HomeMy WebLinkAboutOrdinance#4243 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 AUGUST, 2021 ADOPTED ORDINANCE NO. 4243 A TRUE AND
CORRECT COPY OF WHICH IS CONTAINED IN THIS PAMPHLET.
GIVEN UNDER MY HAND AND SEAL THIS 3rd DAY OF AUGUST,2021.
(SEAL)
i
DIANA Y-ROCK
CITY CLERK
CITY OF CANTON, ILLINOIS
ORDINANCE NO. 42.43
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A
TIF REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON,FULTON COUNTY,ILLINOIS
AND
FULLER'S JEWELRY,INC.
PASSED BY THE CITY COUNCIL,
OF THE CTIY OF CANTON, FULTON COUNTY, ILLINOIS,
ON THE 3R"DAY OF AUGUST,2021.
PUBLISHED IN PAMPHLET FORM BY AUTHORITY OF THE CITY
COUNCIL.OF THE CITY OF CANTON, FULTON COUNTY, ILLINOIS,
THIS 3R" DAY OF AUGUST,2021.
EFFECTIVE: AUGUST 3,2021
CITY OF CANTON,ILLINOIS: ORDINANCE NO. 4243
CANTON 1- DOWNTOWN / 57H AVENUE
TAX INCREMENT FINANCING (TIF) DISTRICT
AN ORDINANCE APPROVING AND AUTHORIZING
THE EXECUTION OF A REDEVELOPMENT AGREEMENT
BY AND BETWEEN
THE CITY OF CANTON
AND
FULLER'S JEWELRY, INC.
BE IT ORDAINED BY THE CITY OF CANTON, FULTON COUNTY, ILLINOIS
THAT:
1. The Redevelopment Agreement with Fuller's Jewelry, Inc. (Exhibit A attached) 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 3'day of
August, 2021.
4 This Ordinance shall be in full force and effect from and after its passage and approval as
required by law.
]Ibe remainder of this page is intentionally blank]
PASSED,APPROVED AND ADOPTED by the Corporate Authorities of the City of Canton,
Fulton County, Illinois, on the 3`"day of August, 2021, and deposited and filed in the Office of the
City Clerk of said City on that date.
MAYOR&ALDERMEN AYE VOTE NAY VOTE ABSTAIN/ABSENT
Angie Ltngenfeltee X
Andra Chamberlin X
Jeff Fritz X
Craig NVest X
Greg Gossett X
Justin Nelson X
John Lovell X
Angela Hale X
Kent A. McDowell,Mayor X
TOTALVOTES
APPROVED: ,`/ ' " W �'1 , Date-L/_�L_/2021
Ma r, Ci f Ga on
ATTEST: , Date* / /2021
City Clerk, City of Canton
ATTACHMENTS:
EXHIBIT A. REDEI'ELOP1fENT AGREE\IEN'1 BY AND BE'IV TEN THE CITY OF CANTON AND
FULLER'S JEWELRY,INC.
TAX INCREMENT FINANCING DISTRICT
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON, FULTON COUNTY, ILLINOIS
and
FULLER'S JEWELRY, INC.
CANTON 1 - DOWNTOWN / 5T" AVENUE
TAX INCREMENT FINANCING DISTRICT
AUGUST 3,2021
REDEVELOPMENT AGREEMENT
by and between
CITY OF CANTON
and
FULLER'S JEWELRY,INC.
CANTON 1-DOWNTOWN /5m AVENUE TIF DISTRICT
THIS REDEVELOPMENT AGREEMENT (including Exhibits) is entered into this 3" day of
August, 2021, by and between the City of Canton (the "City'), an Illinois Municipal Corporation, Fulton
Counties,Illinois,and Fuller's Jewelev,Inc,an IWnois Corporation(the-Developer).
