from the Special Tax Allocation Fund
pursuant to the Redevelopment Agreement described above in the following amount(s), to the
Developer and for the purpose(s) set forth in this Request. The terms used in this Request shall have
the meanings given to those terms in the Redevelopment Agreement.
1. REQUEST FOR VERIFICATION NO.
2. PAYMENT DUE TO:Big Cat's Bowls,LLC
3. AMOUNTS REQUESTED TO BE DISBURSED:
Description of TIF Eligible Project Cost Amount
Total
4. The amount requested to be disbursed pursuant to this Request will be used to reimburse the
Developer for Redevelopment Project Costs for the Project detailed in .�`xhibit .A of the
Redevelopment Agreement.
16
5. The undersigned certifies that:
(i) the amounts included in(3)above were made or incurred or financed and were necessary for
the Project and were made or incurred in accordance with the construction contracts,plans
and specifications heretofore in effect;and
(ii) the amounts paid or to be paid,as set forth in this Request for Reimbursement,represent a
part of the funds due and payable for TIF Eligible Redevelopment Project Costs;and
(iii) the expenditures for which amounts are requested represent proper Redevelopment Project
Costs as identified in the"Limitation of Incentives to Developer"described in Section `D"of
the Redevelopment Agreement, have not been included in any previous Request for
Reimbursement,have been properly recorded on the Developer's books and are set forthwith
invoices attached for all sums for which reimbursement is requested,and proof of payment of
the invoices;and
(iv) the amounts requested are not greater than those necessary to meet obligations due and
payable or to reimburse the Developer for its funds actually advanced for Redevelopment
Project Costs;and
(v) the Developer is not in default under the Redevelopment Agreement and nothing has
occurred to the knowledge of the Developer that would prevent the performance of its
obligations under the Redevelopment Agreement.
6. Attached to this Request for Reimbursement is Exhibit 1q of the Redevelopment Agreement,
together with copies of invoices, proof of payment of the invoices,and Mechanic's Lien Waivers
relating to all items for which reimbursement is being requested.
BY: (Developer)
TITLE:
CITY OF CANTON,ILLINOIS
BY:
TITLE: DATE:
JACOB &KLEIN,LTD. &THE ECONOMIC DEVELOPMENT GROUP,LTD.
BY:
TITLE: DATE:
17
EXHIBIT C
LETTER OF FINANCIAL STRENGTH
FROM FINANCIAL INSTITUTION
or
DEVELOPER AFFIDAVIT ATTESTING TO EQUITY
FINANCING OF NOT LESS THAN 10% OF PROJECT COSTS
18
STATE OF ILLINOIS )
SS.
COUNTY OF )
AFFIDAVIT
Now comes, FQI; JJA hr
-C7f- , as'owner of Big Cat's Bowls, LLC, an Illinois
Limited Liability Comp y, and hereby affirms as follows: j &a-�pr)1. He/She is of legal age and resides at28 r] r� I-��� [C'i L� rL
2. Big Cat's Bowls, LLC is the developer for the redevelopment project located at the
property located at 161 E. Elm Street, Canton, Illinois, and to be known as Big Cat's
Bowls restaurant.
A'
3. Big Cat's Bowls, LLC has secured equity financing of an amount not less than 10% of
the total project costs to be utilized for the redevelopment of the property referred to
above.
Executed this day of August, 2019.
B 6//L�W
OFFICIAL SEAL y'
ROBERT R.FMARRALD
Notary Public-State of Illinois
My Commission Expires 08/31/2019
Printed Name: J
Joon GbL,
Subscribed and affirmed before me
this '�o ry day of August, 2019.
Z%k
OFFICIAL SEAL NOTX1tY P IC
CAROL E KOHLER
NOTARY PUBLIC-STATE OF ILLINOIS
MY COMMISSION EXPIRES:10/02122
EXHIBIT D
FORM PTAX-1002-21
AUTHORIZATION TO RELEASE SALES TAX INFORMATION
TO LOCAL GOVERNMENTS
19
Illinois Department of Revenue
Authorization to Release Sales Tax Information to Local Governments
General Information
Complete this form only if you
• make retail sales of tangible personal property from a permanent location in Illinois or conduct a tent sale where you
complete ST-556 forms for individual transactions; and
• want to authorize us (Illinois Department of Revenue)to disclose to your local government its share of sales tax
received from your business.
