HomeMy WebLinkAboutResolution #2003
RESOLUTION NO. 2 0 0 3
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A RESOLUTION APPROVING A "MEMORANDUM OF UNDERSTANDING BETWEEN THE CITY OF
CANTON AND D-J EN'TERPRISES TO CONSTRUCT SPECULATIVE CONIl"IERCIAL OR INDUSTRIAL
BUILDINGS IN THE CAN'T'ON ENTERPRISE PARK.
WHEREAS, the Canton City Council has determined that it is necessary and
in the best interest of the City of Canton to enter into a "Memorandum of Under-
standing" with D~7 Enterprises as set forth in Exhibit "A" hereto attached.
NOW, THEREFbRE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANrTiDN,
Fulton County, Illinois, as follows:
1. That Exhibit "A" hereto attached and herein incorporated by reference
is hereby approved by the Canton City Council.
2. That the Mayor and City Clerk are hereby authorized and directed to
execute two originals of Exhibit "A" and to deliver the same on behalf of the City
of Canton.
3. That this Resolution shall be in full force and effect imYnediately upon
its passage by the City Council of the City of Canton, Fulton County, Illinois, and
approval by the Mayor thereof.
PASSID by the City Council of the City of Canton, Fulton County, Illinois at
a regular meeting this 7th day of July , 1987, upon a roll call vote as follows:
AYES: Aldermen Chapman, May, Bohler, Meade, Sarff, Steck,
Zilly, Kovachevich.
NAYS: None.
ABSENT: None .
APPROVID
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Donald E. Edwards, Mayor
ATTEST:
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Nan Whites City Clerk
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MENUJRANDUM OF UNDERSTANDING BEISn]F~1 THE CITY OF CAN1lON, FULTON
COUNTY, ILLINOIS AND D~7 ENTERPRISES TO CONSTRUCT SPF)CUI~ATIVE
CONA~CIAL OR IlVDUSTRIAL BUILDINGS IN THE CANNON EN'i~RPRISE PARK.
This P~randum of Understanding is between the City of Canton, Fulton
County, Illinois, (the "City") and D~7 Enterprises, a partnership, acting by and
through all of its partners, (the "Partnership"):
The City agrees to:
1. Provide to the partnership a 60 month option on Enterprise Park Lots
8, 9, 10 and 11 for purposes of constructing speculative c~xcial or industrial
buildings;
2. Defer all land payments of $5,000 to not less than $2,000 per acre until
all buildings on such lots have space being used for any purpose. A building is
considered "being used" if, over 50$ of the available ground floor building space is
being utilized for any purpose;
3. Assist the partnership in marketing and filling any vacant buildings;
4. Provide water and sewer facilities to the lot line of each parcel and
install a road per the existing plat and dedication to provide access to all four
parcels;
5. Provide all present and future enterprise zone benefits and inducements;
and,
6. Allow for a reduction of lot prices contingent upon job creation.
The Partnership agrees to:
1. Construct a 5,000 square foot c~xcial or industrial building in
conformance with all local, state and federal building codes on Lot 8 with construction
cannencing on or before August 1, 1987 and to complete construction within a 90 day
period;
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2. Commence construction on a second ccamexcial or industrial building
on any of said lots within a six month period after, over 50~ of the ground floor
square footage of the previously constructed facility is being used. This require-
ment for construction will continue on a rotating basis for any future buildings:
6 months to begin construction after previous building is over 50~ occupied, 90 day
construction period and development of future buildings that is of a cor~arative
nature to the first facility constructed on Lot 8. All construction timelines are
contingent upon weather delays;
3. Pay to the City $5,000 and not less than $2,000 per acre once all buildings
are construction and are occupied (aver 50$ filled capacity ground floor space);
4. Perform any necessary site preparation for development;
5. Obtain required permits fran the City prior to building construction; and,
6. Release to the City, upon city request, any lot(s) not required for
partnership use, as determined by the partnership, during the term of this option.
It is the intent of this mQ.imrandtun of understanding to provide an interim
understanding until forma]., permanent agreements are prepared by each parties legal
counsel.
This n~randum of understanding is agreed to by both parties on this
day of , 1987, and is binding upon each their respective successors and
assigns.
City of Canton, Illinois
Dz7 Enterprises, a partnership
BY:
Donald E. Edwards, Mayor
ATI'FST:
Nancy Whites, City Clerk
BY:
Jerry Jarnigan, Partner
BY:
Dennis Dawson, Partner
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