PREAMBLE
WHEREAS, the City has the authority to promote the health, safety and welfare of the Cite 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 herniation 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 5/11-744 et seq,as
amended (the "Act'), the City has the authority to provide incentives to owners or prospective
owners of real property to rcdrvelop, rehabilitate and/or upgrade such property by reunburs'ing the
owner for certain costs from resulting increases in real estate tax revenues ("real estate tax increment') or
from other City revenues;and
WHEREAS, on July 6, 2004, recognizing the need to foster the development, expansion and
revttahzation of certain properties which arc vacant, underutilized or obsolete or a combination thereof,
the City approved a Tax Increment Financing Redevelopment Plan and Prolects, designated a
Redevelopment Area and adopted Tax Increment Financing as provided under the Act for the Canton
International Harvester Site Project Area TIF District (currently known as the "Canton TIF 1 -
Downtown/ 5-^Avenue TIF District) (hereinafter referred in as the—flF Dismct);and
WHEREAS, one such property is located at 46 N Main Street. Canton, Illinois (P.I.N. 09-08-27-412-
012) and is within the TIF District Redevelopment Project Area(the'Property');and
WHEREAS, the Developer owns the Property and is proceeding with plans to rehabilitate and
renovate the jeweln' store located thereon (the "Pro)ect'), and is doing so based on the availability of
TIF incentives offered by the City,and
WHEREAS,it is the intent of the City to encourage economic development which will increase the real
estate tax base of the Cite, which increased incremental taxes will be used, in part, to finance
incentives to assist development within the'Fax Increment Financing District;and
WHEREAS,the Developer's proposed Project is consistent with the TIF District Redevelopment Plan and
Projects for the Redevelopment Project Area and further conforms to the land uses of the City as adopted;
and
Fuder'jeuelp.Inc Redeivlopmenl:Umemeat Page 1
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 unplementanon and furtherance of the Redevelopment Plan;and
WHEREAS, pursuant to Section 5/11-74.4-40) of the Act, the City may incur project redevelopment
costs and reamberse developers who incur redevelopment project costs authorized by a redevelopment
agreement and furthet defined in Section 5/11-744-3(q) of the Act, including those Estimated TIF
Eligible Project Costs as herein listed in the attached Exhibit "P of this Redevelopment Agreemrntt
and
WHEREAS, the Developer requested that incentives for the development be provided by the City
from incremental increases in real estate taxes of the City generated within the TIF De met and the Cary
agreed to such rnemnves;and
WHEREAS, the City has determined that this Project required the incentives requested as set forth
herein and that said Project will,as a pan of the Plan, promote the health,safety and welfare of the City and
its citizens by attracting private investment to prevent blight and deterioration and to generally enhance
the economy of the City,and
WHEREAS, the City has renewed the conditions of the Property and has reason to beheve that the
costs of the necessary public and private improvements to be incurred by the Developer in furtherance
of the Project are eligible project costs under the Act and are consistent with the Redevelopment Plan
of the City,and
WHEREAS, the Parties have agreed that the Cue shall reimburse the Developer an amount not to
exceed Five Thousand Dollars and No Cents (55,000.00) as set forth below from the TIF District
Special Tax Allocation Fond for reimbursement of a portion of the Developer's TIF Eligible Project
Costs as described in Exhibit"I" attached hereto;and
WHEREAS, in consideration of the execution of this .Agreement, the Developer is completing the
Project as set forth in Exhibit"P',and
WHEREAS, the City ts entering into this Agreement having encouraged and induced the Developer to
proceed with the Project located on sud Property
AGREEMENTS
NOW, THEREFORE, the Parties, for good and valuable consideration, the receipt of which is
acknowledged,agree as follows:
A. PRELIMINARY STATEMENTS
l The Parties agree that the matters set forth in the recitals above are tine and correct and form
a pan of this Agreement.