Incomplete requests will be returned to the local government.
Step 1: Provide the retail business details
Enter your Illinois Account ID
1 2 LI 1 here, not your Federal Employer
R3 2� 11 Identification Number(FEIN).
Illinois Account ID number(Sales Tax number)
2 b
Tax ayer/busines name
F -F I rn n-kYn F—i IL 2
Ad ress actual a dress of retail location) City C ( 'L1 County State Zip
3 1 authorize this release for the reporting periods v T I Q through bx 02�2R
( onth,year) (month,year)
Note:All requests must have a beginning and ending date.
4 This information is to be released to the (circle one)village, city, town or county of. ,
Note:All Financial Reporting requests will be mailed to the Treasurer of the local government. No additional copies will be sent by
the Department.
5 Sign below
I, as the owner or authorized officer,authorize the Illinois Department of Revenue(IDOR)to disclose to the designated village,city,
town,or coun a amount of the local goCko
vernment's share of sales tax received from the taxpayer for the reporting period specified
X
above.
nwn6r
Signa re f wrier or a thori g�fficer the bus s Title
l e (3 0)3-3Y- 12 r�
Print Name1 45CVI �� C Telephone number
Step 2: Give)this form to your local government designated to receive the tax information
Step 3: To be completed by the local government official receiving information
Type of request(circle one): group/district stand-alone
If group/district, enter name here:
I,as the local government official,verify that this form is accurate and complete.
Signature of local government official Title Telephone number
IL
Address City State Zip
Completed forms should be returned to: Illinois Department of Revenue, Local Tax Allocation Division 3-500,
PO Box 19014, Springfield, IL 62794-9014 or by fax to 217 524-0526
Questions? Call 217 785-6518
This form is authorized by the Retailers'Occupation Tax Act 35 ILCS 120111.Disclosure of this information is VOLUNTARY.This form
has been approved by the Forms Management Center.IL-492-4561
PTAX-1002-21(R-7111)
EXHIBIT D
FORM PTAX-1002-21
AUTHORIZATION TO RELEASE SALES TAX INFORMATION
TO LOCAL GOVERNMENTS
t
' � �. _ � • ,�: it
' l .i��l{f�.�.� ♦ ...Yrs ^,.d Zil)`I�(*'%'��1�/! �;.
19
TIm ECONOMIC DEVELOPMENT GROuP, LTD,
September 30,2019
Jason Coulter&Emily Schaeffer
Big Cat's Bowls,LLC
287 Fulton Place
Canton,IL 61520
Re: City of Canton 1 Downtown/5th Ave TIF District-Big Cat's Bowls,LLC
Eligible Project Cost Verification Request
Dear Jason and Emily:
Pursuant to your Redevelopment Agreement with the City of Canton in the Canton I
'Downtown/5th Avenue TIF District,you are required to provide us with"Requisitions" (form
enclosed) accompanied by a master list of itemized costs supported by"verified bills or
statements of suppliers,contractors or professionals together with.mechanic's lien waivers
(whether partial or full)"as to all expenses for which you seek reimbursement.
You may submit project costs that relate to those categories of estimated TIF Eligible Project Costs
provided in-"ExhibitA"of the Redevelopment Agreement. Please submit this information as
follows:
► Comprehensive List:
• Using the attached summary form,please itemize each cost you submit
► Land Acquisition:
• Please submit a copy of the signed settlement sheet or purchase contract.
► Rehabilitation and Renovation Costs: Invoice AND Proof of Pavment
• Please submit a paid invoice for each item listed. All invoices must show that they relate
to this project.
• Please submit proof of payment in the form of cancelled checks(the back of the check
showing it cleared the bank),lien waivers or itemized bank statements for each item
listed.
► Requisition Form:
• Please sign and date the enclosed Requisition Form and return it along with the
completed Summary Form. Once we have a list of approved costs,we will fill in the
.Descriptions of the costs and amounts verified and send it to the City for their signature.
Please keep in mind that the total eligible project costs for your project are not to exceed$35,000
per"ExhibitA"of the Redevelopment Agreement(a copy is enclosed).We will review any
information you submit and get back to you soon thereafter. If you have any questions,please
contact us.
