HomeMy WebLinkAboutResolution #2014
RESOLUTION NO. 2 014
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF CANTON, ILLINOIS AND
THE ILLINOIS DEVELOPMENT FINANCE AUTHORITY AND AUTHORIZING AND DIRECTING THE
MAYO: TO EXECUTE AND DELIVER SAID AGREEMENT ON BEHALF OF THE CITY OF CANTON,
ILLINOIS.
WHEREAS, the City of Canton, Illinois has received approval from the
Illinois Development Finance Authority for an ESOP Feasibility Grant on behalf
of the Canton Industrial Corporation; and,
WHEREAS, the City Council of the City of Canton, Illinois has reviewed
the terms of the proposed agreement, a copy of which is hereto attached and made
a part hereof as "Exhibit A"; and,
WHEREAS, the City Council of the City of Canton, Illinois has determined
that it is desireable and in the best interest of the City of Canton to enter
into said agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON,
Fulton County, Illinois as follows:
1. That the agreement between the City of Canton and the Illinois
Development Finance Authority, which is attached hereto and made a part hereof
as Exhibit A, is hereby approved, said agreement to be subject to and effective
pursuant to the terms and conditions therein.
2. That the Mayor is authorized and directed to execute and deliver said
agreement 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.
PASSED by the City Council of the City of Canton, Fulton County, Illinois
at a regular meeting this , rd day of November , 1987 upon a roll call
vote as follows:
AYES: Aldermen Chapman , May , Bohler , P.4eade , Sarf f , Stock , 7il ly ,
Kovachevich,
NAYS: None .
ABSENT: None .
APPROVED:
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Donald E. Edwards, Mayor
ATTEST:
Nan Whit s, City Clerk
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Illinois Development Finance Authority
2 North LaSalle Street
Suite 980
Chicago, Illinois 60602
(312) 793-5586
Telecopy No. (312) 793-6347
October 28, 1987
Whereas, Canton Industrial Corporation, has notified the
Employees of their intentions to cease operations at the Canton
Plant; and
Whereas, the Illinois Development Finance Authority (herein
called IDFA) is committed to retaining Industry and jobs in the
State of Illinois, and feels it necessary to demonstrate the
need for financial assistance to Illinois companies seeking
alternative ownership plans, and therefore has approved an
expenditure of up to X25,000 to conduct a study examining the
feasibility of alternative company ownership plans; and
Whereas, the City of Canton (herein called "Contractor") has
submitted and received IDFA approval of its proposal to conduct
a feasibility study which seeks alternative company ownership
plans for the Canton Industrial Corporation, in Canton; and
Whereas, it is desired by Contractor to sub-contract the
fiscal, physical, market, community impact, labor relations
analysis and project coordination of such a feasibility study,
Now, therefore in consideration of the premises, it is agreed
as follows:
1. The Contractor shall conduct a study which
examines the feasibility of alternative ownership
plans for the Canton Industrial Corporation
including a process of inquiry, recommendations,
conclusions and final decision for action.
2. Contractor shall solicit proposals from
specialists in each area to be analyzed.
Contractor shall approve or reject any responses
to requests for proposals. Contractor shall
provide a written summary to IDFA of proposals in
each sub-area which will include the cost and
criteria for selection.
3. Contractor shall submit a written one page
statement summarizing the status of the
feasibility study by the first Wednesday of each
month for presentation to the IDFA Board of
Directors.
4. Contractor shall provide IDFA with a copy of its
interim report as well as copies of the reports
prepared in,, each of the sub-areas. The interim
presentation shall be completed on or about
December 16, 1987.
5. Contractor shall request payment from IDFA for
each sub-contract entered into by Contractor
separately. With total subcontract costs not to
ezceed the sum of X25,000.
6. IDFA upon receipt of payment request will issue
its check payable jointly to Contractor and
Sub-contractor on or about the 10th and the 25th
of each month.
7. Contractor certifies that Contractor, its
officials, agents, and employees have not been
convicted ofbribery or attempting to bribe an
officer or employee of the State of Illinois, nor
has Contractor or any such person made an
admission of guilt of such conduct which is a
matter of record. Contractor further assures IDFA
that it has fully disclosed all circumstances, if
any, whereby Contractor, its officials, agents,
and employees have been convicted of bribery or
attempted bribery of a governmental official in
any U.S. jurisdiction.
8. Thia Agreement shall terminate on January 29, 1987
or on ten days written notice by either party to
the other, whichever first occurs.
The City of Canton
ILLINOIS DEVELOPMENT FINANCE
AUTHORITY
Hy ~~/t~~
Mayor
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Executive Director
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