2. .Any terms which me not defined in this Agreement shall have the same meaning as they do in
the Act,unless indicated to the contrary
Fuller'1 Jewelry.In,: Redevelrpment_ lgmement Nge 2
3. The Developer shall complete the Project within twelve (12) months from the date this
Agreement is executed,subject to extension due to Force Majeure (defined below). The Project will
be deemed complete when the rehabilitation and renovation of the jewelry store located on the
propeiv is complete and the jewelry store is open and operating.
i. The Parties acknowledge that the City and the Developer previously entered into a TIP District
Redevelopment Agmement on or about December 3, 2013 which was approved by the City w
Ordnance No. 3039. The Parties further acknowledge that the Developer never submitted
documentation of is "IF Eligible Project Costs as required thereby. As a condition to this
Agreement, the Panes agree to rescind said Redevelopment Agreement executed on December
3,2013 and agree to release each other from any and all obligations set forth theren
5. 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
The City has created the TIP Distinct which includes the Developer's Property. The City has approved
certain Redevelopment Project Costs, including the types described in Exhibit "1" for the Developer's
Project.
C. INCENTIVES
Im m,snderation for the Developer completing the Project as set forth herein, the City agrees to extend to
the Developer the following ncenuves to assist the Developer's Project.
l The City shall reumbiirse the Developer for its TIF Eligible Project Costs asset forth in Exhibit
"1" attached hereto, and verified pursuant to Soros F below, from the City's TIF Distract Special
Tax Allocatum Fund an amount not to exceed Five Thousand Dollars and No Cents
($5,000.00), upon completion of the Project pursuant to Section A(3) above and verification of
a muumum of$5,000 00 of TIF Eligible Project Costs pursuant to Section E below
D. LIMITATION OF INCENTIVES TO DEVELOPER
1 In no event,shall the maximum cumulative reimbursements for the Developer's"1'IF Eligible
Project Costs pursuant to 3edmn C above exceed Five Thousand Dollars and No Cents
($5,0W.00)as set forth hereto.
2. The Developer agrees to substantially complete the project,subject to Force Majeure,as defied
below.
E. PAYMENT OF ELIGIBLE PROJECT COSTS
1. Payment to the Developer for TIP Eligible Project Costs as set forth by the Act,shall be made
by a Requisition for Payment of Private Development Redevelopment Costs (Exhibit 462"t
"Regmsmon'' submitted from tune 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"IF District Special Tax Allocation Fund
Fuller'rJeurl0.Inc RedecdPmenf.Agreement Pgge3
_. All Requisitions must be accompanied by verified bills or statements of suppliers,contractors,
or professionals together with mocharuc's Len waivers (whether partial or full) from each of the
parties entitled to a payment that is the subject of the Requisition as mquved by the City
3. In order for the Developer to receive reimbursement of Eligible Project Costs for costs it has
incurred in any vear as set forth in Pari mphs I and° above, the Developer must submit such
proposed eligible costs to the Cm by March I of the following year If there are no accumulated
outstanding costs previously solu utted and approved by the Ctt 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 to be paid in the current year. Am
-
approved etWb6:costs submitted after this deadline will be eligible for reimbursement from the
next veal s real estate merement receipts
1 Any real estate mcneme it 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 Plan pursuant to the Ace
3. The Developer shall use such sums as reimbursement for Eligible Project Costs only to the
extent permitted by law and the Act and may allocate such funds for any purpose for the term of
this Agreement or the term of the 1TF DismcS whichever is longer
G 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 Regws[non will not
be unreasonably withheld. If a Requettion is disapproved by the Administrator, the reasons for
disallowance will be set fotth in wring and the Developer may resubmit the Requisition with such
additional mformanon as mac be required and the same procedures set forth herein shall apply to
such re-submitmis.
7. All'I IF Eligible Project Costs approved shall then be paid by the City from the TIF District
Special Tax Allocation Fund to the Developer, or to others as directed by the Developer,
pursuant to the Redevelopment Plan and as allowed by Illinois Law Payment shall be made
within forty-five (45) days after approval subject to the terms if this Agreement and after receipt
of the merriment generated by the Developer's Redevelopment Project from the County.