Sincerely,
Pam Cullen
Assistant Financial Analyst/Enclosures
cc: Diana Pavley-Rock, City Clerk
- 7ZF�h�1Gvx\G{'gC.n7trAcmlc, '
1701 Clearwater Avenue,Blootninglon,IL 61704 (309)664-7777 telephone (309)664-7878 faesimile wN%w.tornjacobgroup.eom
Summary Form
Invoice
Date Vendor Amount Submitted Invoice Number Check Number Description of Item Submitted
H:ITIFITIFFormsISpreadsheetslEPCWorksheet.xis Page of
EXHIBIT A
SUMMARY OF ESTIMATED TIF ELIGIBLE PROJECT COSTS
Big Cat's Bowls,LLC
Canton 1 —Downtown/5'h Avenue TIF District in the City of Canton,Fulton County, Illinois
Project Description: The Developer is proceeding with plans to rehabilitee and renovate the
building located on the Property for operation of a restaurant.
PINS #: 09-08-27-437-003
Street Location: 161 E.Ehn Street,Canton,Illinois.
EstrmatedTIF Eligible Project Costs:
LandAcquisition...............................................................................................................................$45,000.00
Rehabilitation and Renovation Costs.............................................................................................$85.000.00
Total EstimatedTIF Eligible Project Costsl............................................................$130,000.00
1 The above line items are subject to reallocation and reassignment to different Eligible Project Costs,but
reimbursement of TIF Eligible Project Costs to Developer per Section Cis capped.at$35,000.00
15
EXHIBIT B
CITY OF CANTON, ILLINOIS
CANTON I—DOWNTOWN/5"H AVENUE TIF DISTRICT
PRIVATE PROJECT REQUEST FOR
VERIFICATION OF TIF ELIGIBLE PROJECT COSTS
by
BIG CAT'S BOWLS,LLC
Date:
Attention:TIF Administrator, City of Canton,Illinois
Re: TIF Redevelopment Agreement,dated September 3,2019
by'and between the City of Canton,Illinois,and
Big Cat's Bowls,LLC (the"Developer")
The City of Canton is hereby requested to disburse funds from the Special Tax Allocation Fund
pursuant to the Redevelopment Agreement described above in the following amount(s), to the
Developer and for the purpose(s) set forth in this Request. The terms used in this Request shall have
the meanings given to those terms in the Redevelopment Agreement.
1. REQUEST FOR VERIFICATION NO.
2. PAYMENT DUE TO:Bi,,,, Cat's Bowls LLC
3. AMOUNTS REQUESTED TO BE DISBURSED:
Description of TIF Eligible Project Cost Amount
Total
4. The amount requested to be disbursed pursuant to this Request will be used to reimburse the
Developer for Redevelopment Project Costs for the Project detailed in Exhibit A of the
Redevelopment Agreement.
16
5. The undersigned certifies that:
(i) the amounts included in(3)above were made or incurred or financed and were necessary for
the Project and were made or incurred in accordance with the construction contracts,plans
and specifications heretofore in effect;and
(ii) the amounts paid or to be paid, as set forth in this Request for Reimbursement,represent a
part of the funds due and payable for TIF Eligible Redevelopment Project Costs;and
(iii) the expenditures for which amounts-are requested represent proper Redevelopment Project
Costs as identified in the"Limitation of Incentives to Developer"described in Section 'E)"of
the Redevelopment Agreement, have not been included in any previous Request for
Reimbursement,have been properly recorded on the Developer's books and are set forth with
invoices attached for all sums for which reimbursement is requested,and proof of payment of
the invoices;and
(iv) the amounts requested are not greater than those necessary to meet obligations due and
payable or to reimburse the Developer for its funds actually advanced for Redevelopment
Project Costs;and
(v) the Developer is not in default under the Redevelopment Agreement and nothing has
occurred to the knowledge of the Developer that would prevent the performance-of its
obligations under the Redevelopment Agreement.
6. Attached to this Request for Reimbursement is Exhibit A of the Redevelopment Agreement,
together with copies of invoices,proof of payment of the invoices,and Mechanic's Lien Waivers
relating to all items for which reimbursement is being requested.
BY: (Developer)
TITLE:
CITY OF CANTON,ILLINOIS
BY:
TITLE: DATE:
JACOB&KLEIN,LTD. &THE ECONOMIC DEVELOPMENT GROUP,LTD.
BY:
TITLE: DATE:
17