8 The Parties acknowledge that the determination of Eligible Project Costs,and, therefore,
qualification for reimbursement hereunder are subject to changes or interpretation made by
amendments to the Act, administrative cults or judmtal interpretation during the term of tits
Agreement. The City has no obligation to the Developer to attempt to modify those decisions
but will assist the Developer in every respect as to obtaining approval of Eligible Project Costs.
F. VERIFICATION OF TAX INCREMENT
1. It shall be the sole responsibility of the Developer or its designee to provide to the City,as
requested in writing,topics of all PAID real estate tax bills,annually, for the Property.
2. the failure of Developer to provide any information required herein after written notice from
thec.av,andthecontmued failure to provide suchinforinationw[thm(311)daysaftet such nonce,
shall be considered a material breach of this Agreement and shall be cause for the City to dem-
fuvments hereunder to the Developer, which payments are conditional upon receipt of the
Paller'r Jewelm,Inc. Redeir(apment:Tgmement Page 4
foregoing information.
G. LIMITED OBLIGATION
The City's obligation hereunder to pav the Developer for Eligible Project Costs is a hnuted obligation to
be paid solely from the TIF District Special'tax Allocation Fund Said obhgatem does not now and shall
never constitute an indebtedness of the City within the meaning of any State of Illinois
constitutional or statutory provision and shall not constrmte or give rise to a pecuniary liability of the City
or a charge or hen against any City fund or require the City to ut h7e its taxing authority to fulfill the
terms of this Agreement.
H. LIMITED LIABILITY OF City TO OTHERS
FOR DEVELOPER'S EXPENSES
There shall be no obligation by the City to nuke any payments to any person other than the Developer,nor
shall the Cary be obligated to make direct payments to any other contractor, subcontractor, mechame or
mutenabr an providing services or materials to the Developer for the Developer's ProlecL
L COOPERATION OF THE PARTIES
1. The Gty and the Developer agree to cooperate fully with each other when requested to do so
concerning the development of the Developers Redevelopment 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 Cny's acrmuies. This also includes
without hommon 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 the Developer's activities.
2. The Parties agree to take such actions,including the exeentem and delivery of such documents,
instruments,petitions,and cemficaurns (and,in the City's case, the adoption of such ordinances and
resolutions), as may be necessary or appropriate, from time to tune, to cam 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 anv 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 utihry services, roads, highways, rightsof--way, water and sanitary sewage
facthnes,and storm water disposal facilities.
J. DEFAULT;CURE;REMEDIES
In the event of a default under thus Redevelopment 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 Parties for the Defaulting Paris's breach of this Redevelopment
Agreement,the Non-defaulting Party shall have such other equity rights and remedies as are available
Fidler'i Jewelil',Ine Redevelopment Agreement Page 5
to than at law or in equity. Anv damages pavable by the City hereunder shall be lirmted to the real estate tax
increment payable to the Developer under the terms of thus Agreement.
In the event a Defaulting Party shall fad to perform a monetary covenant which it is reqused to perform
under this Redevelopment Agroxmem, it shall not be deemed to be to default under thts Redevelopment
Agreement unless it shall have fatted to perform such monetary covenant widen thirty (30) days of its
receipt of a notice from a Non-defaulting Party specifying that it has fatted to perform such monetary
covenant In the event a Defaulting Party falls to perform any nonmonetary covenant as and when it
is required to under this Redevelopment 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 durty (30) day period, it shall not be deemed to be in
default if it commences curing within such thirty (30) day period, and thereafter diligently and
mntrnuousiv prosecutes the cure of such default until the same has been cured
IC TIME;FORCE MAJEURE
For this Agreement,[tone is of the essence. The Developer agrees to complete the Project wrthun twelve
(11) months following the date of execution of this Agreement. Failure to do so shall be cause for the
City to declare the Developer in default and umlaterally terminate this .Agreement. However, the
Developer and the City shall not be deemed in default with respect to any obligations of this Agreement on
its part to be performed if the Developer or Goy Earls to timely perform the same and such fatlere is due
in whole,or in part, to any stake,lockout,labor trouble(whether legal or illegal),avd disorder,inability to
procure materials, weather conditions wet soil conditions, failure or interruptions of power, restrictive
governmental laws and regulations, condemnation, ants, resurrections, war, fuel shortages, accidents,
casualties,Acts of God,acts caused directly or indirectly by the City(or the City's agents,emplovees or
invitees)when applicable to Developer or third parties,or any other cause beyond the reasonable control
of Developer r the City.
L. ASSIGNMENT
The tights (including, but not limited to, the right to payments contemplated by .Secr,oa C of this
Agreement) and obligations (or either of them) of the Developer under this Agreement shall not be
assignable unless by written audionuation of the City
M. WAIVER
Anv parry 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.
N. 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 dus Agreement or the application of same to parties or circumstances
other than those to which it is held im akd or unenforceable,shall not be affected therebv.
Fu!!er'r jewe(rp,Inc Redeaalapmeal-lgmweal Page 6
O. 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 as of the durd (3rd) day from and including the date of posting, of maded by registered or
certified mad,return receipt requested,with postage prepaid addressed as follows'
TO City: TO DEVELOPER:
Gtv Clerk,Cny of Canton Fuller's Jewelry,Inc
2 N \fain Street C/0 Lvnu hiller
Canton,IL 61520 413 tX Chestnut St
Telephone(309)647 0020 Canton,IL 61520
Wnh Coin to
Jamb&Klein,Ltd
'flit Eco nnin, Development Group, Ltd
1701 Clearwater Avenue
Bloormngton,IL 61704
Telephone: (309) 6647777
Fax (309)664 7878
P. SUCCESSORS IN INTEREST
Subject to the provisions of.Seehon 1, above, this .Agreement shall be binding upon and more to the
benefit of the patties hereto and their respective successors and assigns.
Q. 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
R. INDEMNIFICATION OF City
It is the understanding of the Parties that the position of the Illinois Department of Labor is that the
Illinois Prevadmg Wage Act does not apply to TIF increment received by private developers as
reimbursement forpmate TIFT,!Vble Project Costs. This position of the Illinois Department of Labor
is stated as an answer to a FAQ on its websue at:
http'// illm go /d I/FAQ /P / -ailing- faq.aW . The Developer shall mdemmfi-
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 applicabihry, deterrtunauon, and/or payments made under the Illinois Prevailing
AC'age Act (820 ILCS 130/0.01 et. seq), the Illinois Procurement Code, and/or any sundar State or
Federal law or regulation In addition, the Developer agrees to indemnify and hold harmless the City
for any claim asserted against the City arising from the Developer's Project and/or this Agreement
Thus obligation to indemnify and hold harmless obligates Developer to defend any such claim and/or
Fu!/er'rJewely.ln:: Redevelopment.-Igmemenf pine?
action, pay any habihties and/or penalties unposed, and pay all defense costs of City, including but not
Invited to the reasonable attorney fees of City
S. ENTIRE AGREEMENT
The terms and conditions set forth in this Agreement and exhibits attached hereto supersede all prior oral
and written understandings and costt mtc the entire agreement between the City and the Developer with
respect to the subject matter hereof.
T. TITLES OF PARAGRAPHS
Tides of the several parts, paragraphs, sections or articles of this Agreement are inserted for convenience of
reference only,and shall be disregarded in construing or viterpretng any provisions hereof
U. 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
V. TERM OF THE AGREEMENT
Notwithstanding anything contained herein to the contrary, this Agreement shall expire on the date the
Developer receives all of the incentives set forth in Section C herein. The Agreement shall expre
sooner if the Developer Files for hankrnptcv or otherwise becomes insolvent, the Property becomes the
subject of foreclosure proceedings or upon default by the Developer of this Agreement.
Yu!!er'Jooelp,Ina. Redenlopment:agreement page 8
IN WITNESS WHEREOF the Pannes hereto hie caused this Agreement to be executed be then
dull'aothonzed officers on the ab,,date at Canton,Phnota.
CITY DEVELOPER
CANTON,ILLINOIS, FULLER'S JEWELRY,INC.,an Illinois
a Nforiupal Corpnratrnn. Corporation
BY- BY-
b rnr,Cta of C.nto
NAME Lye.i,) Faller
ATI,
TITLE.
.m Clerk,Crtt of Canton
I'u!(rrt Jeurlp,Im. Rede lapmenl -1,gwmew Page 9
EXHIBIT 1
SUMMARY OF ESTIMATED TIF ELIGIBLE PROJECT COSTS
Fu0ees Jewelry,Inc.
Canton'I IF District I m the Ctn'of Canton,Fulton Confines, IOmou
Project Desc talon the Developer plans to rehabilitate and renovate the jewelry store located on
the Property
Locanon: dG N Nlatn StreeC Canton, IL
Parcel Number 09-08-27-412-012
Estimated TIF Eligible Pmicct Costs:
Rehabditauon or Renovation ............... ....... .......... . ....... ............. .... $31,000.00
Total Estimated TIF Eligible Project Costs.................................................... $31,000.00
'I he Gty'n tambunement of 111IJW1,1c Prnlect Co.t,to the De,eloptsUI not e.eeeJ $5,00000 a, ,forth in thin
Ri-d—Iopment \A Lnunr
F idler'r feavlr),Fne Redivelopmeni. agreement Page 10
EXHIBIT 2
CITY OF CANTON, ILLINOIS
CANTON 1-DOWNTOWN/5Tu AVENUE TIF DISTRICT
PRIVATE PROJECT
REQUEST FOR REIMBURSEMENT
BY
FULLER'S JEWELRY,INC.
Date
-
Attention-Ctrs TIF Adnmmsuntor,Can,of Canton,Illinois
Re. 11F Redei elopment Agreement,dated \ugust 1,2lC1
be and between the City of Canton, Illmors, and Fullers Jewelry, Inc. (collectiveb', the
"Developer')
"the Qw of Canton is hereby requested to disburse funds from the Special Tax Allocauun Fund
pursuant to the Redevelopment agreement described above in the following amount(s),to the
Developer and for the purpose(s) set forth in dus Request for Reimbursement the terms used in this
Request for Reimbursement shall have the meanings given to those terms in the Redevelopment
Agreement
I REQLFS'I'FOR REIMBI'RSENIEN t NO
2 PAITIE'N t DOE TO. Fuller's Jewelr} Inc
3. AMOUNT REQOESTI?D'lO BF:DISBLRSED:
Description of'1'IF Elipble Project Cost Amount
Total
1. The amount requested to be disbursed pursuant to thus Request for Reimbursement will be used to
reanburse the Developer for Redevelopment project Cost for the project detailed at Exhibit "1"
of the Redevelopment agreement
Fuller'rfewelrt, /nt: Redevelopment;Umemeat Page II
5. The undersigned certifies that:
(!) the amounts included .(3) above were made or incurred or financed and wear,necessary for
the Project and were made or incurred.accordance with the construction contracts,plans
and specifications heretofore.effect;and
(u) 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
(in) the expenditures for which amounts are requested represent proper Redevelopment Project
Costs as identified in the"Lumtation of Incentives to Developer"described in Seanne 'D"of
the Redevelopment Agreement, have not been included in any previous Request for
Reirnburian ent have beenproperly remrdcdontheDeveloper's booksandamset forth with
invoices attached for all sums for which reimbursement is requested,and proof of payment
of the.,.ices,and
(tv) 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 "I"of the Redevelopment Agreement,
together with copies of invoices,proof of payment of the invoices, and Mechanic's lien Waivers
rela ung to all items for wlech reimbursement is btmg requested.
BY (Developer)
TITLE.
CITY OF CANTON, ILLINOIS
BY.
TITLE: DATE.
JACOB&KLEIN, LTD. &THE ECONOMIC DEVELOPMENT GROUP,LTD.
BY
I ITLE: DATE
Pidler'r Jemet7,Inc.Redes sialmemt-lgmment Page 12